Exercise 1 Using the business transactions below record the appropriate journal entries. a. John Danao deposited Php4,000,000 in the company's bank account. b. The company paid Php2,000,000 for the purchase of land. c. The company purchased supplies for Php120,000 on account. d. The company received Cash of Php50,000 for providing services to customers. e. The company paid the following expenses: Salaries Php35,550; Utilities Php12,000; Miscellaneous Php3,700. f. The company paid creditors on account Php12,000. g. Our company determined that supplies on hand are Php60,000. h. John Smith, the owner, withdrew Php50,000 for personal use