EXERCISES -11 Ruben Suarez began a trading business in Baguio on March 1, 2007 with the following investments P300,000 delivery truck store equipment 60,000 office equipment 200,000 20,000 15,000 furniture merchandise inventory 250,000 March 2 Paid P15,000 for the foods served to guests and customers during the inauguration of the trading store. Paid P1,865 for balloons, flowers, and other miscellaneous expenses for the inauguration. Paid the following: Taxes and licenses Store rent for the month Printing cost of invoices and other business forms P 575 20,000 1,500 3 Sales