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On July 1 of the current year Kenneth Brown formed the Pampanga Transport Line popularly called PTL. The following transactions occurred for the month of July: July 1 The owner invested cash P 1,000,000 2 Bought furniture and fixtures making a 50% down payment of P150,000 with balance on account Second hand buses were ordered from Japan. through its domestic dealer Hino Motors Corporation, amounting to 8,444,000 in Japanese Yen. A yen is equal to P .45. The amount was loaned by Hong Kong and Shanghai Bank after Brown issued an five - year promissory note The buses were delivered by Hino Motors 10 Entered into an agreement with Petron who will supply the gas and oil of PTL, payable at the end of the month 11 Paid radio advertisements and billboards which amounted to P 100,000 12 Passenger fares collected amounted to P 240.000 15 Paid for the salaries of clerks, drivers and conductors, P 125,000 20 Charges Holy Angel University P 80,000 for the use of two buses for an educational tour, The school made 50% payment, the balance payable next month 21 Cargo fares amounting to P 70,000 were billed and collected from various customers 23 The owner made a cash withdrawal of P 50,000 27 Utility bills were paid in the amount of P 40,000 Lessor sent a bill for rental due on the bus terminal P 75,000 29 Summary of revenues collected: Passenger Fares P 360.000 and cargo fares P 120.000 30 Paid salaries of employees P 125,000 Paid Petron P 90,000 Requirements: a. Open your own Chart of Accounts using the following Accounts: Cash, Accounts Receivable, Furniture and Fixtures, Transport Buses, Accounts Payable, Notes Payable, Rent Payable, and Brown Capital. Use the following temporary titles to explain the changes in his capital account: Transportation Fare, Cargo fare, Advertising Expense, Gas and Oil expenses, Rent Expense, Salaries Expense, Utilities Expense and Brown Drawings. b. Analyze the transactions above and journalize your entries in a General Journal