Illustration: Toribio Cayanan Tires have just started its operation entered into the following transactions during the month of June 2019: June 224569 7 11 12 13 28888 22 30 30 30 30 Toribio Cayanan invests P1,000,000 to his Toribio Cayanan Tires. Purchased 1,000 tires at a cost of P600 per tire. Terms of payment: 1/10, net 45. Paid trucking firm to ship the tires purchased on June 2. Purchased 600 tires at a cost of P600 per tire. Terms of payment: 2/10, net 30. Paid trucking firm P5,000 to ship the tires purchased on June 5. Returned 150 of the tires purchased on June 2 because they were defective. Received a credit on open account from the seller. Paid for tires purchased on June 2 Sold 700 tires purchased from those purchased on June 2. The selling price was P900 per tire. Terms: 1/10, net 30. Received cash from sale of tires on June 13. Paid for tires purchased on June 5. Paid rent for the month, P5,000. Paid utilities for the month, P9,000. Paid monthly salaries of staff, P10,500. Step 1: Journalizing