Mr$.$ Nikola Tesla launched Tesla Supermart on December $1,20$x$1$ with a cash investment of $150,000.$ The following are additional transactions for the month: $2$ Equipment valued at $20,000$ was given by Mr$.$ Tesla to his business. $3$ Purchased supplies for $12,600$ on credit. Used asset method to record the transaction. $4$ Purchased a $100,000$ service truck. A cash payment of $25,000$ was provided, and the remaining was given as a promissory note, payable in six equal monthly installments. $6$ Purchased goods from Einstein Enterprises $50,000,$ Term, $3/15,$ n$/30.8$ For the December $6$ transaction, a delivery fee of $1,500$ was paid. $10$ Sold and delivered merchandise on account $45,000,$ Term, $2/10,$ n$/30.$ Cost of Merchandise, $30,000.10$ Paid $900$ freight for December $10$ transaction. $13$ Returned $7,500$ worth of damaged goods to Einstein Enterprises. $15$ Paid salaries to employees, totaling $15,00016$ Signed a promissory note for $30,000$ for long term loan obtained from Newton Bank. $17$ Received $4,500$ worth of returned goods from customers on December $10.$ Cost of merchandise returned, $3,000.18$ Paid $7,600$ of the amount owed from the purchase on December $3.19$ Purchase additional goods from Galileo Supermarket amounting to $90,000.20$ Received full customer settlement for the sale made on December $10.21$ Account paid in full to Einstein Enterprises. $22$ Goods costing $20,500$ was sold for $30,750.26$ Cash received in the amount of $7,500$ and a promissory note in the amount of $30,000$ for goods sold to a key customer. The cost of the merchandise is $25,000.27$ Mr$.$ Tesla took a cash withdrawal of $15,000$ from the business. $29$ Paid $2,500$ in telephone expenses. $30$ Paid building rentals for the month, $7,500.30$ Paid the first installment of the note payable on Service Truck. $31$ Paid Salaries $11,300,$ net of the following deductions: SSS$,380$; Pag$-$IBIG, $100$; Philhealth, $220$ The Merchandise Inventory at the end of the of the month is $60,225.$ Additional information for year$-$end adjustments. $$ The useful life of the equipment is $5$ years with salvage value of $2,000$ The useful life of the service vehicle is $10$ years with salvage value of $10,000$ Remaining unused supplies worth $9,100.$ Chart of Accounts Acct No$.$ Account Titles $110$ Cash $120$ Accounts Receivable $130$ Notes Receivable $140$ Supplies $150$ Merchandise Inventory $160$ Equipment $170$ Accumulated Depreciation $-$ Equipment $180$ Service Vehicle $190$ Accumulated Depreciation $-$ Service Vehicle $210$ Accounts Payable $220$ SSS Payable $230$ Pag$-$IBIG Payable $240$ Philhealth Payable $250$ Notes Payable $310$ Tesla, Capital $320$ Tesla, Drawings $410$ Sales $420$ Sales Returns & Allowances $430$ Sales Discount $510$ Purchases $520$ Purchase Returns & Allowances $530$ Purchase Discount $540$ Freight In $610$ Freight Out $620$ Salaries Expense $630$ Rent Expense $640$ Telephone Expense $650$ Supplies Expense $660$ Depreciation Expense $700$ Income Summary WHOLE ACCOUNTING CYCLE