Mr. Nikola Tesla launched Tesla Supermart on December 1, 20x1 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 15,000
	16	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