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Mr . Nikola Tesla launched Tesla Supermart on December 1 , 2 0 x 1 with a cash investment of 1 5 0 , 0

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

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