Ms. Sophie decided to invest in a laundry business named Softee Laundry. During the first month, the following transactions occurred:

• On May 1, Ms. Sophie invested cash, 150,000; laundry equipment, P 65,000; and laundry supplies, P7,500.
• She bought dryers and spinners from SM Appliance Center for P40,000 on May 4. Term: 25% down payment and the balance on account.
• On May 8, Laundry service rendered totaled P140,000, of which 50% on account.
• She availed the loan offered by BDO Inc. for P500,000 on May 10.
• She purchased a delivery van from Toyota Inc. for F650,000 on May 11.
• Ms. Sophie used the borrowed money from BDO and issued promissory note with 10% interest per anum.
• On May 15, she paid various expenses. Pelco bill, P18,000; Nawasa bill,
• P10,000; Internet bill, P1,500; and Repairs, P5,500.
• May 19, Paid the 40% obligation on May 4 transaction.
• May 23, Ms. Sophie collected 75% of the May 8 transaction.
• On May 26, Ms. Sophie paid 60% of the remaining balance on May 11 transaction.
• May 31, she paid wages of two staff, P8,000 each and charged each employee for the following salary deduction:

Pag-ibig Fund ContributionP 100

Philhealth Premiums200

SSS Premiums300