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Nelson Daganta formed the Liceo Sign Company on Oct. 1, 2010. He deposited P250,000 in GE Money Bank under the name of the new business

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Nelson Daganta formed the Liceo Sign Company on Oct. 1, 2010. He deposited P250,000 in GE Money Bank under the name of the new business entity. During the month of October 2010, the following transactions occurred. Oct. 2 Acquired a service vehicle in the amount of P195,000 on account. 3 Acquired supplies for cash, P57,000. 10 Paid the month's rate, P25,000. 11 Painted signs for Cagayan Company on account, P170,000. 12 Paid P55,000 on account from Oct. 2. 16 Withdrew P25,000 for personal use. 23 Collected P35,000 from Cagayan Company. 27 Paid salaries of P57,000 for the month. 30 Paid BayanTel P7,500 for communicate services for the month. 31 Paid a bill from AdAsia for P5,500 of advertising for the month. Required: Establish the following accounts in a financial transaction worksheet: Cash; Accounts Receivable; Supplies; Service Vehicle; Accounts Payable; and Daganta, Capital. Record in the worksheet the transactions listed above

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