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Helen Neptun, established a business that will operate under the name Neptun, Weaving Services. The transactions for the month of Novermber 2020 are presented below:

Nov. 1 Deposited P312,500 cash in a bank account to start the business.

2 Bought weaving supplies on account from Spool Inc ., P107,000.

5 Bought weaving equipment on account from Stitch Machineries, P78,000.

6 Bought a service vehicle costing P235,000 for the business, paying P50,000 cash, and financing the remaining P185,000 by issuing a note payable.

7 Paid rent on office space, P35,000.

9 Received P159,000 cash for weaving services rendered.

10 Paid for a newspaper advertisement, P8,500.

12 Paid for insurance by recording prepaid insurance, P24,000.

13 Paid P45,000 on account to Spool Inc. for supplies bought.

14 Paid miscellaneous expenses, P11,000.

15 Billed customers P93,000 for weaving services rendered.

16 Paid salaries, P42,000.

20 Received P49,000 from customers billed Nov. 15.

22 Paid amount due on the note payable, P12,000.

24 Bought furniture and fixtures for cash, P24,000.

25 Paid telephone expense, P4,500.

26 Received a note froma customer for services performed, P30,000.

28 Paid salaries, P39,500.

28 Billed customers for weaving services rendered, P112,500.

28 Withdrew P50,000 from the business. Prepaid Insurance

TRIAL BALANCE