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Overview: Mr. John Vincent is a mechanical engineer waiting for the result of his board exam. Instead of applying for a job, his father suggested that he opens a car repair shop temporarily. This is to hire the repair mechanics that his father had to lay-off when he got sick and had to shut-down their car shop. The following are his transactions for the month. Date Transactions June 1 Mr. Vincent invested P 500,000 in a car repair shop. 2 Paid for rent P 40,000 3 Bought P 30,000 worth of shop supplies 4 Bought shop equipment from handyman amounting to P 100,000 5 Received P 180,000 cash for services rendered to clients 6 Received Statement of Account from L Printers for advertising materials costing P 40,500 7Paid salaries of employees P 50,000 Sent a Statement of Account to Mr. Russel amounting to P 200,000 for repair and maintenance services to his car. Received cash amounting to P 120,000 form Mr. Russel as initial payment of his account 10 Mr. Russel issued a 15-day promissory note to settle the balance of his account 11 Paid Maynilad for water used for the month P 10,000 12 Secured a loan from MBank amounting to P 150,000 issuing a 30-day promissory note. 13 Mr. Vincent withdrew cash amounting to P 50,000 from the business for his personal use. 14 Issued a promissory note to handyman for equipment bought from them P 50,000 15 Mr. Vincent made additional cash investment amounting to P 150,000