Problem 6 Swan Dry Cleaners is owned and operated by Peyton Keyes. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company at wholesale rates. The assets and the liabilities of the business on July 1, 2010, are as follows: Cash P17,000; Accounts Receivable P31,000; Supplies P3,200; Land P36,000; Accounts Payable P10,400. Business transactions during July are summarized as follows: a C. e. Peyton Keyes invested additional cash in the business with a deposit of P25,000 in the business bank account. b. Paid P24,000 for the purchase of land as a future building site. Received cash from cash customers for dry cleaning revenue, P19,500. d. Paid rent for the month, P3,000. Purchased supplies on account, P1,550. Paid creditors on account, P5, 100. g. Charged customers for dry cleaning revenue on account, P24.750. h. Received monthly invoice for dry cleaning expense for July (to be paid on August 10), P8,200. i. Paid the following: wages expense, P5,100; truck expense, P1.200; utilities expense, P800; miscellaneous expense, P950. j. Received cash from customers on account, P26,750. k. Determined that the cost of supplies on hand was P1,800; therefore, the cost of supplies used during the month was P2,950. 1. Withdrew P18,000 cash for personal use. Directions: Based on your prepared journal entries, post the entries to the ledger. Example: CASH ON HAND DESCRIPTION DEBIT Additional Investment 25000 DATE PR 1-1-20 Gja CREDIT BALANCE 25000 DATE PR 1-1-20 BB 1-1-20 Gja KEYES, CAPITAL DESCRIPTION DEBIT Beginning Balance Additional Investment CREDIT 76800 25000 BALANCE 76800 101800