Ramon Cruz Laundry Services is a laundry shop is doing laundry services to big establishments like restaurants, hotels, and hospitals. Presented below together with the account name together with the account numbers that are being used to record the transactions of the business.

Accounts
301	Cash
302	Accounts receivable
303	Notes receivable
304	Prepaid Advertising
305	Prepaid Rent
305	Laundry Supplies
401	Laundry Equipment
402	Furniture and Fixtures
402	Vehicle
501	Accounts Payable
502	Notes Payable
510	Loans Payable
700	Cruz, Withdrawals
701	Cruz, Capital
801	Service Revenues
901	Salaries Expense
902	Insurance Expense
903	Repairs and Maintenance Expense
904	Utilities Expense
905	Miscellaneous Expenses
906	Taxes and Licenses

The following are the transactions that occurred during the month of December

Dec. 1 Ramon invested P300,000 to start the business.

Dec. 2 Borrowed P200,000 from the bank as additional capital.

3 Purchased laundry equipment, P150,000. He made a downpayment of 30% and the balance on the account.

4 Purchased furniture for the office, P80,000. He made a downpayment of 20% and issued a note for the balance.

5 Paid for advertisement, P18,000

6 Paid for 3 months advance rent, P15,000

7 Purchased laundry supplies for cash P20,000

8 Rendered laundry services to clients on cash, P10,000, on account, P15,000

9 Paid accounts to some suppliers, P35,000

10 Cash receipts from walk in clients for the months, P9,000.

17 Acquire laundry supplies on cash, P18,000

18 Bought second hand delivery vehicle for cash, P110,000

20 Paid repairs on the vehicle, P9,000

21 Paid for taxes for the 3^rd quarter, P4,000

22 Collected accounts from client P6,000.

24 Received utility bills for the month, P2,000. Utility bills are to be paid 15 days

upon receipt of the bills.

25 Rendered laundry services to clients on cash, P15,000, on account, P20,000

26 Received P6,000 from clients for laundry services for the 1^st quarter of next year.

28 Paid salaries of the employees, P15,000 and year end benefits, P5,000

29 Paid monthly amortization of loan, P20,000,

30 Received 50% payment of account from client in transaction, Dec. 25.

31 Made withdrawal of P10,000 for personal use.

Required:

1. Record the above transaction using the financial transaction worksheet.
2. Record the transactions using two column journal
3. Post to the ledger using T accounts
4. Create the trial balance
5. Prepare the Financial Statements