Record journal entries

Mr. Magsakay, and Ms. Magala started a business named Rich Airways Co. on August 1, 2000. The transactions are as follows: August 1 August 2 August 5 August 8 August 10 August 15 August 20 August 25 Mr. Magsakax invested $100,000,000 and Ms. Magala invested $100,000,000 and her own airplane worth P3,000,000. Bought a land worth $15,000,000. The land has a building worth $5,000,000. Purchased Equipment worth $1,500,000. Received payment for booked flight for a plane with 300 passengers. Each passenger costs $3,500. August 16 Received cash worth $7,135,000 for booked flights schedules for September, 23, 2000 and October 10, 2000. Received payment for a private flight scheduled for the day worth $500,000. Paid salaries and benefits of the employees $4,500 000 Paid 3month insurance worth $900,000 Obtain a loan from the purchased airplane worth $4,000,000 from Well Flight Co. Mr. Magsakay, withdraw cash worth $300,000 for personal use. Received and paid the bill of electric and water worth $20,000. August 26 August 28 August 30 August 31 Bought supplies for the advertising department worth $25,000 The flight was successfully done for the booked flights last August 8. Paid $200,000 for the fuel.