SCORE: PROFESSOR: Cash +P770,000 Summary of Transactions 258 Basic Financial Accounting and Repor Michelle Ogatis Delivery Services was organized on Jan. 1, 2020. At the end of the first quarter of operations, Ogatis prepared a summary of her transactions as shown below (a) Services performed for customers, P880,000, of which one- eight remained uncollected at the end of the quarter. (b) Cash borrowed from the local bank, P300,000 (one-year note). (c) Service vehicle acquired for use in the business: cost, P90,000; NAME: SECTION: Problem #8 Comparing Income with Cash Flow Computation of Income +P880,000 paid 30% down, balance on credit. (d) Expenses, P360,000, of which one-sixth remained unpaid at the end of the quarter. (e) Service supplies purchased for use in the business, P30,000. One-fourth remained unpaid at the end of the quarter. Also, one-fifth of these supplies were unused at the end of the quarter. (1) Salaries earned by employees, P210,000, of which one-half remained unpaid at the end of the quarter. Based only on these summary of transactions, compute the following for the quarter: Profit (or loss) Net Cash inflow (or outflow) Required: Fill in the income and Cash columns