Your Fullname LAUNDRY SERVICES Chart of Accounts LIABILITIES ASSETS Accounts Payable Cash in Bank Accounts Receivable Notes Payable Laundry Supplies Inventory Laundry Equipment EQUITY Your Fullname, Capital Your Fullname, Drawing INCOME Laundry Income EXPENSES Salaries Expense Rent Expense Utilities Expense Taxes and Licenses Interest Expense DATE TRANSACTIONS May 1 , You open a current account with Metro Bank in the amount of P850,000 as your initial investment. 3 • Purchased laundry supplies on account, p90,000 from SM Supermarket. 5 • Purchased laundry machine for cash, P150,000 from Asian Homes Appliance. 10 • Rendered laundry services on account, P80,000. The breakdown as follows: Marco Polo Hotel - P55,000 Royal Hotel - P25,000 12 • Paid the taxes and licenses due to Government, P4,000. 15 / You withdrew, P10,000 cash from your business for your personal use. 17 / Your business borrowed money from METRO Financing, P100,000 by issuing a 15-day promissory note. The cash proceeds of your loan will be deposited to your Metro Bank account. 17 / The bank charged you, P1,000 for interest and bank charges directly deducted from your account. 25, Received cash of P45,000 representing partial collection from the following customers. Marco Polo Hotel - P30,000 Royal