Activity 1: Identifying and recording a business transaction using the General Journal Below is an example of business transactions of a service type business. You are task to record the said transactions in the general journal by means of journal entry applying the rules of debit and credit. Depicted in figure 11 is the standard chart of accounts of Alpha Laundry System. CHART OF ACCOUNTS Alpha Laundry System Account Number ASSET (100-190) Account REVENUE (400 - 490) Number 100 Cash 400 Laundry Income 110 Accounts Receivable 120 Prepaid Insurance 130 Office Supplies 140 Laundry Supplies 150 Laundry Equipment 160 Accumulated Dep'n-Laundry Eqt Account LIABILITIES ( 200 - 290) Account EXPENSES (500 - 590) Number Number 200 Accounts Payable 500 Utilities Expense 510 Salaries and Wages Expense Account CAPITAL (300 - 390) 520 Insurance Expense Number 300 Mr. A Capital 530 Transportation Expense 310 Mr. A Drawing 540 Depreciation Expense Figure 11-Chart ofAccountsLet us begin! Mr. Denver Ambrose is a retired public school teacher. He started his laundry business in June 2018. He used all of his savings to start a "coin-operated laundry" business. He named it Alpha Laundry Systems (ALS). The following are business transactions for the month of June 2018, the first month of business operation: 1. June 1, 2018 - Mr. A invested P 200,000 cash in his newly opened Alpha Laundry System business. Your Journal Entry: GENERAL JOURNAL PAGE POST. DATE PARTICULARS REF. DEBIT CREDIT June 2 To record the initial Capital investment of Mr. A. 2. June 2, 2018 - Mr. A hired his former classmate Doree Dy to be the laundry operator of ALS for a fixed monthly salary of P10,000. The operator will be paid every quencina. 3. On June 5, 2018 - Alpha Laundry Systems purchased laundry equipment for cash, P150,000. Your Journal Entry: GENERAL JOURNAL PAGE POST. PARTICULARS DATE REF DEBIT CREDIT 4 June 5 5 To record the acquisition of Laundry equipment 6 4. On June 6, 2018 - Alpha Laundry Systems paid cash in advance for the 1 year insurance coverage of laundry equipment for the whole year amounting to P6,000 Monthly insurance expense will be recognized for each month end report.15. On June 30, 2018, Alpha Laundry Systems paid P7,500 cash for the month's rent of laundry space. Your Journal Entry: GENERAL JOURNAL PAGE POST. DATE PARTICULARS REF. DEBIT CREDIT 40 June 30 41 To record the payment of rent for Laundry space 42