Dr. Nick Marasigan, upon completing a residency program at Harvard Medical Center, established a medical practice in San Pablo, Laguna. During October 2010, the first month of operations, the following transactions occurred Oct! 1 Dr. Marasigan transferred P250,000 from his personal checking account to a bank account, Dr. Nick Marasigan, M.D. A medical clinic, P1,Q00,000 and land, P250,000 were acquired by paying P50,000 in cash and issuing a 5-year, 20% note payable (interest is payable "every 6 months) for the P1,200.000 balance.; "Acquired medical equipment costing P420,000 and medical supplies. amounting to P39,000 by paying P59,000 cash and issuing a 24%% note, payable, maturing in 6 months, for the P400,000 balance. Acquired "all-in-one" insurance for a year, P20,000. Received cash from patients amounting to P117,000. Bought medical supplies on account from San Pablo Supply, P17,000. 10 Pald salaries of nurses and office staff, P73,000. 12 Received P90,000 from the Laguna Experimental Drug Center for research to be conducted by Or. Marasipan over the next 3 months. 18 Billed patients P3 17,000 for services rendered. paid P28,000 for repairs to the medical equipment. 3Paid the telephone bill, P3,0002 bought medical equipment on account from Dr De Leon, P45,000. Collected P113,000 from patients billed on the 18th. Paid P13,000 on account to San Pablo Supply. 30 Withdrew P200,000 in cash from the medical practice 30 .Paid P15,000 dues to the Laguna Medical Association