II. Journalizing, Posting and Trial Balance Preparation Michael Otis opens a laundry shop business in Golabits City. The following were the transactions for the first month of operation in 2021: July Opened an account with Union Bank, P350,000. 2 Acquired Laundry Equipment costing P75,000, paying cash of P25,000 and issued a note for the balance. 5 Bought a second-hand delivery van on account, P65,000. 9 Bought laundry supplies for cash, P25,000. 15 Rendered laundry services to various hotels in the city and received cash, P30,000 and on account, P15,000. 17 Paid light and water expense, P6,000. (utilities expense) 19 Full payment of laundry equipment, P25,000. 22 Billed a customer for services rendered, P25,000. 25 Paid rental for the month, P4,000 28 Collected P10,000 from customer's account of July 15 31 Paid salaries for the month, P8,000 Paid telephone bills, P4,000 Received cash P15,000 but services has to be rendered yet