Mr. Cuevas opened Dry Cleaning on October 1, 2011 Oct 1- Invested cash P50, 000 and dry Cleaning Equipment worth P270, 000. 2 - Paid rent of plant and office for the month, P 13, 500. 3- Paid the printing of cards and circular announcing the opening of the business P370. 5 - Paid the business license and mayor permit for P610. 6 - Received P43, 500 cash for services rendered. 7 - Paid salaries of employees, P10, 600. 8 - Purchased solvent and dyes from Manila Chemical Co. P12, 000 on account. 9- Mr. Cuevas withdrew P3, 000 cash from business for personal use. 10 - Sent a check to Manila Chemical Co. P1, 000 to apply on account. 11 - Sent a bill to Silahis Hotel for services rendered P5, 000 12 - Paid light and water bill for the month, P12, 650. 13 - Sent a bill to Manila Garden Hotel P10, 000 for service rendered 14 - Sold old washing equipment at cost for cash P5, 000 (dry cleaning equipment) 15- Purchased various office furniture worth P15, 000 from Far East Co. on account 16 - Transportation expenses paid P4, 800. Chart of Accounts Cash, Accounts