Nick Elodeon established HBO Link Data Encoder on May 20CY. The following transactions occurred during the month:

May 1-Mr. Elodeon invested P250,000 into his business.
1-Rented office space and paid two months’ rent in advance, P8,000.
2-Issued a promissory notes for a P210,000 loan from the BANK Savings Bank.
4-Acquire service vehicle for P420,000.
4-Paid P14,400 for a one-year comprehensive insurance coverage on the service vehicle.
5-Acquire office equipment P60,000; paying P15,000 in cash and the balance next month.
8-Purchase supplies on credit for P18,000.
9-Paid merchandising P10,000 of the amount owed.
10-Collected P8,800 fees for service rendered.
13-Paid salaries, P6,600.
15-Received cash payment in advance from the client, P10,000.
19-Received from three clients, P12,000 per client for service rendered.
25-Withdrew P14,000 for personal expenses.
27-Paid salaries, P7,200.
30-Received telephone bill, P1,400.
30-Received P24,000 from two clients for service billed last May 19.
31-Settle the electricity bill of P3,000 for the month.

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