Mr. Nikola Tesla launched Tesla Supermart on December 1, 20x1 with a cash investment of P150,000. The following are additional transactions for the month: 2 Equipment valued at P20,000 was given by Mr. Tesla to his business. 3 Purchased supplies for $12,600 on credit. Used asset method to record the transaction. 4 Purchased a P100,000 service truck. A cash payment of #25,000 was provided, and the remaining was given as a promissory note, payable in six equal monthly installments. 6 Purchased goods from Einstein Enterprises #50,000, Term, 3/15, n/30. 8 For the December 6 transaction, a delivery fee of #1,500 was paid. Sold and delivered merchandise on account #45,000, Term, 2/10, n/30. Cost of Merchandise, 10 P30,000. 10 Paid #900 freight for December 10 transaction. 13 Returned 97,500 worth of damaged goods to Einstein Enterprises. 15 Paid salaries to employees, totaling $15,000 16 Signed a promissory note for $30,000 for long term loan obtained from Newton Bank.