Haydee Carpio opened a beach resort called Blue Lagoon in Nasugbu, Bitangas by investing
cash P1 00,000 and furniture P20.000 on April I. She signed a contract of lease on the property for
ten years promising to pay P25.000 monthly. The following are the additional transactions for
April:
5
Paid cash for the purchase of advertising billboards. PI 5,000
10
Paid P75,000 for the construction of S cottages. 10 huts and an office. Issued a note payable
for P50,000 within 30 davs. (Use the title Leasehold Improvement)
11
Total cash receipts for the week. PI50,000
18 Billed Fortune Company for use of resort. P28.000.
20 Paid P50.000 for the note.
25 Utility bills paid amounted to PI8.000.
26 Fortune Companv paid its account in full.
27
Total cash receipts amounted to P|22.500.
28 Paid for salaries of elerks and helpers. P82.000.
29 Paid for the monthly rental of the property plus advertising of P20,000.