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What is the journal entry

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Reference no: EM132719873

Question - What is the journal entry on the following:

Jan 1. Purchased a service vehicle that cost P80,000 for cash. The vehicle has an P8,000 salvage value and a 3-yr useful life.

Feb 1 Borrowed P100,000 by issuing a note that carried a 9% annual interest rate and a 1-yr term.

Feb 1 Paid P24,000 cash in advance for a 1-year rent for office space.

Reference no: EM132719873

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