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    jennyshen's Avatar
    jennyshen Posts: 1, Reputation: 1
    New Member
     
    #1

    Aug 31, 2018, 06:53 AM
    Journal service concern transactions
    Mr. Henry labasan is engaged in a Rent-A-Car business to cater tourists who are visiting tagbilaran city. His investment consisted of the following:

    2 units Toyota Van- P20,000
    Cash which he deposited with RCBC, P50,000

    Chart of account


    Assets
    Cash in bank
    Accounts Receivable
    Tires and Tubes Inventory
    Prepaid Insurance
    Transportation Equipment

    Liabilities
    Accounts payable
    Unearned Rental Revenue

    Owner's equity
    H. Labasan, Capital
    H. Labasan, Drawing

    Income
    Rental Revenue

    Expenses
    Gasoline and Oil
    Taxes and Licenses
    Commission Expense
    Repairs and Maintenance

    Transactions:

    May 1 - Bought gasoline and oil for the 2 units toyota Van, P30,000

    May 2 - Rendered transportation service to various tourists who roamed around the city to watch the sandugo festival, P20,000

    May 3 - Paid business permits and licenses including that of the land transportation office, P15,000

    May 7 - Rental revenue for the week from tourists for visiting panglao beach resort, Loboc river and chocolate hills, P12,000

    May 8 - Received a bill from petron service center for gasoline withdrawn on account, P15,00

    May 9 - Paid in advance car insurance (on damaged and third party liability) P7,300

    May 10 - bought spare tire on account from tagbilaran Dura-Trac, P8,500

    May 14 - Rental Revenue for the week:
    Cash, P25,000
    On account, P10,000
    Payment of the petron Service Center bill, P15,000

    May 15 - Paid driver's commission for the week, P7,000

    May 16 - Check up of Toyota Van and replacement of exploaded tire and repair of side mirror, P3,500

    May 17 - Received a bill from petron Service Center for gasoline withdrawn on account, P17,500

    May 22 - Received a cash of P15,000 from Cebu Lions Club for services that has not yet been rendered.
    Rental Revenue for the week:
    Cash P12,000
    On account P15,000
    Paid driver's commission, P7,000

    May 23 - collected the customer's account of May 14, P10,000

    May 24 - Partial payment of account with petron service center, P12,000

    May 25 - Paid the account on May 10 with Tagbilaran Dura-Trac in the amount of, P8,500

    May 26 - Received P2,800 as payment for a special trip to Baclayon church.
    Paid gasoline and oil for cash, P1,000

    May 27 - Refunded the amount of P15,000 to cebu Lions Club re-May 22 transaction trip was cancelled.

    May 28 Rental revenue for the week, P27,000 broken down as follows:

    Cash P20,000
    On account, P7,000

    May 29 - Paid the driver's commission, P5,600

    May 30 - Paid the account with Caltex Philippines, P1,000

    May 31 - Paid the account with caltex Philippines, P1,000
    - Collected in full the customer's account of May 28 - P7,000 and May 22 - P15,000
    - Received cash of P3,000 from Cebu Employees Union for services that has to be rendered yet.
    - Minor repair of toyota Van, P2,500
    ma0641's Avatar
    ma0641 Posts: 15,681, Reputation: 1012
    Uber Member
     
    #2

    Aug 31, 2018, 07:10 AM
    Well, you can cut and paste but not read about posting homework? Why should we do all this for you?

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