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wow01232
Sep 4, 2017, 05:54 AM
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May 8 - Received a bill from petron service center for gasoline withdrawn on account, P15,00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May 17 - Received a bill from petron Service Center for gasoline withdrawn on account, P17,500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

Curlyben
Sep 4, 2017, 06:04 AM
What do YOU think.?
While we're happy yo help, we wont do all the work for you..

ma0641
Sep 4, 2017, 06:46 PM
Let's get serious. Do you really expect someone to do all this ," YOUR HOMEWORK".