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May 8 - Received a bill from petron service center for gasoline withdrawn on account, P15,00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May 17 - Received a bill from petron Service Center for gasoline withdrawn on account, P17,500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
