12:13 73 Edit WPS Amaleing Tronsactions 5-2 Journalizing Service Concern Transactions Bretty Annifiel Edulan is engaged in a Rent-A-Car business to cater tourists who are iciting Tagbilaran City. Her investments consisted of the following: 2 units Toyota Van - P3,000,000 Cash which she deposited with RCBC, P50,000 Chart of Accounts Assets Owner's Equity A. Edulan, Capital A. Edulan, Drawing Cash in Bank Accounts Receivable Tires and Tubes Inventory Prepaid Insurance Transportation Equipment Liabilities Income Rental Revenue Еxpenses Gasoline and Oil Taxes and Licenses Accounts Payable Unearned Rental Revenue Commission Expense Repairs and Maintenance Transactions: May 1- Bought gasoline and oil for the 2 units Toyota Van, P3,500. 2- Rendered transportation service to various tourists who roamed around the city to watch the Sandugo Festival, P20,000. 3- Paid business' permits and licenses including that of the Land Transportation Office,P15,000. 7- Rental revenue for the week from tourists for visiting Panglao Beach Resort, Loboc River and Chocolate Hills, P12,000. 8 - Received a bill from Petron Service Center for gasoline withdrawn on account, P15,000. 9- Paid in advance car insurance (on damaged and third party liability) P7,300. 10- Bought spare tires on account from Dura-Trac Tagbilaran, P25,000. 147 Chopter 5 Tools Mobile View Share
12:13 73 Edit WPS Amaleing Tronsactions 5-2 Journalizing Service Concern Transactions Bretty Annifiel Edulan is engaged in a Rent-A-Car business to cater tourists who are iciting Tagbilaran City. Her investments consisted of the following: 2 units Toyota Van - P3,000,000 Cash which she deposited with RCBC, P50,000 Chart of Accounts Assets Owner's Equity A. Edulan, Capital A. Edulan, Drawing Cash in Bank Accounts Receivable Tires and Tubes Inventory Prepaid Insurance Transportation Equipment Liabilities Income Rental Revenue Еxpenses Gasoline and Oil Taxes and Licenses Accounts Payable Unearned Rental Revenue Commission Expense Repairs and Maintenance Transactions: May 1- Bought gasoline and oil for the 2 units Toyota Van, P3,500. 2- Rendered transportation service to various tourists who roamed around the city to watch the Sandugo Festival, P20,000. 3- Paid business' permits and licenses including that of the Land Transportation Office,P15,000. 7- Rental revenue for the week from tourists for visiting Panglao Beach Resort, Loboc River and Chocolate Hills, P12,000. 8 - Received a bill from Petron Service Center for gasoline withdrawn on account, P15,000. 9- Paid in advance car insurance (on damaged and third party liability) P7,300. 10- Bought spare tires on account from Dura-Trac Tagbilaran, P25,000. 147 Chopter 5 Tools Mobile View Share
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Record the following transactions in a two column journal including her investments.
![12:13
Edit
WPS
Amalizing Transactions
5-2
Journalizing Service Concern Transactions
Pretty Annifiel Edulan is engaged in a Rent-A-Car business to cater tourists who are
visiting Tagbilaran City. Her investments consisted of the following:
2 units Toyota Van - P3,000,000
Cash which she deposited with RCBC, P50,000
Chart of Accounts
Assets
Owner's Equity
Cash in Bank
Accounts Receivable
Tires and Tubes Inventory
A. Edulan, Capital
A. Edulan, Drawing
Income
Rental Revenue
Prepaid Insurance
Transportation Equipment
Liabilities
Еxpenses
Gasoline and Oil
Taxes and Licenses
Accounts Payable
Unearned Rental Revenue
Commission Expense
Repairs and Maintenance
Transactions:
May 1- Bought gasoline and oil for the 2 units Toyota Van, P3,500.
2 - Rendered transportation service to various tourists who roamed around the
city to watch the Sandugo Festival, P20,000.
3 - Paid business' permits and licenses including that of the Land Transportation
Office,P15,000.
7- Rental revenue for the week from tourists for visiting Panglao Beach Resort,
Loboc River and Chocolate Hills, P12,000.
8 - Received a bill from Petron Service Center for gasoline withdrawn on
account, P15,000.
9- Paid in advance car insurance (on damaged and third party liability) P7,300.
,000.
10- Bought spare tires on account from Dura-Trac Tagbilaran,
147
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II](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fac008602-d14b-4244-9139-8f7c40f3c8d9%2Fad5ac765-2daa-4ce5-a699-772df0f9dd7d%2Fwk1s1be_processed.jpeg&w=3840&q=75)
Transcribed Image Text:12:13
Edit
WPS
Amalizing Transactions
5-2
Journalizing Service Concern Transactions
Pretty Annifiel Edulan is engaged in a Rent-A-Car business to cater tourists who are
visiting Tagbilaran City. Her investments consisted of the following:
2 units Toyota Van - P3,000,000
Cash which she deposited with RCBC, P50,000
Chart of Accounts
Assets
Owner's Equity
Cash in Bank
Accounts Receivable
Tires and Tubes Inventory
A. Edulan, Capital
A. Edulan, Drawing
Income
Rental Revenue
Prepaid Insurance
Transportation Equipment
Liabilities
Еxpenses
Gasoline and Oil
Taxes and Licenses
Accounts Payable
Unearned Rental Revenue
Commission Expense
Repairs and Maintenance
Transactions:
May 1- Bought gasoline and oil for the 2 units Toyota Van, P3,500.
2 - Rendered transportation service to various tourists who roamed around the
city to watch the Sandugo Festival, P20,000.
3 - Paid business' permits and licenses including that of the Land Transportation
Office,P15,000.
7- Rental revenue for the week from tourists for visiting Panglao Beach Resort,
Loboc River and Chocolate Hills, P12,000.
8 - Received a bill from Petron Service Center for gasoline withdrawn on
account, P15,000.
9- Paid in advance car insurance (on damaged and third party liability) P7,300.
,000.
10- Bought spare tires on account from Dura-Trac Tagbilaran,
147
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II
![17 - Received a bill from Petron Service Center for gasoline withdrawn on
16 - Replacement of exploded tire of the van, P8,000. Reduction from Inventon
73
12:13
Chapter S
14 - Rental revenue for the week:
Cash, P25,000
On account, P10,000
- Payment of the Petron Service Center bill, P15,000.
15 - Paid drivers' commission for the week, P7,000,
16 - Replacement of exploded tire of the van, P8,000. Reduction free
17- Received a bill from Petron Service Center for gasoline withdr
account, P17,500.
22 - Received cash of P15,000 from Cebu Lions Club for services that has not
been rendered.
- Rental revenue for the week:
Cash, P12,000
On account, P15,000
: Paid driver's commission, P7,000.
23 - Collected the customer's account of May 14, P10,000.
24 - Partial payment of account with Petron Service Center, P12,000.
25 - Paid the account of May 10 with Tagbilaran Dura-Trac in the amount of
P8,500.
26 - Received P2,800 as payment for a special trip to Baclayon Church.
- Paid gasoline and oil for cash, P1,000.
27- Refunded the amount of P15,000 to Cebu Lions Club re-May 22 transactiot
Trip was cancelled.
28 - Rental revenue for the week, P27,000 broken down as follows:
Cash, P20,000
On account, P7,000
29 - Paid the driver's commission, P5,600.
30 - Bought gasoline on account from Caltex Philippines, P1,000.
31- Paid the account with Caltex Philippines, P1,000.
148
Ameling Trontartions
Collected in full the customers' 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.
Begulred: Record the above transactions using a two (2) column journal including her
investments.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fac008602-d14b-4244-9139-8f7c40f3c8d9%2Fad5ac765-2daa-4ce5-a699-772df0f9dd7d%2Fucn40l_processed.jpeg&w=3840&q=75)
Transcribed Image Text:17 - Received a bill from Petron Service Center for gasoline withdrawn on
16 - Replacement of exploded tire of the van, P8,000. Reduction from Inventon
73
12:13
Chapter S
14 - Rental revenue for the week:
Cash, P25,000
On account, P10,000
- Payment of the Petron Service Center bill, P15,000.
15 - Paid drivers' commission for the week, P7,000,
16 - Replacement of exploded tire of the van, P8,000. Reduction free
17- Received a bill from Petron Service Center for gasoline withdr
account, P17,500.
22 - Received cash of P15,000 from Cebu Lions Club for services that has not
been rendered.
- Rental revenue for the week:
Cash, P12,000
On account, P15,000
: Paid driver's commission, P7,000.
23 - Collected the customer's account of May 14, P10,000.
24 - Partial payment of account with Petron Service Center, P12,000.
25 - Paid the account of May 10 with Tagbilaran Dura-Trac in the amount of
P8,500.
26 - Received P2,800 as payment for a special trip to Baclayon Church.
- Paid gasoline and oil for cash, P1,000.
27- Refunded the amount of P15,000 to Cebu Lions Club re-May 22 transactiot
Trip was cancelled.
28 - Rental revenue for the week, P27,000 broken down as follows:
Cash, P20,000
On account, P7,000
29 - Paid the driver's commission, P5,600.
30 - Bought gasoline on account from Caltex Philippines, P1,000.
31- Paid the account with Caltex Philippines, P1,000.
148
Ameling Trontartions
Collected in full the customers' 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.
Begulred: Record the above transactions using a two (2) column journal including her
investments.
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