Record the following transactions in a two column journal including her investments. 12:13EditWPSAmalizing Transactions5-2Journalizing Service Concern TransactionsPretty Annifiel Edulan is engaged in a Rent-A-Car business to cater tourists who arevisiting Tagbilaran City. Her investments consisted of the following:2 units Toyota Van - P3,000,000Cash which she deposited with RCBC, P50,000Chart of AccountsAssetsOwner's EquityCash in BankAccounts ReceivableTires and Tubes InventoryA. Edulan, CapitalA. Edulan, DrawingIncomeRental RevenuePrepaid InsuranceTransportation EquipmentLiabilitiesЕxpensesGasoline and OilTaxes and LicensesAccounts PayableUnearned Rental RevenueCommission ExpenseRepairs and MaintenanceTransactions:May 1- Bought gasoline and oil for the 2 units Toyota Van, P3,500.2 - Rendered transportation service to various tourists who roamed around thecity to watch the Sandugo Festival, P20,000.3 - Paid business' permits and licenses including that of the Land TransportationOffice,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Beach Resort,Loboc River and Chocolate Hills, P12,000.8 - Received a bill from Petron Service Center for gasoline withdrawn onaccount, P15,000.9- Paid in advance car insurance (on damaged and third party liability) P7,300.,000.10- Bought spare tires on account from Dura-Trac Tagbilaran,147Chopter 5ToolsMobile ViewShareII 17 - Received a bill from Petron Service Center for gasoline withdrawn on16 - Replacement of exploded tire of the van, P8,000. Reduction from Inventon7312:13Chapter S14 - Rental revenue for the week:Cash, P25,000On 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 free17- Received a bill from Petron Service Center for gasoline withdraccount, P17,500.22 - Received cash of P15,000 from Cebu Lions Club for services that has notbeen rendered.- Rental revenue for the week:Cash, P12,000On 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 ofP8,500.26 - 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 transactiotTrip was cancelled.28 - Rental revenue for the week, P27,000 broken down as follows:Cash, P20,000On account, P7,00029 - Paid the driver's commission, P5,600.30 - Bought gasoline on account from Caltex Philippines, P1,000.31- Paid the account with Caltex Philippines, P1,000.148Ameling TrontartionsCollected in full the customers' account of May 28 – P7,000and May 22 -P15,000,- Received cash of P3,000 from Cebu Employees Union forservices 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 herinvestments.

Two column Journal This journal has debit column and a credit column and is used for recording all…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q