2. Prepare the journal entries for the following transactions of Lily Express Service Company for the month of October. Post the journal entries to the T-accounts and show the ending balance of each account. October 1, 2022 - Lily Ferrer deposited Php500,000 cash in a bank account in the name of the business. October 1, 2022 - Purchased for Php250,000 a transportation equipment to be use in the business. Lily paid 50% as down payment while the balance will be paid on November 12, 2022. October 1, 2022 - Paid rental for the month of October, Php 5,000. October 5, 2022 - Earned and collected trucking income from Ryan, Php8,000. October 8, 2022 - Earned trucking income from Kaith, Php 30,000 on account. Kaith will pay on November 15, 2022. October 10, 2022 - Paid salaries of drivers, Php 10,000. October 15, 2022 - Rented the vehicle to Jennie for Php35,000, Jennie paid Php20,000 on that date and the balance on October 20, 2022. October 18, 2022, - Paid electric bills for the month, Php2,000. October 20, 2022 - Collected from Kaith the balance of his October 15 account October 25, 2022 - Purchased office supplies, Php2,300. October 29, 2022 - Earned and collected trucking income from Jay, Php 18,000.

2. Prepare the journal entries for the following transactions of Lily Express Service Company for the month of October. Post the journal entries to the T-accounts and show the ending balance of each account. October 1, 2022 - Lily Ferrer deposited Php500,000 cash in a bank account in the name of the business. October 1, 2022 - Purchased for Php250,000 a transportation equipment to be use in the business. Lily paid 50% as down payment while the balance will be paid on November 12, 2022. October 1, 2022 - Paid rental for the month of October, Php 5,000. October 5, 2022 - Earned and collected trucking income from Ryan, Php8,000. October 8, 2022 - Earned trucking income from Kaith, Php 30,000 on account. Kaith will pay on November 15, 2022. October 10, 2022 - Paid salaries of drivers, Php 10,000. October 15, 2022 - Rented the vehicle to Jennie for Php35,000, Jennie paid Php20,000 on that date and the balance on October 20, 2022. October 18, 2022, - Paid electric bills for the month, Php2,000. October 20, 2022 - Collected from Kaith the balance of his October 15 account October 25, 2022 - Purchased office supplies, Php2,300. October 29, 2022 - Earned and collected trucking income from Jay, Php 18,000.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 5PA: Review the following transactions, and prepare any necessary journal entries. A. On July 16, Arrow...

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