August 1 August 2 August 3 August 7 August 8 August 15 August 17 Mr. Min Jimin invested P50,000 to establish the business. Bought office desks and chairs for cash, P8,000. Mr. Min paid 10,000 in advance payment for rent of the office. Office supplies amounting to P5,000 was purchased on account. He bought 3 vans amounting to 700,000 each and invested these to the business. A customer rented one of his van and paid P20,000 for the services. One of the van was rented, after the rentals, the customer promised to pay the amount of P10,000 after a week. Another customer rented the van for 2 days, from August 19-20 for P50,000. At the end of the day, the customer paid Mr. Min P30,000 and promised to pay the balance at the end of the month. August 20 August 21 August 24 August 31 (a) August 31 (b) August 31 (c) Mr. Min paid the office supplies bought on account. Mr. Min collected the amount of P10,000 from the customer last August 17. Received bills for electricity - P1,500 and telephone - P2,500. The payment is expected to be done next month. Paid the 3 drivers their salaries for the month, P3,000 each. Received P20,000 from the customer who promised to pay at the end of the month.

August 1 August 2 August 3 August 7 August 8 August 15 August 17 Mr. Min Jimin invested P50,000 to establish the business. Bought office desks and chairs for cash, P8,000. Mr. Min paid 10,000 in advance payment for rent of the office. Office supplies amounting to P5,000 was purchased on account. He bought 3 vans amounting to 700,000 each and invested these to the business. A customer rented one of his van and paid P20,000 for the services. One of the van was rented, after the rentals, the customer promised to pay the amount of P10,000 after a week. Another customer rented the van for 2 days, from August 19-20 for P50,000. At the end of the day, the customer paid Mr. Min P30,000 and promised to pay the balance at the end of the month. August 20 August 21 August 24 August 31 (a) August 31 (b) August 31 (c) Mr. Min paid the office supplies bought on account. Mr. Min collected the amount of P10,000 from the customer last August 17. Received bills for electricity - P1,500 and telephone - P2,500. The payment is expected to be done next month. Paid the 3 drivers their salaries for the month, P3,000 each. Received P20,000 from the customer who promised to pay at the end of the month.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

2. Using the information given above, journalize the transactions of MinJi Car Rental Services for
the month of August 2021.
(Attached herewith is an excel file which you can use in requirement No. 1 and No. 2. Tab Name
- Req 1 for the effects in accounts; Tab Name – Req 2 for Journalizing). Should you won't be
able to use it due to limited resources, you may submit a written answer sheet but be mindful with
the format/indentation of the accounts. In case you're submittinga written answer sheet, you don't
need to draw lines. Just be careful with the alignment.)

PROBLEM: Mr. Min Jimin established the MinJi Car Rental Services in August 1, 2021. During
the first month of the business, the following transactions occurred:
August 1
August 2
|August 3
August 7
August 8
August 15
August 17
Mr. Min Jimin invested P50,000 to establish the business.
Bought office desks and chairs for cash, P8,000.
Mr. Min paid 10,000 in advance payment for rent of the office.
Office supplies amounting to P5,000 was purchased on account.
He bought 3 vans amounting to 700,000 each and invested these to the business.
A customer rented one of his van and paid P20,000 for the services.
One of the van was rented, after the rentals, the customer promised to pay the
amount of P10,000 after a week.
Another customer rented the van for 2 days, from August 19-20 for P50,000. At the
end of the day, the customer paid Mr. Min P30,000 and promised to pay the balance
at the end of the month.
August 20
Mr. Min paid the office supplies bought on account.
Mr. Min collected the amount of P10,000 from the customer last August 17.
August 21
August 24
August 31
(a)
August 31
(b)
August 31
(c)
August 31
(d)
Received bills for electricity - P1,500 and telephone - P2,500. The payment is
expected to be done next month.
Paid the 3 drivers their salaries for the month, P3,000 each.
Received P20,000 from the customer who promised to pay at the end of the month.
Mr. Min withdrew cash from the business, P5,000, for personal use.
MinJi Car Rental Services uses the following Chart of Accounts:
ASSETS
REVENUE
Cash
101
Rental Revenue
401
Accounts Receivable
102
Office Supplies
103
EXPENSES
Prepaid Rent
104
Salaries Expense
501
Office Equipment
105
Utility Expense
502
Accumulated Depreciation
Office Equipment
106
Rent Expense
503
Depreciation Expense - Office
Equipment
Motor Vehicles
107
504
Accumulated Depreciation
Motor Vehicles
Depreciation Expense - Motor
Vehicles
108
505
LIABILITIES
Accounts Payable
201
Salaries Payable
202
Utilities Payable
203
OWNER'S EQUITY
Min Jimin, Capital
301
Min Jimin, Drawiing
302
Income Summary
303

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