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FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT 1 GOMEZ HAPPY TOUR AND TRAVEL The following transactions for the month of March 2014: March 1- May Gomez opened a tour and travel service business by investing cash of P50,000 and two cars worth P750,000 March 3– Borrowed P100,000 from Citibank for business use. March 7- Bought tables and chairs from Blim's. Paid cash of P45,000 March 10 - Purchased from National Winner two 5,000, all on account. March 18 – Gomez made a cash withdrawal of P5,000 for personal use. March 21 – P15,000 was received from a tourist for a tour package for three persons in Baguio. March 22 – Paid for Gas and oil P500 and repair of car P1,000 March 24 – Mr. Gray hired the services of the agency for his visitors and promised to pay P16,000 aircon units for 50,000 and an electric fan for on March 31 March 25 – Paid PLDT for telephone service, P500 March 27 – Billed Angelicum Faculty Club P20,000 For a Tour of Metro Manila. March 30 – Collected P8,000 from the customer, Mr. Gray March 31 – Paid office rent office P10,000 and salaries workers P9,000 Required: 1. Journalize the above transactions using a two-column general journal.

FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT 1 GOMEZ HAPPY TOUR AND TRAVEL The following transactions for the month of March 2014: March 1- May Gomez opened a tour and travel service business by investing cash of P50,000 and two cars worth P750,000 March 3– Borrowed P100,000 from Citibank for business use. March 7- Bought tables and chairs from Blim's. Paid cash of P45,000 March 10 - Purchased from National Winner two 5,000, all on account. March 18 – Gomez made a cash withdrawal of P5,000 for personal use. March 21 – P15,000 was received from a tourist for a tour package for three persons in Baguio. March 22 – Paid for Gas and oil P500 and repair of car P1,000 March 24 – Mr. Gray hired the services of the agency for his visitors and promised to pay P16,000 aircon units for 50,000 and an electric fan for on March 31 March 25 – Paid PLDT for telephone service, P500 March 27 – Billed Angelicum Faculty Club P20,000 For a Tour of Metro Manila. March 30 – Collected P8,000 from the customer, Mr. Gray March 31 – Paid office rent office P10,000 and salaries workers P9,000 Required: 1. Journalize the above transactions using a two-column general journal.

FINANCIAL ACCOUNTING
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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FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT 1 GOMEZ HAPPY TOUR AND TRAVEL The following transactions for the month of March 2014: March 1- May Gomez opened a tour and travel service business by investing cash of P50,000 and two cars worth P750,000 March 3 – Borrowed P100,000 from Citibank for business use. March 7- Bought tables and chairs from Blim's. Paid cash of P45,000 March 10 - Purchased from National Winner two aircon units for 50,000 and an electric fan for 5,000, all on account. March 18 – Gomez made a cash withdrawal of P5,000 for personal use. March 21 – P15,000 was received from a tourist for a tour package for three persons in Baguio. March 22 - Paid for Gas and oil P500 and repair of car P1,000 March 24 – Mr. Gray hired the services of the agency for his visitors and promised to pay P16,000 on March 31 March 25 – Paid PLDT for telephone service, P500 March 27 – Billed Angelicum Faculty Club P20,000 For a Tour of Metro Manila. March 30 – Collected P8,000 from the customer, Mr. Gray March 31 – Paid office rent office P10,000 and salaries workers P9,000 Required: 1. Journalize the above transactions using a two-column general journal.
Transcribed Image Text:FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT 1 GOMEZ HAPPY TOUR AND TRAVEL The following transactions for the month of March 2014: March 1- May Gomez opened a tour and travel service business by investing cash of P50,000 and two cars worth P750,000 March 3 – Borrowed P100,000 from Citibank for business use. March 7- Bought tables and chairs from Blim's. Paid cash of P45,000 March 10 - Purchased from National Winner two aircon units for 50,000 and an electric fan for 5,000, all on account. March 18 – Gomez made a cash withdrawal of P5,000 for personal use. March 21 – P15,000 was received from a tourist for a tour package for three persons in Baguio. March 22 - Paid for Gas and oil P500 and repair of car P1,000 March 24 – Mr. Gray hired the services of the agency for his visitors and promised to pay P16,000 on March 31 March 25 – Paid PLDT for telephone service, P500 March 27 – Billed Angelicum Faculty Club P20,000 For a Tour of Metro Manila. March 30 – Collected P8,000 from the customer, Mr. Gray March 31 – Paid office rent office P10,000 and salaries workers P9,000 Required: 1. Journalize the above transactions using a two-column general journal.
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