Mr. Leo Cruz opened a car rental business; transactions for the first month of the operation are the following: Oct. 1- Mr. Leo Cruz invested P80, 000 cash and five automobiles worth P200, 000 each. Notes payable to Grand Prix Motor Co. worth P600, 000 were due on the three cars. Paid a local newspaper for advertising the opening of the business, P150. 3- Paid office rent for the month P8, 000. Cash received from customers for 4- Gas and oil bills paid, P4 200 he week, P42, 000. Partial payments on notes payable, P50, 000 7- 9 – 10 - 14 - Car rental received, P38, 000. 15 - Gas and oil bills paid, P3, 800. 19 - Office supplies bought for cash, P1, 800. 20 - Car rental received, P35, 000. 21 - Sent a bill to R. Hernandez, P2, 500 for car service rendered at his wedding. 23 - Gas and oil bills paid, P1, 800. 25 - Paid P15, 000 for repairs of automobiles. 28 - Cash received from customers for the week, P31, 000. 29 - Collected P1, 000 from R. Hernandez as partial settlement of his account. 30 - Paid the attendant's salary, P4, 000. 31 - Leo Cruz withdrew P6, 000 from the business from personal use. Required: a. Journal entries b. Posting to the general ledger.
Mr. Leo Cruz opened a car rental business; transactions for the first month of the operation are the following: Oct. 1- Mr. Leo Cruz invested P80, 000 cash and five automobiles worth P200, 000 each. Notes payable to Grand Prix Motor Co. worth P600, 000 were due on the three cars. Paid a local newspaper for advertising the opening of the business, P150. 3- Paid office rent for the month P8, 000. Cash received from customers for 4- Gas and oil bills paid, P4 200 he week, P42, 000. Partial payments on notes payable, P50, 000 7- 9 – 10 - 14 - Car rental received, P38, 000. 15 - Gas and oil bills paid, P3, 800. 19 - Office supplies bought for cash, P1, 800. 20 - Car rental received, P35, 000. 21 - Sent a bill to R. Hernandez, P2, 500 for car service rendered at his wedding. 23 - Gas and oil bills paid, P1, 800. 25 - Paid P15, 000 for repairs of automobiles. 28 - Cash received from customers for the week, P31, 000. 29 - Collected P1, 000 from R. Hernandez as partial settlement of his account. 30 - Paid the attendant's salary, P4, 000. 31 - Leo Cruz withdrew P6, 000 from the business from personal use. Required: a.
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