Required:• Journal Entries• T-accounts 2. Prepare the journal entries for the following transactions ofLily Express Service Company for the month of October.Post the journal entries to the T-accounts and show theending balance of each account.October 1, 2022 - Lily Ferrer deposited Php500,000 cash ina bank account in the name of the business.October 1, 2022 - Purchased for Php250,000 atransportation equipment to be use in the business. Lilypaid 50% as down payment while the balance will be paidon November 12, 2022.October 1, 2022 - Paid rental for the month of October, Php5,000.October 5, 2022 - Earned and collected trucking incomefrom Ryan, Php8,000.October 8, 2022 - Earned trucking income from Kaith, Php30,000 on account. Kaith will pay on November 15, 2022.October 10, 2022 - Paid salaries of drivers, Php10,000.October 15, 2022 - Rented the vehicle to Jennie forPhp35,000, Jennie paid Php20,000 on that date and thebalance on October 20, 2022.October 18, 2022, - Paid electric bills for the month,Php2,000.October 20, 2022 - Collected from Kaith the balance of hisOctober 15 accountOctober 25, 2022 - Purchased office supplies, Php2,300.October 29, 2022 - Earned and collected trucking incomefrom Jay, Php 18,000.

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Answered: nce of each account.

Business

Accounting

nce of each account.

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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