On November 10, 2014, Flash Trucking Services started its operation with its location in Baguio City. The following are the transactions of the company for 2014. Date Transaction Additional information on the accounting process: 1. The company uses the following Chart of Accounts found on the next worksheet. 2. For t-accounts, enter numerical values with the month first before the date. (E.g-, input - 12/14, output - 14-Dec) 3. The company uses the expense method in recording prepayments and the income method in recording deferrals. Nov. 5 Mr. Mario Cruz invested D1,500,000 and a truck with fair market value of D1,800,000 in the business. 8 Paid an annual insurance for the truck, 48,000. 10 Paid taxes and licenses, D5,500. 11 Hired an office secretary and a driver with 8,000 and P10,000 each monthly salary to start work tomorrow. 12 Called Acer Book Store to order office supplies worth 02,000. Additional information at the end of the year. 14 Office supplies delivered by Acer Book Store was paid in cash. 1. Office supplies has a P575 balance at the end of the year. 18 Purchased office furniture and fixtures on account, 12,000. 2. The truck has an economic life of 15 years with an estimated salvage value of 98,700. 20 Bought office equipment for cash, 21,000. 3. Estimated doubtful accounts is 93,500. 25 Refilled fuel for 9,800. 25 Delivered cargo to La Union for Mr. Val Montero. 50% of the total service of 35,000 was received for trucking services rendered. 26 Received a call from Mr. Jose for next month's delivery service. Dec. 1 Trucking services rendered to B2B Trading on account, 933,000. 3 Partial payment for furniture and fixtures, 96,000. 5 Received a note from B2B Trading for one-third of the account. 10 Delivered cargo to Isabela for Mr. William Jose on credit, P55,000. 10 Incurred a gas expense of P12,850 for the delivery in Isabela. 12 Paid secretary's and driver's salary for one month, P18,000. 15 Paid 93,500 for utilities. 18 Proceeds of loan from Allied Bank P500,000. 20 Mr. Cruz withdrew D50,000 for holiday personal use. 24 Remaining accounts receivable from B28 Trading was received. 24 Received utilities bill for payment on January 3, 95,000. 27 Mr. William Jose cleared his debts. 28 Received 937,500 for a delivery service for IM Architectural Firm. 29 Received remaining receivables from Mr. Val Montero. 30 Delivered P12,700 worth of goods to IM Architectural Firm.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Record the following transactions in a General Journal

On November 10, 2014, Flash Trucking Services started its operation with its location in Baguio City. The following are the transactions of the company for 2014.
Date
Transaction
Additional information on the accounting process:
Nov. 5 Mr. Mario Cruz invested 01,500,000 and a truck with fair market value of B1,800,000 in the business.
1. The company uses the following Chart of Accounts found on the next worksheet.
8 Paid an annual insurance for the truck, 048,000.
2. For t-accounts, enter numerical values with the month first before the date. (E.g., input - 12/14, output - 14-Dec)
10 Paid taxes and licenses, D5,500.
3. The company uses the expense method in recording prepayments and the income method in recording deferrals.
11 Hired an office secretary and a driver with 8,000 and P10,000 each monthly salary to start work tomorrow.
12 Called Acer Book Store to order office supplies worth 02,000.
Additional information at the end of the year.
14 Office supplies delivered by Acer Book Store was paid in cash.
1. Office supplies has a D575 balance at the end of the year.
18 Purchased office furniture and fixtures on account, 12,000.
2. The truck has an economic life of 15 years with an estimated salvage value of 98,700.
3. Estimated doubtful accounts is 03.50o.
20 Bought office equipment for cash, 021,000.
25 Refilled fuel for 09,800.
25 Delivered cargo to La Union for Mr. Val Montero. 50% of the total service of 935,000 was received for trucking services rendered.
26 Received a call from Mr. Jose for next month's delivery service.
Dec. 1 Trucking services rendered to B2B Trading on account, P33,000.
3 Partial payment for furniture and fixtures, 96,000.
5 Received a note from B2B Trading for one-third of the account.
10 Delivered cargo to Isabela for Mr. William Jose on credit, B55,000.
10 Incurred a gas expense of P12,850 for the delivery in Isabela.
12 Paid secretary's and driver's salary for one month, P18,000.
15 Paid 03,500 for utilities.
18 Proceeds of loan from Allied Bank B500,000.
20 Mr. Cruz withdrew D50,000 for holiday personal use.
24 Remaining accounts receivable from B28 Trading was received.
24 Received utilities bill for payment on January 3, 05,000.
27 Mr. William Jose cleared his debts.
28 Received D37,500 for a delivery service for IM Architectural Firm.
29 Received remaining receivables from Mr. Val Montero.
30 Delivered P12,700 worth of goods to IM Architectural Firm.
Transcribed Image Text:On November 10, 2014, Flash Trucking Services started its operation with its location in Baguio City. The following are the transactions of the company for 2014. Date Transaction Additional information on the accounting process: Nov. 5 Mr. Mario Cruz invested 01,500,000 and a truck with fair market value of B1,800,000 in the business. 1. The company uses the following Chart of Accounts found on the next worksheet. 8 Paid an annual insurance for the truck, 048,000. 2. For t-accounts, enter numerical values with the month first before the date. (E.g., input - 12/14, output - 14-Dec) 10 Paid taxes and licenses, D5,500. 3. The company uses the expense method in recording prepayments and the income method in recording deferrals. 11 Hired an office secretary and a driver with 8,000 and P10,000 each monthly salary to start work tomorrow. 12 Called Acer Book Store to order office supplies worth 02,000. Additional information at the end of the year. 14 Office supplies delivered by Acer Book Store was paid in cash. 1. Office supplies has a D575 balance at the end of the year. 18 Purchased office furniture and fixtures on account, 12,000. 2. The truck has an economic life of 15 years with an estimated salvage value of 98,700. 3. Estimated doubtful accounts is 03.50o. 20 Bought office equipment for cash, 021,000. 25 Refilled fuel for 09,800. 25 Delivered cargo to La Union for Mr. Val Montero. 50% of the total service of 935,000 was received for trucking services rendered. 26 Received a call from Mr. Jose for next month's delivery service. Dec. 1 Trucking services rendered to B2B Trading on account, P33,000. 3 Partial payment for furniture and fixtures, 96,000. 5 Received a note from B2B Trading for one-third of the account. 10 Delivered cargo to Isabela for Mr. William Jose on credit, B55,000. 10 Incurred a gas expense of P12,850 for the delivery in Isabela. 12 Paid secretary's and driver's salary for one month, P18,000. 15 Paid 03,500 for utilities. 18 Proceeds of loan from Allied Bank B500,000. 20 Mr. Cruz withdrew D50,000 for holiday personal use. 24 Remaining accounts receivable from B28 Trading was received. 24 Received utilities bill for payment on January 3, 05,000. 27 Mr. William Jose cleared his debts. 28 Received D37,500 for a delivery service for IM Architectural Firm. 29 Received remaining receivables from Mr. Val Montero. 30 Delivered P12,700 worth of goods to IM Architectural Firm.
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