General Ledger and Prepair Trail balance PROBLEM: Mr. Min Jimin established the MinJi Car Rental Services in August 1, 2021. Duringthe first month of the business, the following transactions occurred:August 1August 2|August 3August 7August 8August 15August 17Mr. 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 theamount of P10,000 after a week.Another customer rented the van for 2 days, from August 19-20 for P50,000. At theend of the day, the customer paid Mr. Min P30,000 and promised to pay the balanceat the end of the month.August 20Mr. Min paid the office supplies bought on account.Mr. Min collected the amount of P10,000 from the customer last August 17.August 21August 24August 31(a)August 31(b)August 31(c)August 31(d)Received bills for electricity - P1,500 and telephone - P2,500. The payment isexpected 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:ASSETSREVENUECash101Rental Revenue401Accounts Receivable102Office Supplies103EXPENSESPrepaid Rent104Salaries Expense501Office Equipment105Utility Expense502Accumulated DepreciationOffice Equipment106Rent Expense503Depreciation Expense - OfficeEquipmentMotor Vehicles107504Accumulated DepreciationMotor VehiclesDepreciation Expense - MotorVehicles108505LIABILITIESAccounts Payable201Salaries Payable202Utilities Payable203OWNER'S EQUITYMin Jimin, Capital301Min Jimin, Drawiing302Income Summary303

Accounting cycle is a cycle through which the process of accounting is performed and it includes…

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. Не 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) August 31 (d) 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. 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 Depreciation Expense – Motor Vehicles 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