Journalizing Service Concern Transactions.Mr. Ex is a sole proprietor engaged in a Rent-A-Car business to cater tourists who are visiting Dapitan City. His investment is consisted of the following:2 units Toyota Van- P2,500,000.00Cash, P150,000.00 9:24 .l .l81Unit 3 Recording of Transactions - Saved08Unearned Rental RevenueTransactions: (Observe carefully the dates with multiple transactions)7/1/20217/02/202Bought gasoline and oil for the 2 units Toyota Van, P17,000.00Rendered transportation service to various tourists who roamed aroundthe city to visit Dakak Park and Beach Resort, P30,000.00Paid business permits and licenses including that of theTransportation Office, P25,000.00RentalLand, P22,000.00Receivedaccount, P25,000.00Paid in advance for car insurance (on damaged and third party liability),P17,300.00Bought spare tire on account from Cagayan Trucks Services, P18,500.00(an asset, this is part of Tires and Tube Inventory)7/03/2021Land7/7/2021revenue for the week from tourists for visiting the Gloria's Fantasy7/8/2021a bill from Petron Service Center for gasoline withdrawn on7/9/20217/10/20217/14/2021Rental Revenue for the week:Cash- P35,000.00On Account- P20,000.00"Not intended for publication. For classroom instruction purposes only."Page |37/15/20217/16/2021Paid driver's commission for the week, P7,000.00Check-up Toyota Van and replacement of exploded tire and repair of sidemirror, P13,500.00 (repairs and maintenance)Payment of Petron Service Center bill on 7/8/2021, P25,000.00Received a bill from Petron Service Center for gasoline withdrawn onaccount, P27,500.00-Received cash of P25,000 form Cebu Tiger Club for services that hasnot yet been rendered.7/17/20217/18/20217/22/2021-Rental revenue for the week:Cash: P22,000.00On Account: P25,000.00Collected the customer's account on July 14- P20,000,Partial payment of account with Petron Service Center, P22,000.00Partial payment to Cagayan Trucks Services for the tires purchase onaccount dated 7/10, in the amount of P8,500.00Received P12,800 as payment for a special trip to Dapitan City Church7/23/20217/24/20217/25/20217/26/2021Paidsoline and oil for cash, P2..000.007/27/2021Refunded the amount of P25,000.00 received from Cebu Tiger Club on7/22/2021 because the trip was cancelled due to MECQ protocols.Rental Revenue for the week:7/28/2021Cash- P30,000.00On account- P17,000.00Paid the driver's commission, P10,000.00Bought gasoline on account from Caltex, P5.000.00-Paid the account with Caltex, P5,000.00-Collected in full the customer's account of July 22-P 25,000.00-Partial collection of receivable from customer on 7/28- P10,000.007/29/20217/30/20217/31/2021-Received cash of P13,000 from Cebu Employees Union for services thathas to be rendered yet.-Minor repair of Toyota Van, P2,500.00Required: Record the above transaction using the general journal. (Format is providedbelow, just edit the page no.)

Journal is a book in which all business transactions are recorded in chronological order. A journal…

Answered: Required: Record the above transaction…

Business

Accounting

Required: Record the above transaction using the general journal. (Format is provided below, just edit the page no.)

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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