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

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

FINANCIAL ACCOUNTING
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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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- P2,500,000.00

Cash, P150,000.00

9:24 .l .l 81 Unit 3 Recording of Transactions - Saved 08 Unearned Rental Revenue Transactions: (Observe carefully the dates with multiple transactions) 7/1/2021 7/02/202 Bought gasoline and oil for the 2 units Toyota Van, P17,000.00 Rendered transportation service to various tourists who roamed around the city to visit Dakak Park and Beach Resort, P30,000.00 Paid business permits and licenses including that of the Transportation Office, P25,000.00 Rental Land, P22,000.00 Received account, P25,000.00 Paid in advance for car insurance (on damaged and third party liability), P17,300.00 Bought spare tire on account from Cagayan Trucks Services, P18,500.00 (an asset, this is part of Tires and Tube Inventory) 7/03/2021 Land 7/7/2021 revenue for the week from tourists for visiting the Gloria's Fantasy 7/8/2021 a bill from Petron Service Center for gasoline withdrawn on 7/9/2021 7/10/2021 7/14/2021 Rental Revenue for the week: Cash- P35,000.00 On Account- P20,000.00 "Not intended for publication. For classroom instruction purposes only." Page |3 7/15/2021 7/16/2021 Paid driver's commission for the week, P7,000.00 Check-up Toyota Van and replacement of exploded tire and repair of side mirror, P13,500.00 (repairs and maintenance) Payment of Petron Service Center bill on 7/8/2021, P25,000.00 Received a bill from Petron Service Center for gasoline withdrawn on account, P27,500.00 -Received cash of P25,000 form Cebu Tiger Club for services that has not yet been rendered. 7/17/2021 7/18/2021 7/22/2021 -Rental revenue for the week: Cash: P22,000.00 On Account: P25,000.00 Collected the customer's account on July 14- P20,000, Partial payment of account with Petron Service Center, P22,000.00 Partial payment to Cagayan Trucks Services for the tires purchase on account dated 7/10, in the amount of P8,500.00 Received P12,800 as payment for a special trip to Dapitan City Church 7/23/2021 7/24/2021 7/25/2021 7/26/2021 Paid soline and oil for cash, P2..000.00 7/27/2021 Refunded the amount of P25,000.00 received from Cebu Tiger Club on 7/22/2021 because the trip was cancelled due to MECQ protocols. Rental Revenue for the week: 7/28/2021 Cash- P30,000.00 On account- P17,000.00 Paid the driver's commission, P10,000.00 Bought 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- P10,000.00 7/29/2021 7/30/2021 7/31/2021 -Received cash of P13,000 from Cebu Employees Union for services that has to be rendered yet. -Minor repair of Toyota Van, P2,500.00 Required: Record the above transaction using the general journal. (Format is provided below, just edit the page no.)
Transcribed Image Text:9:24 .l .l 81 Unit 3 Recording of Transactions - Saved 08 Unearned Rental Revenue Transactions: (Observe carefully the dates with multiple transactions) 7/1/2021 7/02/202 Bought gasoline and oil for the 2 units Toyota Van, P17,000.00 Rendered transportation service to various tourists who roamed around the city to visit Dakak Park and Beach Resort, P30,000.00 Paid business permits and licenses including that of the Transportation Office, P25,000.00 Rental Land, P22,000.00 Received account, P25,000.00 Paid in advance for car insurance (on damaged and third party liability), P17,300.00 Bought spare tire on account from Cagayan Trucks Services, P18,500.00 (an asset, this is part of Tires and Tube Inventory) 7/03/2021 Land 7/7/2021 revenue for the week from tourists for visiting the Gloria's Fantasy 7/8/2021 a bill from Petron Service Center for gasoline withdrawn on 7/9/2021 7/10/2021 7/14/2021 Rental Revenue for the week: Cash- P35,000.00 On Account- P20,000.00 "Not intended for publication. For classroom instruction purposes only." Page |3 7/15/2021 7/16/2021 Paid driver's commission for the week, P7,000.00 Check-up Toyota Van and replacement of exploded tire and repair of side mirror, P13,500.00 (repairs and maintenance) Payment of Petron Service Center bill on 7/8/2021, P25,000.00 Received a bill from Petron Service Center for gasoline withdrawn on account, P27,500.00 -Received cash of P25,000 form Cebu Tiger Club for services that has not yet been rendered. 7/17/2021 7/18/2021 7/22/2021 -Rental revenue for the week: Cash: P22,000.00 On Account: P25,000.00 Collected the customer's account on July 14- P20,000, Partial payment of account with Petron Service Center, P22,000.00 Partial payment to Cagayan Trucks Services for the tires purchase on account dated 7/10, in the amount of P8,500.00 Received P12,800 as payment for a special trip to Dapitan City Church 7/23/2021 7/24/2021 7/25/2021 7/26/2021 Paid soline and oil for cash, P2..000.00 7/27/2021 Refunded the amount of P25,000.00 received from Cebu Tiger Club on 7/22/2021 because the trip was cancelled due to MECQ protocols. Rental Revenue for the week: 7/28/2021 Cash- P30,000.00 On account- P17,000.00 Paid the driver's commission, P10,000.00 Bought 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- P10,000.00 7/29/2021 7/30/2021 7/31/2021 -Received cash of P13,000 from Cebu Employees Union for services that has to be rendered yet. -Minor repair of Toyota Van, P2,500.00 Required: Record the above transaction using the general journal. (Format is provided below, just edit the page no.)
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