5-4 Journalizing Service Concern Transactions Mr. Henry Labasan is engaged in a Rent-A-Car business to cater tourists who are visiting Tagbilaran City. His investment consisted of the following: 2 units Toyota Van - P2,000,000 Cash which he deposited with RCBC, P50,000 Chart of Accounts Assets Cash in Bank Accounts Receivable Tires and Tubes Inventory Prepaid Insurance Transportation Equipment Owner's Equity H. Labasan, Capital H. Labasan, Drawing Income Rental Revenue Liabilities Accounts Payable Unearned Rental Revenue Expenses Gasoline and Oil Taxes and Licenses Commission Expense Repairs and Maintenance 1 189 May the Sandugo Festival, P20,000 7- Rental revenue for the week from tourists for visiting Panglao Beach Resort, Loboc River and Chocolate Hills, P12,000. 8 - Received a bill from Petron Service Center for gasoline withdrawn on account, 9- Paid in advance car insurance (on damaged and third party liability) P7,300. Bought gasoline and oil for the 2 units Toyota Van, P3,500. 2. Rendered transportation service to various tourists who roamed around the city to 3 - Paid business permits and licenses including that of the Land Transportation 23 - Collected the customer's account of May 14, P10,000. 24 - Partial payment of account with Petron Service Center, P12,000. 25 - Paid the account of May 10 with Tagbilaran Dura-Trac in the amount of P8,500. 26 - Received P2,800 as payment for a special trip to Baclayon Church. Paid gasoline and oil for cash, P1,000. 27 - Refunded the amount of P15,000 to Cebu Lions Club re-May 22 transaction. Trip was office, P15,000. P15,000 10 - Bought spare tire on account from Tagbilaran Dura-Trac, P8,500. 14 - Rental revenue for the week: Cash, P25,000 On account, P10,000 Payment of the Petron Service Center bill, P15,000 15 - Paid drivers' commission for the week, P7,000. 16 - Check-up of Toyota Van and replacement of exploded tire and repair of side mirror, P3,500 17 - Received a bill from Petron Service Center for gasoline withdrawn on account, P17,500 22 - Received cash of P15,000 from Cebu Lions Club for services that has not yet been rendered. Rental revenue for the week: Cash, P12,000 On account, P15,000 - Paid driver's commission, P7,000. cancelled. 28 - Rental revenue for the week, P27,000 broken down as follows: Cash, P20,000 On account, P7,000 29 - Paid the driver's commission, P5,600. 30 - Bought gasoline on account from Caltex Philippines, P1,000. 31 - Paid the account with Caltex Philippines, P1,000. - Collected in full the customers' account of May 28 - P7,000 and May 22-P15,000 Received cash of P3,000 from Cebu Employees Union for services that has to be rendered yet. Minor repair of Toyota Van, P2,500. Required: Record the above transaction using two (2) column general journal 5-4 Date Particulars Debit Credit