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Hi I need help on what is the answer for letters A, C, and D. The journal entries is given below. I hope that you

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Hi I need help on what is the answer for letters A, C, and D. The journal entries is given below. I hope that you can help me

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On July 1 of the current year Kenneth Brown formed the Pampanga Transport Line popularly called PTL. The following transactions occurred for the month of July: July 1 The owner invested cash P 1,000,000 2 Bought furniture and fixtures making a 50% down payment of P150,000 with balance on account 5 Second hand buses were ordered from Japan, through its domestic dealer Hino Motors Corporation, amounting to 8,444.000 in Japanese Yen. A yen is equal to P .45. The amount was loaned by Hong Kong and Shanghai Bank after Brown issued an five - year promissory note The buses were delivered by Hino Motors 10 Entered into an agreement with Petron who will supply the gas and oil of PTL, payable at the end of the month 11 Paid radio advertisements and billboards which amounted to P 100,090 12 Passenger fares collected amounted to P 240,000 15 Paid for the salaries of clerks, drivers and conductors, P 125.000 20 Charges Holy Angel University P 80,000 for the use of two buses for an educational tour. The school made 50% payment, the balance payable next month 21 Cargo fares amounting to P 70.000 were billed and collected from various customers 25 The owner made a cash withdrawal of P 50,000 27 Utility bills were paid in the amount of P 40,090 28 Lessor sent a bill for rental due on the bus terminal P 75,000 29 Summary of revenues collected: Passenger Fares P 360,000 and cargo fares P 120,000 30 Paid salaries of employees P 125,000 31 Paid Petron P 90.000 Requirements: a. Open your own Chart of Accounts using the following Accounts: Cash, Accounts Receivable, Furniture and Fixtures, Transport Buses, Accounts Payable, Notes Payable, Rent Payable, and Brown Capital. Use the following temporary titles to explain the changes in his capital account: Transportation Fare, Cargo fare, Advertising Expense, Gas and Oil expenses, Rent Expense, Salaries Expense, Utilities Expense and Brown Drawingse. Open your General Ledger based en the Charm of Accounts [1. Extent the balance and prepare the Trial Balance Journal Entries To record cash investment by Kenneth Brown: July 1 Cash 1,000,000 Brown, Capital 1,000,000 To record purchase of Furnitures and Fixtures: July 2 Furnitures and Fixtures 300,000 Cash 150,000 Accounts Payable 150,000 To record amount loaned by Hong Kong and Shanghai Bank: July 5 Cash 3,799,800 Notes Payable 3,799,800 To record the delivery of the second hand buses: July 8 Transport Buses 3,799,800 Cash 3,799,800Journal Entries To record expense for radio ads and billboards: July 11 Advertising Expense 100,000 Cash 100,000 To record collection of passenger fares: July 12 Cash 240,000 Transportation Fare 240,000 July 15 To record payment of salaries of clerks, drivers and conductors: Salaries Expense 125,000 Cash 125,000 To record transportation fares from Holy Angel University: July 20 Cash 40,000 Accounts Receivable 40,000 Transportation Fare 80,000Journal Entries To record collection of cargo fares: July 21 Cash 70,000 Cargo Fares 70,000 To record cash withdrawal of P 50,000: July 25 Brown, Drawings 50,000 Cash 50,000 To record payment of utilities; July 27 Utilities Expense 40,000 Cash 40,000Journal Entries To record rent expense: July 23 Rent Expense Rent Payable To record collection of passenger and cargo fares: July 29 Cash 430,000 Transportation Fares Cargo Fares To record payment of salaries: July 30 Salaries Expense Cash July 31 To record payment of gas and oil to Petron: Gas and Oil Expense 90,000 Cash

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