Question
Journalising, Posting, and Prepaing Trial Balance Leonila Generales won concession to rent out bicycles in the Quezon circle during summer. During the month of April
Journalising, Posting, and Prepaing Trial Balance
Leonila Generales won concession to rent out bicycles in the Quezon circle during summer. During the month of April 2019, Generales completed the following transactions for her bicycle rental business
Apr. 2 Began business by placing P120,000 in a business checking account
3 Purchased supplies on account P1,500
4 Purchased ten bicycles for 25,000, paying 12,000 down and agreed to pay the balance in thirty days
5 Paid 29,000 in cash for a furnished container to store the bicycles and used for the operations
6 Received 4,700 in cash for rentals during the first week of operation
8 Paid 4,000 in cash for shipping and installation cost (considered as addition to the cost of the container ) to place the container at the park entrance
9 Hired a part-time assistant to help on weekends with a monthly salary of 15,000
10 Paid a maintenance person 750 to clean the grounds
13 Received 5,000 in cash for rentals during the second week of the operation
16 Paid the assistant 500 for a weekends work.
17 Paid the supplies purchased on April 3.
18 Paid a 550 repair bill on bicycles
20 Received 5,500 in cash for rentals during the third week of operation
22 Paid assistant 500 for a weekends work
23 Billed an entity 1,100 for bicycles rentals for employees outing
25 Paid 3,000 fee for April to the Park Administration for the right to the bicycle concession
27 Received 4,100 in cash for rentals during the week
29 Paid assistant 500 for weekends work
30 Transferred 5,000 to personal checking account
2. Set up the following ledger accounts and post all the Journal Entries
Cash, Accounts Receivables, Supplies, Container, Bicycles, Accounts Payables, Generales Capital, Generales withdrawal, Rental Revenues, Wages Expenses, Maintenance Expense, Repair Expense and Concession Fee Expense
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