transactions

01Lee Min Ho opened a tour and travel service by contributing cash of P50,000.He has three cars worth P1,200,000 but contributed only two cars worth P750,000.

03Smith borrowed P100,000 cash from PNB for use in his business.

07 Bought tables and chairs from Blim's and paid cash, P45,000.

15 Various equipment were purchased on account from National Winners for P55,000.

18Smith made cash withdrawal of P5,000 for personal use.

20The account due to National Winners was paid in cash.

21A tourist hired the services of the agency for a tour in Baguio. Cash of P15,000 was received from the tourist.

22Cash was paid for the following: gas and oil, P500 and repair of car, P1,000.

24 Mr. Lee hired the services of the agency for his visitors and promised to pay P16,000 on March 31

25Paid telephone bill for P500.

27The Faculty Club of Angelicum Academy hired the services of the agency for a tour in Manila.

30Mr. Lee paid one half of his account in cash

31Paid for rental of office space, P10,000 and Salaries of employees and workers P9,000.

part 2

Apr 3Received P15,000 cash form clients for various trips around the country

Apr 8Mr. Lee paid the balance of his account in full.

Apr 16Bills received and paid P8,000: utility, P3,000; gas and oil, P2,000;

repair of cars P3,000

Apr18 Paid P20,000 cash on the loan payable

Apr 20Billed SMB Cooperative for a trip to Tagaytay, P7,500.

Apr 25Collected P5,000 from the Faculty Club of Angelicum.

Apr 27 Received the PLDT bill for April, P750.

Apr 29Paid for rent, P10,000 and salaries, P9,000.

Apr 30Lee made another cash withdrawal of P5,000 for payment of a personal

Liability

instructions: Please make the journal entries with explanation and trial balance.