Question
What are the journal entry for this transactions? Kareen Leon won a concession to rent out bicycles in the Burnham Park during the summer. During
What are the journal entry for this transactions?
Kareen Leon won a concession to rent out bicycles in the Burnham Park during the summer. During the month of April, Leon completed the following transactions for her tricycle rental business:
April 2 - Began business by placing P120,000 in a business checking account.
3 - Purchased supplies on account for P1,500.
4 - Purchased ten bicycles for P25,000, paying P12,000 down and agreed to pay the balance in thirty days.
5 - Paid P29,000 in cash for a furnished container to store the bicycles and use for other operations.
6 - Received P4,700 in cash for rentals during the first week of operation.
7 - Paid P4,000 in cash for shipping and installation costs (considered an 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.
10 - Paid a maintenance person P750 to clean the grounds.
13 - Received P5,000 in cash for rentals during the second week of operation.
16 - Paid the assistant P480 for a weekend's work
17 - Paid for the supplies purchased on April 3
18 - Paid a P550 repair bill on bicycles.
20 - Received P5,500 in cash for rentals during the third week of operation.
22 - Paid the assistant P480 for a weekend's work.
23 - Billed an entity P1,100 for bicycle rentals for employees' outing.
25 - Paid the P3,000 fee for April to the Park Administration for the right to the bicycle concession.
27 - Received P4,100 in cash for rentals during the week.
29 - Paid the assistant P480 for a weekend's work.
30 - Transferred P5,000 to personal checking account.
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