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    4th Grading w2 Fabm Las 2

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    10 Hour 10 Minute
    The document summarizes the transactions of a transportation business from May 1-31, including revenue earned from renting vehicles to tourists, expenses paid like fuel and commissions, and outstanding payables and receivables. It provides details of cash received and paid, services rendered, bills received, and collections on accounts for the period. A chart of accounts is also included to classify the business' assets, liabilities, owner's equity, income and expenses.

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    4th Grading w2 Fabm Las 2

    Uploaded by

    10 Hour 10 Minute
    4K views4 pages
    The document summarizes the transactions of a transportation business from May 1-31, including revenue earned from renting vehicles to tourists, expenses paid like fuel and commissions, and outstanding payables and receivables. It provides details of cash received and paid, services rendered, bills received, and collections on accounts for the period. A chart of accounts is also included to classify the business' assets, liabilities, owner's equity, income and expenses.

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    The document summarizes the transactions of a transportation business from May 1-31, including revenue earned from renting vehicles to tourists, expenses paid like fuel and commissions, and outstanding payables and receivables. It provides details of cash received and paid, services rendered, bills received, and collections on accounts for the period. A chart of accounts is also included to classify the business' assets, liabilities, owner's equity, income and expenses.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    4K views4 pages

    4th Grading w2 Fabm Las 2

    Uploaded by

    10 Hour 10 Minute
    The document summarizes the transactions of a transportation business from May 1-31, including revenue earned from renting vehicles to tourists, expenses paid like fuel and commissions, and outstanding payables and receivables. It provides details of cash received and paid, services rendered, bills received, and collections on accounts for the period. A chart of accounts is also included to classify the business' assets, liabilities, owner's equity, income and expenses.

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    © All Rights Reserved
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    of 4

    W2 FABM

    LAS 2
    2021 Particulars F Debit Credit
    May 1 Gas and oil 3,500
    Cash on Bank 3,500
    Bought gasoline and oil
    2 Cash on Bank 20,000
    Rental Revenue 20,000
    Service rendered to various tourists

    3 Taxes and Licenses 35,000


    Cash on Bank 35,000
    Paid business permits and licenses
    4 Cash on Bank 18,000
    Unearned Rental Revenue 6,000
    Rental Revenue 12,000
    Cash received for services rendered
    and not yet rendered
    8 Gas and Oil 15,000
    Accounts Payable 15,000
    Received a bill for gasoline
    9 Prepaid Insurance 45,000
    Cash on Bank 45,000
    Advance payment of car insurance
    10 Tires and Tubes Inventory 8,500
    Accounts Payable 8,500
    Bought spare tires on account
    12 Accounts Receivable 6,000
    Rental Revenue 6,000
    Service rendered to tourists
    14 Cash on Bank 25,000
    Accounts Receivable 10,000
    Accounts Payable 15,000
    Rental Revenue 35,000
    Cash on Bank 15,000
    Rental revenue earned and
    payment of account
    15 Commission Expense 7,000
    Cash on Bank 7,000
    Paid drivers’ commission
    16 Repairs and Maintenance 3,500
    Cash on Bank 3,500
    Repair of side mirror
    17 Gas and Oil 17,500
    Accounts Payable 17,500
    Received a bill for gasoline
    22 Cash on Bank 32,000
    Accounts Receivable 15,000
    Commission Expense 7,000
    Unearned Rental Revenue 15,000
    Rental Revenue 32,000
    Cash on Bank 7,000
    Received cash for services rendered,
    services not yet rendered, and paid
    drivers’ commission
    23 Cash on Bank 10,000
    Accounts Receivable 10,000
    Collection of customer’s account
    25 Accounts Payable 8,500
    Cash on Bank 8,500
    Payment of account
    26 Cash on Bank 2,800
    Gas and Oil 1,000
    Rental Revenue 2,800
    Cash on Bank 1,000
    Received cash for services rendered
    and paid gasoline and oil for cash
    27 Cash on Bank 15,000
    Accounts Receivable 15,000
    Refunded for the service cancelled
    28 Cash on Bank 20,000
    Accounts Receivable 7,000
    Rental Revenue 27,000
    Rental revenue earned
    29 Commission Expense 5,600
    Cash on Bank 5,600
    Paid drivers’ commission
    30 Gas and Oil 1,000
    Accounts Payable 1,000
    Bought gasoline on account
    31 Accounts Payable 1,000
    Cash on Bank 25,000
    Repairs and Maintenance 2,500
    Cash on Bank 3,500
    Accounts Receivable 22,000
    Unearned Rental Revenue 3,000
    Paid the account, collection of
    account, received cash, and
    repair of van

    2 units Toyota Van – P 2,000,000

    Cash which he deposited with RCBC, P 150,000

    May 1 Bought gasoline and pil for the 2 units Toyota Van for cash P 3,500
    May 2 Rendered transportation service to various tourists who roamed around the city to watch the Sandugo Festival
    P 20,000
    May 3 Paid business permits and licences including that of the LTO P 35,000
    May 4 Received cash of P 6,000 from Cebu Tourist for visiting Panglao Beach Resort, Loboc River and chocolate hills, P
    12,000
    May 8 Received a bill from Petron Service Center for gasoline withdrawn on account P 15,000
    May 9 paid in advance car insurance (on damaged and third party liability) P 45,000
    May 10 Bought spare tires on account from Tagbilaran Dura-Trac P 8,500
    May 12 Servicing Cebu Tourist Group which already have paid in advance the amount of P 6,000 (refer to August 4
    transaction)
    May 14 Rental revenue for the week: Cash P 25,000, On account P 10,000
    May 14 Payment of account with Petron Service Center P 15,000
    May 15 Paid drivers’ commission for the week P 7,000
    May 16 Check up of Toyota Van and repair of side mirror, P 3,500
    May 17 Received a bill from Petron Service Center for gasoline withdrawn on account P 17,500
    May 22 Received cash of P 15,0000 from Cebu Lions Club for services that has not yet been rendered
    May 22 Rental revenue for the week:Cash P 17,000 On account P 15,000
    May 22 Paid drivers’ commission P 7,000
    May 23 Collected the customer’s account on May 14, P 10,000
    May 25 Paid the account of May 10 with Tagbilaran DuraTrac in the amount of P 8500
    May 26 Received P 2,800 as payment for a special trip to Baclayon Church
    May 26 Paid gasoline and oil for cash P 1000
    May 27 Refunded the amount of P 15,000 to Cebu Lions Club re May 22 transaction. Trip was cancelled
    May 28 Rental revenue for the week P 27,000 broken down as follows: Cash P 20,000 On account P 7,000
    May 29 Paid the drivers’ commission P 5,600
    May 30 Bought gasoline on account from Caltex Philippines P 1 000
    May 31 Paid the account with Caltex Philippines P 1000
    -Collected in full the customers’ account of May 22 – P 15,000 and May 28 – 7,000
    - Received cash of P 3,000 from Cebu Employees Union for services that has to be rendered yet.

    -Minor repair of Toyota Van, P 2,500

    CHART OF ACCOUNTS

    Assets Owner’s Equity


    Cash on Bank F. Acero, Capital
    Accounts receivable F. Acero, Drawing
    Tires and Tubes Inventory
    Prepaid Insurance
    Transportation Equipment

    Income
    Rental Revenue

    Liabilities Expenses
    Accounts Payable Gas and Oil
    Unearned Rental Revenue Taxes and Licenses
    Commission Expense
    Repairs and Maintenance

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