Problem no.

14

Kareen Leon
BICYCLE RENTAL
 Journal Entry
ACCOUNT TITLES
DATE AND DEBIT CREDIT
EXPLANATION

APRIL 2 CASH P120,000

LEON, CAPITAL P120,000

INITIAL INVESTMENT

APRIL 3 SUPPLIES P1,500

ACCOUNTS PAYABLE P1,500

BOUGHT SUPPLIES ON ACCOUNT

 Journal Entry
ACCOUNT TITLES
DATE AND DEBIT CREDIT
EXPLANATION

APRIL 4 BICYCLES P25,000

CASH P12,000

ACCOUNTS PAYABLE P13,000

BOUGHT BICYCLE WITH A REMAINDER ON ACC.

APRIL 5 CONTAINER P29,000

CASH P29,000

BOUGHT CONTAINERS FOR BICYCLE

 Journal Entry
ACCOUNT TITLES
DATE AND DEBIT CREDIT
EXPLANATION

APRIL 6 CASH P4,700

RENTAL REVENUE P4,700

RECEIVED CASH FROM RENTALS

APRIL 8 CONCESSION FEE EXPENSE P4,000

CASH P4,000

PAYMENT FOR SHIPPING AND INSTALLATION

 Journal Entry
ACCOUNT TITLES
DATE AND DEBIT CREDIT
EXPLANATION

APRIL 9 NO ENTRY

NO TRANSACTION HAPPENED

APRIL 10 MAINTENANCE EXPENSE P750

CASH P750

PAYMENT FOR MAINTENANCE

 Journal Entry
ACCOUNT TITLES
DATE AND DEBIT CREDIT
EXPLANATION

APRIL 13 CASH P5,000

RENTAL REVENUES P5,000

RECEIVED CASH FROM RENTALS

APRIL 16 WAGE EXPENSE P480

CASH P480

PAYMENT FOR ASSISTANT SALARY

 Journal Entry
ACCOUNT TITLES
DATE AND DEBIT CREDIT
EXPLANATION

APRIL 17 ACCOUNTS PAYABLE P1,500

CASH P1,500

BOUGHT SUPPLIES LAST APRIL 3

APRIL 18 REPAIRS EXPENSE P550

CASH P550

PAYMENT FOR REPAIR BILLS

 Journal Entry
ACCOUNT TITLES
DATE AND DEBIT CREDIT
EXPLANATION

APRIL 20 CASH P5,500

RENTAL REVENUES P5,500

RECEIVED CASH FROM RENTALS

APRIL 22 WAGES EXPENSE P480

CASH P480

PAYMENTS FOR ASSISTANT SALARY

 Journal Entry
ACCOUNT TITLES
DATE AND DEBIT CREDIT
EXPLANATION

APRIL 23 ACCOUNTS RECEIVABLE P1,100

RENTAL REVENUES P1,100

RECEIVED PAYMENT ON ACCOUNT FROM RENTALS

APRIL 25 CONCESSION FEE EXPENSE P3,000

CASH P3,000

PAYMENT FOR BICYCLE CONCESSION

 ACCOUNT TITLES
DATE AND DEBIT CREDIT
EXPLANATION

APRIL 27 CASH P4,100

RENTAL REVENUES P4,100

RECEIVED CASH FROM RENTALS

APRIL 29 WAGES EXPENSE P480

CASH P480

PAYMENT FOR ASSISTANT SALARY

APRIL 30 LEON, WITHDRAWALS P5000

CASH P5000

WITHDRAW CASH FROM BANK ACCOUNT

 Ledger
Account Title: CASH

DATE DESCRIPTION DEBIT CREDIT BALANCE

STARTING BALANCE PHP 0.00

APRIL 02 TO RECORD CAPITAL FOR BUSINESS PHP 120,000 PHP 120,000

APRIL 04 TO RECORD BICYCLES PHP 12,000 PHP 108,000

APRIL 05 TO RECORD CONTAINER PHP 29,000 PHP 79,000

APRIL 06 TO RECORD RENTAL RENTAL REVENUE PHP 4,700 PHP 83,700

APRIL 08 TO RECCORD CONCESSION FEE PHP 4,000 PHP 79,700

APRIL 10 TO RECORD MAINTENANCE EXPENSE PHP 750 PHP 78,950

 Ledger
Account Title: CASH

DATE DESCRIPTION DEBIT CREDIT BALANCE

APRIL 13 TO RECORD RENTAL REVENUE PHP 5,000 PHP 83, 950

APRIL 16 TO RECORD PAYMENT ON ASSISTANCE PHP 480 PHP 83,470

APRIL 17 TO RECORD SUPPLIES PHP 1,500 PHP 81,970

APRIL 18 TO RECORD REPAIR PHP 550 PHP 81,420

APRIL 20 TO RECORD RENTAL RENTAL REVENUE PHP 5,500 PHP 86,920

APRIL 22 TO RECCORD PAYMENT ASSISTANCE PHP 480 PHP 86,440

APRIL 25 TO RECORD CONCESSION FEE PHP 3,000 PHP 83,440

 Ledger
Account Title: CASH

DATE DESCRIPTION DEBIT CREDIT BALANCE

APRIL 27 TO RECORD RENTAL REVENUE PHP 4,100 PHP 87,540

APRIL 29 TO RECORD PAYMENT ON ASSISTANCE PHP 480 PHP 87,060

APRIL 30 TO RECORD DRAWINGS PHP 5,000 PHP 82,060

TOTAL PHP 139,300 PHP 57,240 PHP 82,060

 Ledger
Account Title: ACCOUNTS RECEIVABLE

DATE DESCRIPTION DEBIT CREDIT BALANCE

STARTING PHP 0.00

BALANCE

APRIL 23 TO RECORD BICYLE RENTAL PHP 1,100 PHP 1,100

TOTAL PHP 1,100

Account Title: SUPPLIES

DATE DESCRIPTION DEBIT CREDIT BALANCE

STARTING PHP 0.00

BALANCE

APRIL 3 TO RECORD SUPPLIES PHP 1,500 PHP 1,500

TOTAL PHP 1,500

 Ledger
Account Title: CONTAINER

DATE DESCRIPTION DEBIT CREDIT BALANCE

STARTING PHP 0.00

BALANCE

APRIL 5 TO RECORD CONTAINER PHP 25,000 PHP 25,000

TOTAL PHP 25,000

Account Title: BICYCLES

DATE DESCRIPTION DEBIT CREDIT BALANCE

STARTING PHP 0.00

BALANCE

APRIL 4 TO RECORD BICYCLES PHP 25,000 PHP 25,000

TOTAL PHP 25,000

 Ledger
Account Title: ACCOUNTS PAYABLE

DATE DESCRIPTION DEBIT CREDIT BALANCE

STARTING PHP 0.00

BALANCE

APRIL 3 TO RECORD SUPPLIES PHP 1,500 PHP 1,500

APRIL 4 TO RECORD BICYCLES PHP 13,000 PHP 14,500

APRIL 17 TO RECORD SUPPLIES PHP 1,500 PHP 13,000

TOTAL PHP 1,500 PHP 14,500 PHP 13,000

 Ledger
Account Title: LEON, CAPITAL

DATE DESCRIPTION DEBIT CREDIT BALANCE

STARTING PHP 0.00

BALANCE

APRIL 2 TO INVESTMENT ON BUSINESS PHP 120,000 PHP 120,000

TOTAL PHP 120,000

Account Title: LEON, WITHDRAWALS

DATE DESCRIPTION DEBIT CREDIT BALANCE

STARTING PHP 0.00

BALANCE

APRIL 30 TO RECORD DRAWINGS PHP 5,000 PHP 5,000

TOTAL PHP 5,000

 Ledger
Account Title: RENTAL REVENUE

DATE DESCRIPTION DEBIT CREDIT BALANCE

STARTING PHP 0.00

BALANCE

APRIL 6 TO RECORD RENTAL REVENUE PHP 4,700 PHP 4,700

PHP 5,000 PHP 9,700

APRIL 13 TO RECORD RENTAL REVENUE

APRIL 20 TO RECORD RENTAL REVENUE PHP 5,500 PHP 15,200

APRIL 23 TO RECORD RENTAL REVENUE PHP 1,100 PHP 16,300

APRIL 27 TO RECORD RENTAL REVENUE PHP 4,100 PHP 20,400

TOTAL PHP 20,400 PHP 20,400

 Ledger
Account Title: WAGES EXPENSE

DATE DESCRIPTION DEBIT CREDIT BALANCE

STARTING PHP 0.00

BALANCE

APRIL 6 TO RECORD PAYMENT ASSISTANCE PHP 480 PHP 480

APRIL 22 TO RECORD PAYMENT ASSISTANCE PHP 480 PHP 960

APRIL29 TO RECORD PAYMENT ASSISTANCE PHP 480 PHP 1,440

TOTAL PHP 1,440 PHP 1,440

 Ledger
Account Title: MAINTENANCE, EXPENSE

DATE DESCRIPTION DEBIT CREDIT BALANCE

STARTING PHP 0.00

BALANCE

APRIL 10 TO RECORD MAINTENANCE EXPENSE PHP 750 PHP 750

TOTAL PHP 750

Account Title: REPAIRS EXPENSE

DATE DESCRIPTION DEBIT CREDIT BALANCE

STARTING PHP 0.00

BALANCE

APRIL 8 TO RECORD REPAIRS EXPENSE PHP 550 PHP 550

TOTAL PHP 550

 Ledger
Account Title: CONCESSION FEE EXPENSE

DATE DESCRIPTION DEBIT CREDIT BALANCE

STARTING PHP 0.00

BALANCE

APRIL 8 TO RECORD CONCESSION FEE PHP 4,000 PHP 4,000

APRIL 25 TO RECORD CONCESSION FEE PHP 3,000 PHP 7,000

TOTAL PHP 7,000

 T- ACCOUNTS
, CASH ACCOUNTS RECEIVABLE

APRIL 2 P120,000 APRIL 4 P12,000 APRIL 23 P1,100

6 P4,700 5 P29,000 BAL. P1,100
13 P5,000 8 P4,000
20 P5,000 10 P750
16 P480
27 P4,100
17 P1,500 SUPPLIES
P139,300
18 P550
APRIL 3 P1,500
BAL. P82,060 22 P480
22 P480 BAL. P1,500
25 P3,000
29 P480
30 P5,000

P57,240
 T- ACCOUNTS
CONTAINER ACCOUNTS PAYABLE

APRIL 5 P29,000 APRIL 17 P1,500 APRIL 3 P1,500

BAL. P29,000 APRIL 4 P13,000

P1,500
P14,500
BAL. P13,000

BICYCLES LEON, CAPITAL

APRIL 4 P25,000 APRIL 2 P120,000

BAL. P25,000 BAL. P120,000

 T- ACCOUNTS
LEON, WITHDRAWALS WAGES EXPENSE

APRIL 30 P5,000 APRIL 6 P480

22 P480
BAL. P5,000
29 P480
BAL. P1,440

RENTAL REVENUES MAINTENANCE EXPENSE

APRIL 6 P4,700 APRIL 10 P750

13 P5,000
BAL. P750
20 P5,500
23 P1,100
27 P4,100

BAL. P20,400
 T- ACCOUNTS
REPAIR EXPENSE CONCESSION FEE EXPENSE

APRIL 18 P550 APRIL 8 P4,000

25 P3,000
BAL. P550
BAL. P7,000
 TRIAL BALANCE
KAREEN LEON’S CONCESSION BICYCLE RENTAL
TRIAL BALANCE
MONTH OF APRIL
DEBIT CREDIT
CASH P82,060
1,100
ACCOUNTS RECEIVABLE
1,500
SUPPLIES 29,000
CONTAINER
25,000
BICYCLE
ACCOUNTS PAYABLE P13,000
LEON, CAPITAL 120,000
LEON, WITHDRAWALS 5,000
RENTAL REVENUES 20,400
WAGES EXPENSE 1,440
MAINTENANCE EXPENSE 750
REPAIR EXPENSE 550
CONCESSION FEE EXPENSE 7,000
TOTAL P153,400 P153,400