Henry Labasan Rent-A-Car

GENERAL JOURNAL

PAGE NO.

YEAR PARTICULARS FOLIO DEBIT

May 1 Transportation Equipment 140 2,000,000.00
Cash in Bank 100 50,000.00
H. Labasan, Capital 300
Initial Investment

1 Gasoline & Oil 500 3,500.00

Cash in Bank 100
Bought Gas & Oil for the 2 Toyota Vans

2 Cash in Bank 100 20,000.00

Rental Revenue 400
Rendered transportation services for cash

3 Taxes and Licenses 510 15,000.00

Cash in Bank 100
Paid permits and licences
7 Cash in Bank 100 12,000.00
Rental Revenue 400
Revenue for the week

8 Gasoline and Oil 500 15,000.00

Accounts Payable 200
Withdrawn gasoline from Petron on account

9 Prepaid Insurance 130 7,300.00

Cash in Bank 100
Advance payment on insurance

10 Tires and Tubes Inventory 120 8,500.00

Accounts Payable 200
Bought spare tire on account

14 Cash in Bank 100 25,000.00

Accounts Receivable 110 10,000.00
Rental Revenue 400
Revenue for the week

14 Accounts Payable 200 15,000.00

Cash in Bank 500
Paid account to Petron Service Center
15 Commission Expense 520 7,000.00
Cash in Bank 100
Paid driver's commission for the week

16 Repairs and Maintenance 530 3,500.00

Cash in Bank 100
Check-up, replacement of tire, repair of side mirror

17 Gasoline and Oil 500 17,500.00

Accounts Payable 200
Withdrawn gasoline on from Petron account

22 Cash in Bank 100 15,000.00

Unearned Rental Revenue 210
Received cash in advance for services not yet rendered

22 Cash in Bank 100 12,000.00

Accounts Receivable 110 15,000.00
Rental Revenue
Revenue for the week

22 Commission Expense 520 7,000.00

Cash in Bank 100
Paid driver's commission

23 Cash in Bank 100 10,000.00

Accounts Receivable 110
Collected customer's account from May 14

24 Accounts Payable 200 12,000.00

Cash in Bank 100
Partial Payment of account

25 Accounts Payable 200 8,500.00

Cash in Bank 100
Paid the account of May 10

26 Cash in Bank 100 2,800.00

Rental Revenue 400
Received payment of special trip to Baclayon Church

26 Gasoline and Oil 500 1,000.00

Cash in Bank 100
Paid gas and oil for cash

27 Unearned Rental Revenue 210 15,000.00

Cash in Bank 100
Refunded cash to customer due to trip cancellation
28 Cash in Bank 100 20,000.00
Accounts Receivable 110 7,000.00
Rental Revenue
Revenue for the week

29 Commission Expense 520 5,600.00

Cash in Bank 100
Paid the driver's commission

30 Gasoline and Oil 500 1,000.00

Accounts Payable 200
Bought gas and oil on account

31 Accounts Payable 200 1,000.00

Cash in Bank 100
Paid the account with Caltex Philippines

31 Cash in Bank 100 15,000.00

Accounts Receivable 110

31 Cash in Bank 100 7,000.00

Accounts Receivable 110
Collected account from May 28

31 Cash in Bank 100 3,000.00

Unearned Rental Revenue 210
Received cash for services not yet rendered

31 Repairs and Maintenance 530 2,500.00

Cash in Bank 100
Minor repair of Toyota Van
 1

CREDIT 100 Cash in Bank

110 Accounts Receivable
120 Tires and Tubes Inventory
2,050,000.00 130 Prepaid Insurance
140 Transportation Equipment
200 Accounts Payable
210 Unearned Rental Revenue
3,500.00 300 H. Labasan, Capital
310 H. Labasan, Drawing
400 Rental Revenue
500 Gasoline and Oil
20,000.00 510 Taxes and Licences
520 Commission Expense
530 Repairs and Maintenance

15,000.00

12,000.00

15,000.00

7,300.00

8,500.00

35,000.00

15,000.00
 7,000.00

3,500.00

17,500.00

15,000.00

27,000.00

7,000.00

10,000.00

12,000.00 100 Cash in Bank

110 Accounts Receivable
120 Tires and Tubes Inventory
130 Prepaid Insurance
8,500.00 140 Transportation Equipment
200 Accounts Payable
210 Unearned Rental Revenue
300 H. Labasan, Capital
2,800.00 310 H. Labasan, Drawing
400 Rental Revenue
500 Gasoline and Oil
510 Taxes and Licences
1,000.00 520 Commission Expense
530 Repairs and Maintenance

15,000.00
27,000.00

5,600.00

1,000.00

1,000.00

15,000.00

7,000.00

3,000.00

2,500.00
 WRITE THE NAME OF THE COMPANY
GENERAL LEDGER

Cash in Bank
YEAR PARTICULARS F DEBIT
May 1 Initial Investment 1 50,000.00
2 Rendered transportation services for cash 1 20,000.00
7 Revenue for the week 1 12,000.00
14 Revenue for the week 1 25,000.00
22 Received cash in advance for services not yet rendered 1 15,000.00
22 Rental Revenue 1 12,000.00
23 Collected customer's account from May 14 1 10,000.00
26 Received payment of special trip to Baclayon Church 1 2,800.00
28 Revenue for the week 1 20,000.00
31 Collected account from May 22 1 15,000.00
31 Collected account from May 28 1 7,000.00
31 Received cash for services not yet rendered 1 3,000.00

191,800.00
87,900.00

Accounts Receivable
YEAR PARTICULARS F DEBIT
May 14 Revenue of the week 1 10,000.00
22 Revenue for the week 1 15,000.00
28 Revenue for the week 1 7,000.00
32,000.00
-

Tires and Tubes Inventory

YEAR PARTICULARS F DEBIT
May 10 Bought spare tire on account 1 8,500.00

Prepaid Insurance
YEAR PARTICULARS F DEBIT
May 9 Advance payment of insurance 1 7,300.00

Transportation Equipment
YEAR PARTICULARS F DEBIT
May 1 Initial Investment 1 2,000,000.00

Accounts Payable
YEAR PARTICULARS F DEBIT
May 14 Paid account to Petron Service Center 1 15,000.00
24 Partial Payment of account 1 12,000.00
25 Paid the account of May 10 1 8,500.00
31 Paid the account with Caltex Philippines 1 1,000.00
36,500.00

Unearned Rental Revenue

YEAR PARTICULARS F DEBIT
May 27 Refunded cash to customer due to trip cancellation 1 15,000.00

15,000.00

H. Labasan, Capital
YEAR PARTICULARS F DEBIT
May
 H. Labsan, Drawing
YEAR PARTICULARS F DEBIT
May

Rental Revenue
YEAR PARTICULARS F DEBIT
May

Gasoline and Oil

YEAR PARTICULARS F DEBIT
May 1 Bought Gas & Oil for the 2 Toyota Vans 1 3,500.00
8 Withdrawn gasolines from Petron on account 1 15,000.00
17 Withdrawn gasoline on from Petron account 1 17,500.00
26 Paid gas and oil for cash 1 1,000.00
30 Bought gas and oil on account 1 1,000.00
38,000.00

Taxes and Licences

YEAR PARTICULARS F DEBIT
May 3 Paid permits and licences 1 15,000.00
 Commision Expense
YEAR PARTICULARS F DEBIT
May 15 Paid driver's commission for the week 1 7,000.00
22 Paid driver's commission 1 7,000.00
29 Paid the driver's commission 1 5,600.00
19,600.00

Repairs and Maintenance

YEAR PARTICULARS F DEBIT
May 16 Check-up, replacement of tire, repair of side mirror 1 3,500.00
31 Minor repair of Toyota Van 1 2,500.00
6,000.00
 NAME OF THE COMPANY HERE
GENERAL LEDGER

Cash in Bank Account No. 100

YEAR PARTICULARS F CREDIT
May 1 Bought Gas & Oil for the 2 Toyota Vans 1 3,500.00
3 Paid permits and licenses 1 15,000.00
9 Advance payment of insurance 1 7,300.00
14 Paid account to Petron Service Center 1 15,000.00
15 Paid driver's commission for the week 1 7,000.00
16 Check-up, replacement of tire, repair of side mirror 1 3,500.00
22 Paid driver's commission 1 7,000.00
24 Partial Payment of account 1 12,000.00
25 Paid the account of May 10 1 8,500.00
26 Paid gas and oil for cash 1 1,000.00
27 Refunded cash to customer due to trip cancellation 1 15,000.00
29 Paid the driver's commission 1 5,600.00
31 Paid the account with Caltex Philippines 1 1,000.00
31 Minor repair of Toyota Van 1 2,500.00
103,900.00

ounts Receivable Account No. 110

YEAR PARTICULARS F CREDIT
May 23 Collected customer's account from May 14 1 10,000.00
31 Collected account from May 22 1 15,000.00
31 Collected account from May 28 1 7,000.00
32,000.00

and Tubes Inventory Account No. 120

YEAR PARTICULARS F CREDIT
May

epaid Insurance Account No. 130

YEAR PARTICULARS F CREDIT
 May

ortation Equipment Account No. 140

YEAR PARTICULARS F CREDIT
May

ccounts Payable Account No. 200

YEAR PARTICULARS F CREDIT
May 8 Withdrawn gasoline from Petron on account 1 15,000.00
10 Bought spare tire on account 1 8,500.00
17 Withdrawn gasoline on from Petron account 1 17,500.00
30 Bought gas and oil on account 1 1,000.00
42,000.00
5,500.00

ned Rental Revenue Account No. 210

YEAR PARTICULARS F CREDIT
May 22 Received cash in advance for services not yet rendered 1 15,000.00
31 Received cash for services not yet rendered 1 3,000.00
18,000.00
3,000.00

Labasan, Capital Account No. 300

YEAR PARTICULARS F CREDIT
May 1 Initial Investment 1 2,050,000.00
Labsan, Drawing Account No. 310
YEAR PARTICULARS F CREDIT
May

ental Revenue Account No. 400

YEAR PARTICULARS F CREDIT
May 2 Rendered transportation services for cash 1 20,000.00
7 Revenue of the week 1 12,000.00
14 Revenue of the week 1 35,000.00
22 Revenue for the week 1 27,000.00
26 Received payment of special trip to Baclayon Church 1 2,800.00
28 Revenue for the week 1 27,000.00
123,800.00

asoline and Oil Account No. 500

YEAR PARTICULARS F CREDIT
May

xes and Licences Account No. 510

YEAR PARTICULARS F CREDIT
May
mmision Expense Account No. 520
YEAR PARTICULARS F CREDIT
May

rs and Maintenance Account No. 530

YEAR PARTICULARS F CREDIT
May
Note: You can make a copy
of the general ledger below,
depending on the number
of accounts the company
has. This is a more formal
version of T-Account.
 H. Labasan Rent-A-Car
Trial Balance
May 31, 2020

ACCT NO. ACCOUNT TITLES DEBIT CREDIT

100 Cash in Bank 87,900.00
110 Accounts Receivable
120 Tires and Tubes Inventory 8,500.00
130 Prepaid Insurance 7,300.00
140 Transportation Equipment 2,000,000.00
200 Accounts Payable 5,500.00
210 Unearned Rental Revenue 3,000.00
300 H. Labasan, Capital 2,050,000.00
310 H. Labasan, Drawing
400 Rental Revenue 123,800.00
500 Gasoline and Oil 38,000.00
510 Taxes and Licences 15,000.00
520 Commission Expense 19,600.00
530 Repairs and Maintenance 6,000.00
2,182,300.00 2,182,300.00