Ruby Lee won a concession to rent out bicycle in Baybay, Bgy.

Isidro, Puerto Princesa City

during the summer. During the month of April, Ruby Lee completed the following transactions
for her bicycle rental business:

April 2- Began business by placing P300,000 in a business checking account.

3- Purchase supplies on account for P 1500.
4- Purchase fifteen bicycles for P 37,500, paying P7,500 down and agreed to paythe balance in 30 days.
5-Paid P29,000 in cash for a furnished container to store the bicycles and use for other operations.
6-Received P7,500 in cash for rentals during the first week of operation.
8-Paid P4,000 in shipping and installation costs (considered an additional to the cost of the container)
to place the container at the baywalk.
9-Hired a part-time assistant to help on weekends.
10- Paid a maintenance person P750 to clean the grounds.
13- Received P8,500 in cash for rentals during the second week of operation.
16- Paid the assistant P600 for a weekend's work.
17- Paid for the supplies purchased on April 3.
18- Paid a P550 repair bill on bicycles.
20- Received P9,500 in cash for rentals during the third week of operation
22- Paid the assistant P600 for a weekend's work
23-Billed an enity P2,000 for bicycle rental for employees outing.
25- Paid the three thousand (P3,000) fee for April to the city government for the right to the bicycle concession.
27- Received P5,700 in cash for rentals during the week.
29- Paid the assistant P600 for a weekend's work.
30- Transferred P10,000 to personal account.
 Journal Entry
Ruby Lee Bicycle Rental Business

Date Particulars Folio

April 2 Cash
Lee Capital
*To record Lee's capital
in 30 days.
3 Supplies
Accounts Payable
*To record purchase supplies on account

4 Bicycle
Cash
Accounts Payable
* To record the purchase of bicycles

5 Container
Cash
* To record payment for furnished container

e bicycle concession. 6 Cash

Rental Revenue
* To record rental revenue

8 Repair Expense
Cash
* to record payment of shipping and
installation cost

10 Maintenance Expense
Cash
*to record maintenance expense

13 Cash
Rental Revenue
* to record rental revenue

16 Wages Expense
Cash
*To record payment for wages expense

17 Accounts Payable
Cash
*to record payment for suppliers
18 Repair Expense
Cash
*to record payment for repair expense

20 Cash
Rental revenue
*to record rental revenue

22 Wages Expense
Cash
*to record payment for wages expense

23 Accounts Receivable
Rental Revenue
*to record accounts receivable from bicycle rental

25 Concession Fee Expense

Cash
* to record payment of concession fee exp.

27 Cash
Rental Revenue
*to record rental revenue

29 Wages Expense
Cash
*to record payment for wages expense

30 Lee, Withdrawals
Cash
* to record withdrawals

Total Debit Account: P145,200

Total Credit Account: P145,200
Debit Credit
P300,00
P300,000

15,000
15,000

37,500
7,500
30,000

29,000
29,000

7,500
7,500

4,000
4,000

750
750

8,500
8,500

600
600

1,500
1,500
 550
550

9,500
9,500

9,500
9,500

2,000
2,000

3,000
3,000

5,700
5,700

600
600

10,000
10,000