Assignment for Tuesday Feb 26, 2019

The chart of accounts for Violeta Pitular Delivery service is as follows:

ASSETS INCOME

110 CASH 410 DELIVERY REVENUES

120 ACCOUNTS RECEIVABLE
130 PREPAID INSURANCE EXPENSES
140 SERVICE VEHICLE 510 SALARIES EXPENSE
150 OFFICE EQUIPMENT 520 GAS AND OIL EXPENSE
530 REPAIR EXPENSE
LIABILITIES 540 ADVERTISING EXPENSE
210 ACCOUNTS PAYABLE 560 MISCELLANEOUS EXPENSE

OWNERS EQUITY
310 PITULAR, CAPITAL
320 PITULAR, WITHDRAWALS

The entity completed the following transactions in May 2016

May 3 Placed four week-end advertisements in the Sun Daily Central Luzon for P 18,500, the amount is
due in 30 days
May 6 Bought supplies on account from Suppllies, Inc P8,800
May 15 Violeta Pitular invested in the business own office equipment with a fair market value of P52,500
May 17 Received P 61,800 from customers to apply on their accounts
May 22 Received a bill from Park Trucking for repair services performed P 8,500
May 26 Paid Supplies, inc. P8,800 in full payment of account
May 29 Paid salaries to employees P 21,000
May 30 Received P 39,000 for services performed
May 31 Received and paid gasoline and oil bill relating to the service vehicle P 12,500
May 31 Billed south China Bank for services performed P 45,000
May 31 Pitular withdrew cash for personal use P 14,500

Required:

Preapare: 1.) journal entries for the May transactions

2.) Post entries in the ledger using the ledger format below
POSTING IN THE JOURNAL AND LEDGER
JOURNAL JE -1

DATE ACCOUNT TITLE AND EXPLANATION P.R./F DEBIT CREDIT

1 2016
2 1-May CASH 110 250,000
3 DIAZ, CAPITAL 310 250,000
4 Initial investment
5

LEDGER

ACCOUNT : CASH ACCOUNT NO. 110

DATE EXPLANATION J.R. DEBIT CREDIT BALANCE
1 2016
2 1-May J-1 250,000 250,000

ACCOUNT : DIAZ, CAPITAL ACCOUNT NO. 310

DATE EXPLANATION J.R. DEBIT CREDIT BALANCE
1 2016
2 1-May J-1 250,000 250,000