Chapter 5 ai 7 ~ Medical fees income earned for the wet Cash 50,000 On account 60,000 B25 000 pr. Alegre made an additional cash invest! eo ical Equipmen 1 Full payment of the note issued to Manila Medical Equipme 1 v Company, P550,000. i 14 - Medical fees income earned for the week: Cash 30,000 ‘On account 10,000 a 15 - Collected in full the patients’ accounts of Sept. 7, P60, 18 - Bought medical supplies on account from AMESCO, P30,000 28 - Medical fees income for two weeks: Cash P40,000 On account 70,000 30 - Paid the following expenses: Taxes and Licenses, P20,000; Salaries of Attendants, P45,000 and Utilities Expense, P40,000. 5-5 Journalizing Service Concern Transactions Mr. Henry Labasan is engaged in a Rent-A-Car business to cater tourists who are visi»: Tagbilaran City. His investment consisted of the following: 2 units Toyota Van — P2,000,000 Cash which he depasited with RCBC, P50,000 Chart of Accounts Assets Owner’s Equity Cash in Bank aes H. Labasan, Capital Accounts Receivable H. Labasan, Drawing Tires and Tubes Inventory ere Prepaid Insurance Rental Reven Transportation Equipment Deces Liabilities Accounts Payable eno Unearned Rental Revenue ee 3 pense ommission Expense Repairs and Maintenance 176 Eunaligina Transactions ; sransattions: aay 1- Bought gasoline and oj) for the 2 units, 1 t Si, 2 - Rendered transportation i Service to var i «city to watch the Sandug, © Festival, pra 3- Paid busine’s permits anc licenses in Office,P15,000. ’ 7 Rental revenue for the week from touris Loboc River and Choco} late Hills, P12, 8 - Received a bill from Petron Service account, P15,000. 9 Paid in advance car insurance (un damag 10- Bought spare tire on account from Tagbil | 14- Rental revenue for the week: ) Cash, P25,000 On account, P10,000. Payment of tle Petron Service Center bil 15- Paid drivers’ commission for the week, P 16- Check-up of Tuyota Van and replacement ¢ | mirror, P3,500. siting | 17- Received .a bill from Petron Service | account, P17,500. * been rendered. ~ Rental revenue for the week: Cash, P12,000 On account, P15,000 ~ Paid driver's commission, P7,000. I 24- Partial payment of account with daa 25- Paid the account of May 10 with Te P8,500. p ’ 26- Received P2,800 as payment for a speoe . ae . Crap S$ —_— i} For cash, P1,0% f paid gasoline and oil fo" , pas.oon to cebu Lions Club re-May 22 5, 27- Refunded the amount 2 27,000 broken'down as follows: Trip was cancelled 28- Rental revenue for the week, P; Cash, P20,000 ‘On account, P7,000 29- Paid the driver's commissi 30- Bought gasoline on account jon, 5,600. t from Caltex Philipt Philippines, P1,000- pines, P1,000. h Caltex 31- Paid the account wit! 2 - Collected in full the customers” account of May 28 — P7,000 ang My 15,000. peceived cash of P3,000 from Cebu Employees Union for services a : 1 of P3, . be rendered yet. ~ Minor repair of loyota Van, P2,500. Required: 2 Record the above transactions using two (2) column journal inctuging investments. 5-6 Journalizing Service Concern Transactions Mr. Edgar Detoya, CPA opened a current account with Development Bank of Philippines and deposited P150,V00 to start with his public practice. i “Chart of Accounts i Assets . , O1 Cash in Rank eye ey he Accounts Receivable tbe . Det it Advances to Employees etova Drawing Prepaid Interest ? eres Dn come Supplies triventory rofessi on Income Office Ft . ‘ xpenses a ae and Equipment Professional Development Exper Accounts Payable ___ Postage and Telephone Unearned | Professional Income oe Expense ‘i Loans Payable thats xpense ilities Expense Salaries Expense? ee and Licenses Fst 178