On April 1, 2021 Red Ginebra established Lakas Tama Catering Service.

On April 30, 2021, the business

had the following balances: Cash - P25,000; Accounts Receivable - P4,000; Prepaid Insurance - P0;
Service Vehicle - P50,000; Equipment - P60,000; Accounts Payable - P9,000; and R.Ginebra, Capital -
P130,000.

Transactions completed during May 2021 are as follows:

a. R. Ginebra deposited P165,000 in a bank account in the name of the business.

b. Bought a service vehicle from Elpidio Motors for P194,900 paying P25,000 in cash and placing the
balance on account.

c. Bought catering equipment on account from Quirino Equipment, P28,500.

d. Paid rent for the month, P6,200.

e. Rendered catering services for cash for the first half of the month, P24,200.

f. Bought supplies for cash, P1,800.

g. Bought insurance for the service vehicle for one year, P4,000.

h. Received and paid the utilities bill, P6040.

i. Received a bill from Manila Gas for gas and oil used by the service vehicle for the month, P6,080.

j. Rendered catering services on account, P28,240.

k. Performed catering services for cash for the remainder of the month, P25,200.

l. Paid salaries of the part time assistants, P11,200.

m. R.Ginebra withdrew cash for personal use, P15,500.

Required:

Record the transaction for the month of May 2021 by preparing a financial transaction worksheet
showing beginning balances, transaction for May 2021, and ending balances of accounts as of May 31,
2021.