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Journalizing-TrialBalance.xlsx - ACCOUNTING FOR A SERVICE...

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ACCOUNTING FOR A SERVICE BUSINESSProblem 1The April 2020 transactions of Budget Driving Institute owned and managed by Crispin RosaleApr-02 Rosales invested P250,000 cash and P15,000 furniture and fixtures.4 Two secondhand cars were purchased and a 50% down payment of P150,000 was mIssued a promissory note for the balance.5 Bought office equipment for cash, P12,000.6 Two student drivers filled up an application form stating, among others,that they were willing to pay P2,000 each for a one-week lesson.7 Paid P2,000 for gas and oil.8 Paid P10,000 for an advertisement that was posted along the highway to promote the11 The two student drivers paid in full.14 Another two student drivers were billed for P4,000 but only one paid in cash.15 Salaries were paid for the first halfof April amounting to P4,500.19 Mr. Rosales made a cash withdrawal of P1,500.20 Driving fees of P7,000 were billed to various clients but only 50% was collected.26 Lessor (owner of building) sent a bill for office rent due P7,500.27 Utility bills paid in cash, P4,500.30 Salaries were paid for the second half of April.
Required:Cash, Accounts Receivable, Furniture and Fixtures, Office Equipment, Cars, AccounRent Payable, Notes Payable, Rosales, Capital, Rosales, Drawings, Driving Fees ReAdvertising Expense, Gas and Oil Expense, Salaries Expense, Rent Expense, Utilitiea.Record the above transactions in a two-column general journal. Use the following accounb.Post the transactions using T-accounts, foot and extract the balances.c.Prepare a trial balance.
GENERAL JOURNALBudget Driving InstituteGJ1626,500626,500es are listed below:DATEACCOUNT TITLESFDEBITCREDITApr2 Cash101250,000Furniture & Fixtures10315,000Rosales, Capital301265,000made.4 Cars105300,000Cash101150,000Notes payable203150,0005 Office equipment12,000no entryCash12,0007 Gas & Oil Expense2,000Cash2,000e business.8 Advertising expense10,000Cash10,00011 Cash4,000Driving fees revenue4,00014 Cash2,000Accounts receivable2,000Driving fees revenue4,00015 Salaries expense4,500Cash4,50019 Rosales, Drawings1,500Cash1,50020 Cash3,500Accounts receivable3,500Driving fees revenues7,00026 Rent expense7,500Rent payable7,50027 Utilities expense4,500Cash4,50030 Salariesexpense4,500Cash4,500
nts Payable,evenue,es Expense.nt titles:
GENERAL LEDGERS101CashAccounts RDRCRDR4/2250,000150,000 4/24/142,0004/114,00012,000 4/54/203,5004/142,0002,000 4/74/203,50010,000 4/84,500 4/151,500 4/194,500 4/274,500 4/30259,500189,000End. Bal70,500End. Bal5,500103Furniture and FixturesOffice EqDRCRDR4/215,0004/512,000End. Bal15,000End. Bal12,000105CarsAccountsDRCRDR4/4300,000End. Bal300,000202Rent PayableNotes PDRCRDR7,500 4/26
7,500 End. Bal301Rosales, CapitalRosales, DDRCRDR265,000 4/124/191,500265,000 End. Bal

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Term
Spring
Professor
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Tags
Balance Sheet, Crispin Rosales

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