Journalizing Service Concern TransactionsMr. Henry labasan is engaged in a Rent-A-Car business to cater tourists who are visit Tagbilaran City. His investment consisted of the following:2 units Toyota Van - P2,000,000Cash which he deposited with RCBC, P50,000 Chart of AccountsAssetsCash in BankTires and Tubes InventoryPrepaid InsuranceTransportation EquipmentLiabilitiesAccounts PayableUnearned Rental RevenueOwner's EquityH. Labasan, CapitalH. Labasan, DrawingIncomeRental RevenueExpensesGasoline and OilTaxes and LicensesCommission ExpenseRepairs and MaintenanceThe following details are in the images: Chapter 5- Paid gasoline and oil for cash, P1,000.27 - Refunded the amount of P15,000 to Cebu Lions Club re-May 22 transactionTrip was cancelled.28 - Rental revenue for the week, P27,000 broken down as follows:Cash, P20,000On account, P7,00029- Paid the driver's commission, PS,600.30- Bought gasoline on account from Caltex Philippines, P1,000.31- Paid the account with Caltex Philippines, P1,000.Collected in full the customers account of May 28- P7,000 and May 22-P15,000.Received cash of P3,000 from Cebu Employees Union for services that has tobe rendered yet.Minor repair of Toyota Van, P2,500. 1- Bought gasoline and oil for the 2 units Toyota Van, P3,500endered transportation service to varlous tourists who roamed around thety to watch the Sandugo Festival, P20.000SopRaid business permits and licenses including that of the Land TransportationOffice,P15,000.ental revenue for the week from tourists for visiting Panglao Beach Resort,Loboc River and Chocolate Hills, P12.000Receved a bill from Petron Service Center for gasoline withdrawn onaccount, P15,000.a Paid in advance car insurance (on damaged and third party liability) P7,0010- Bought spare tire on account from Tagbilaran Dura-Trac, PS,500.14 Rental revenue for the week:Cash, P25,000On account, P10,000- Payment of the Petron Service Center bill, P15,000.15- Paid drivers' commission for the week, P7,000.16- Check-up of Toyota Van and replacement of exploded tire and repair of sidemirror, P3,500.17- Received a bill from Petron Service Center tor gasoline withdrawn onaccount, P17,500.22- Received cash of P15,000 from Cebu Lions Club for services that has not yetbeen rendered.Rental revenue for the week:Cash, P12,000On account, P15,000Paid driver's commission, P7,000.23 - Collected the'customer's account of May 14, P10,000** Paid the account of May 10 with Tagbilaran Dura Trac in the amount ofP8,500.24- Partial payment of account with Petron Service Center, P12,000.177

The question is based on the concept of Journal Entries.

Journalizing Service Concern Transactions Mr. Henry labasan is engaged in a Rent-A-Car business to cater tourists who are visit Tagbilaran City. His investment consisted of the following: 2 units Toyota Van - P2,000,000 Cash which he deposited with RCBC, P50,000 Chart of Accounts Assets Cash in Bank Tires and Tubes Inventory Prepaid Insurance Transportation Equipment Liabilities Accounts Payable Unearned Rental Revenue Owner's Equity H. Labasan, Capital H. Labasan, Drawing Income Rental Revenue Expenses Gasoline and Oil Taxes and Licenses Commission Expense Repairs and Maintenance The following details are in the images:

Journalizing Service Concern Transactions Mr. Henry labasan is engaged in a Rent-A-Car business to cater tourists who are visit Tagbilaran City. His investment consisted of the following: 2 units Toyota Van - P2,000,000 Cash which he deposited with RCBC, P50,000 Chart of Accounts Assets Cash in Bank Tires and Tubes Inventory Prepaid Insurance Transportation Equipment Liabilities Accounts Payable Unearned Rental Revenue Owner's Equity H. Labasan, Capital H. Labasan, Drawing Income Rental Revenue Expenses Gasoline and Oil Taxes and Licenses Commission Expense Repairs and Maintenance The following details are in the images:

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 1PA: Consider the following situations and determine (1) which type of liability should be recognized...

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