W2 FABM

LAS 2
2021 Particulars F Debit Credit
May 1 Gas and oil 3,500
Cash on Bank 3,500
Bought gasoline and oil
2 Cash on Bank 20,000
Rental Revenue 20,000
Service rendered to various tourists

3 Taxes and Licenses 35,000

Cash on Bank 35,000
Paid business permits and licenses
4 Cash on Bank 18,000
Unearned Rental Revenue 6,000
Rental Revenue 12,000
Cash received for services rendered
and not yet rendered
8 Gas and Oil 15,000
Accounts Payable 15,000
Received a bill for gasoline
9 Prepaid Insurance 45,000
Cash on Bank 45,000
Advance payment of car insurance
10 Tires and Tubes Inventory 8,500
Accounts Payable 8,500
Bought spare tires on account
12 Accounts Receivable 6,000
Rental Revenue 6,000
Service rendered to tourists
14 Cash on Bank 25,000
Accounts Receivable 10,000
Accounts Payable 15,000
Rental Revenue 35,000
Cash on Bank 15,000
Rental revenue earned and
payment of account
15 Commission Expense 7,000
Cash on Bank 7,000
Paid drivers’ commission
16 Repairs and Maintenance 3,500
Cash on Bank 3,500
Repair of side mirror
17 Gas and Oil 17,500
Accounts Payable 17,500
Received a bill for gasoline
 22 Cash on Bank 32,000
Accounts Receivable 15,000
Commission Expense 7,000
Unearned Rental Revenue 15,000
Rental Revenue 32,000
Cash on Bank 7,000
Received cash for services rendered,
services not yet rendered, and paid
drivers’ commission
23 Cash on Bank 10,000
Accounts Receivable 10,000
Collection of customer’s account
25 Accounts Payable 8,500
Cash on Bank 8,500
Payment of account
26 Cash on Bank 2,800
Gas and Oil 1,000
Rental Revenue 2,800
Cash on Bank 1,000
Received cash for services rendered
and paid gasoline and oil for cash
27 Cash on Bank 15,000
Accounts Receivable 15,000
Refunded for the service cancelled
28 Cash on Bank 20,000
Accounts Receivable 7,000
Rental Revenue 27,000
Rental revenue earned
29 Commission Expense 5,600
Cash on Bank 5,600
Paid drivers’ commission
30 Gas and Oil 1,000
Accounts Payable 1,000
Bought gasoline on account
31 Accounts Payable 1,000
Cash on Bank 25,000
Repairs and Maintenance 2,500
Cash on Bank 3,500
Accounts Receivable 22,000
Unearned Rental Revenue 3,000
Paid the account, collection of
account, received cash, and
repair of van

2 units Toyota Van – P 2,000,000

Cash which he deposited with RCBC, P 150,000

May 1 Bought gasoline and pil for the 2 units Toyota Van for cash P 3,500
May 2 Rendered transportation service to various tourists who roamed around the city to watch the Sandugo Festival
P 20,000
May 3 Paid business permits and licences including that of the LTO P 35,000
May 4 Received cash of P 6,000 from Cebu Tourist for visiting Panglao Beach Resort, Loboc River and chocolate hills, P
12,000
May 8 Received a bill from Petron Service Center for gasoline withdrawn on account P 15,000
May 9 paid in advance car insurance (on damaged and third party liability) P 45,000
May 10 Bought spare tires on account from Tagbilaran Dura-Trac P 8,500
May 12 Servicing Cebu Tourist Group which already have paid in advance the amount of P 6,000 (refer to August 4
transaction)
May 14 Rental revenue for the week: Cash P 25,000, On account P 10,000
May 14 Payment of account with Petron Service Center P 15,000
May 15 Paid drivers’ commission for the week P 7,000
May 16 Check up of Toyota Van and repair of side mirror, P 3,500
May 17 Received a bill from Petron Service Center for gasoline withdrawn on account P 17,500
May 22 Received cash of P 15,0000 from Cebu Lions Club for services that has not yet been rendered
May 22 Rental revenue for the week:Cash P 17,000 On account P 15,000
May 22 Paid drivers’ commission P 7,000
May 23 Collected the customer’s account on May 14, P 10,000
May 25 Paid the account of May 10 with Tagbilaran DuraTrac in the amount of P 8500
May 26 Received P 2,800 as payment for a special trip to Baclayon Church
May 26 Paid gasoline and oil for cash P 1000
May 27 Refunded the amount of P 15,000 to Cebu Lions Club re May 22 transaction. Trip was cancelled
May 28 Rental revenue for the week P 27,000 broken down as follows: Cash P 20,000 On account P 7,000
May 29 Paid the drivers’ commission P 5,600
May 30 Bought gasoline on account from Caltex Philippines P 1 000
May 31 Paid the account with Caltex Philippines P 1000
-Collected in full the customers’ account of May 22 – P 15,000 and May 28 – 7,000
- Received cash of P 3,000 from Cebu Employees Union for services that has to be rendered yet.

-Minor repair of Toyota Van, P 2,500

CHART OF ACCOUNTS

Assets Owner’s Equity

Cash on Bank F. Acero, Capital
Accounts receivable F. Acero, Drawing
Tires and Tubes Inventory
Prepaid Insurance
Transportation Equipment

Income
Rental Revenue

Liabilities Expenses
Accounts Payable Gas and Oil
Unearned Rental Revenue Taxes and Licenses
Commission Expense
Repairs and Maintenance