Recording Transactions

On December 1, 2017, Dwayne Bosh opened a videotape rental store, named THE NBA VIDEO Store, by investing
P 250,000 cash from his personal savings account. During the month of December, the following transactions took place:

Dec. 2 Acquired supplies on account, P67,000.

5 Acquired service vehicle costing P235,000, paid P50,000 cash and issued a promissory note for the
balance.
7 Paid P35,000 to DECA Homes for furniture and fixtures.
8 Received P78,000 cash from PBA Video for video rental fees.
11 Billed Oklahoma City for video rentals, P105,000.
13 A bag of money was received from THE STARTERS worth P 75,000 was received for service to be
rendered.
15 Paid rent P25, 000
16 Paid salaries of his employees, P65,000.
17 Collected P77,000 from Oklahoma City.
19 Received a bill from Manila Bulletin for advertising, payable next month, P2,500.
21 Transportation of employees was paid in cash, P3,000.
23 Bosh withdraw P47,000 from the business.
25 Cash paid for miscellaneous expense, P3,800.
27 Paid P9,500 as partial payment for supplies purchased on account.
30 Paid utilities bill for the month, P17,500.

Required: (1) Record the transactions for the month of December 2017 using debits and credits in the journal.
Provide explanation for each transaction.
 GENERAL JOURNAL

Page 1
Date Account Titles and Explanation P.R Debit Credit
.
2017
 GENERAL JOURNAL

Page 2
Date Account Titles and Explanation P.R Debit Credit
.
2017
 GENERAL LEDGER

Account Title: Cash Account No. 110

Date Balance
Particulars / Item Post Debit Credit
2017 Debit Credit

Account Title: Accounts Receivable Account No. 120

Date Balance
Particulars / Item Post Debit Credit
2017 Debit Credit

Account Title: Supplies Account No. 130

Date Balance
Particulars / Item Post Debit Credit
2017 Debit Credit

Account Title: Prepaid Rent Account No. 140

Date Balance
Particulars / Item Post Debit Credit
2017 Debit Credit

Account Title: Service Vehicle Account No. 150

Date Balance
Particulars / Item Post Debit Credit
2017 Debit Credit
 Account Title: Furniture and Fixtures Account No. 160
Date Balance
Particulars / Item Post Debit Credit
2017 Debit Credit

Account Title: Accounts Payable Account No. 210

Date Balance
Particulars / Item Post Debit Credit
2017 Debit Credit

Account Title: Notes Payable Account No. 220

Date Balance
Particulars / Item Post Debit Credit
2017 Debit Credit

Account Title: Unearned Rental Revenue Account No. 230

Date Balance
Particulars / Item Post Debit Credit
2017 Debit Credit

Account Title: Bosh, Capital Account No. 310

Date Balance
Particulars / Item Post Debit Credit
2017 Debit Credit

Account Title: Bosh, Drawings Account No. 320

Date Balance
Particulars / Item Post Debit Credit
2017 Debit Credit

Account Title: Rental Revenue Account No. 410

Date Balance
Particulars / Item Post Debit Credit
2017 Debit Credit
 Account Title: Salaries Expense Account No. 510
Date Balance
Particulars / Item Post Debit Credit
2017 Debit Credit

Account Title: Utilities Expense Account No. 520

Date Balance
Particulars / Item Post Debit Credit
2017 Debit Credit

Account Title: Transportation Expense Account No. 530

Date Balance
Particulars / Item Post Debit Credit
2017 Debit Credit

Account Title: Miscellaneous Expense Account No. 540

Date Balance
Particulars / Item Post Debit Credit
2017 Debit Credit

Account Title: Advertising Expense Account No. 550

Date Balance
Particulars / Item Post Debit Credit
2017 Debit Credit