1. Prepare the journal entries for the April transactions.

2. Set up the following ledger accounts and post all the journal entries: Cash; Accounts Receivable; Supplies; Container; Bicycles; Accounts Payable; Lee, Capital; Lee, Withdrawals; Rental Revenues; Wages Expenses; Maintenance Expense; Repair expense; and Concession Fee Expense.

3. Make the appropriate posing references in the journal and ledger.

4. Prepare a trial balance.

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Mark Lee won a concession to rent out bicycles in Seoul, South Korea during the summer. During the month of April, Lee completed the following transactions for her bicycle rental business: Apr. 2 Began business by placing P120,000 in a business checking account. Ordered supplies, PI,500. 3 Received the supplies ordered on April 2 on account for P1,500. Purchased ten bicycles for P25,000, paying P12,000 down, and agreed to pay the balance in thirty days. 4 5 Paid P29,000 in cash for a furnished container to store the bicycles and use for other operations. Received P4,700 in cash for rentals during the first week of operation. 8 Paid P4,000 in cash for additional shipping and installation cost of the container and to place the container at the park entrance. 9. Hired a part-time assistant to help on weekends. 10 Paid a maintenance person P750 to clean the grounds. 13 Received P5,000 in cash for rentals during the second week of operation. 16 Paid the assistant P480 for a weekend's work. 17 Paid for the supplies purchased on April 3 18 Paid a P550 repair bill on bicycles. 20 Received P5,500 in cash for rentals during the third week of operation. 22 Paid the assistant P480 for a weekend's work. 23 Billed a company P1,100 for bicycle rentals for employees' outings. 25 Paid the P3,000 fee for April to the Park Administration for the right to the bicycle concession. 27 Received P4,100 in cash for rentals during the week. 29 Paid the assistant P480 for a weekend's work. 30 Transferred P5,000 to personal checking account. Mark Lee won a concession to rent out bicycles in Seoul, South Korea during the summer. During the month of April, Lee completed the following transactions for her bicycle rental business: Apr. 2 Began business by placing P120,000 in a business checking account. Ordered supplies, PI,500. 3 Received the supplies ordered on April 2 on account for P1,500. Purchased ten bicycles for P25,000, paying P12,000 down, and agreed to pay the balance in thirty days. 4 5 Paid P29,000 in cash for a furnished container to store the bicycles and use for other operations. Received P4,700 in cash for rentals during the first week of operation. 8 Paid P4,000 in cash for additional shipping and installation cost of the container and to place the container at the park entrance. 9. Hired a part-time assistant to help on weekends. 10 Paid a maintenance person P750 to clean the grounds. 13 Received P5,000 in cash for rentals during the second week of operation. 16 Paid the assistant P480 for a weekend's work. 17 Paid for the supplies purchased on April 3 18 Paid a P550 repair bill on bicycles. 20 Received P5,500 in cash for rentals during the third week of operation. 22 Paid the assistant P480 for a weekend's work. 23 Billed a company P1,100 for bicycle rentals for employees' outings. 25 Paid the P3,000 fee for April to the Park Administration for the right to the bicycle concession. 27 Received P4,100 in cash for rentals during the week. 29 Paid the assistant P480 for a weekend's work. 30 Transferred P5,000 to personal checking account.

Answer rating: 100% (QA)

Journal Entries Date Account Debit Credit 42 Cash 12000000 Leon Capital 1200000... View the full answer