The Fedder Aircon Repair Center had the following transactions for its first month of operation. Record...

 

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The Fedder Aircon Repair Center had the following transactions for its first month of operation. Record the following transactions in the general journal. These transactions occurred during May 2013. 1 The owner, Fred Dee, invested P350,000 cash and shop equipment worth P50,000 but with fair value of P45,000. 2 Paid rent for 6 months, P60,000. 3 Purchased shop supplies for P10,000 on credit from Avenson Trading 4 Returned P1,200 worth of shop supplies due to wrong specification. 5 Bought a service van from Aspen Motors for P550,000. Terms: 30% down payment, balance payable in 10 equal monthly installments starting May 13. 6 Paid one-year insurance on the service van, P12.250. 7 Bought shop equipment from Kenneth Hardware for P75,500. Terms: 20% down payment, balance on account. The Fedder Aircon Repair Center had the following transactions for its first month of operation. Record the following transactions in the general journal. These transactions occurred during May 2013. 1 The owner, Fred Dee, invested P350,000 cash and shop equipment worth P50,000 but with fair value of P45,000. 2 Paid rent for 6 months, P60,000. 3 Purchased shop supplies for P10,000 on credit from Avenson Trading 4 Returned P1,200 worth of shop supplies due to wrong specification. 5 Bought a service van from Aspen Motors for P550,000. Terms: 30% down payment, balance payable in 10 equal monthly installments starting May 13. 6 Paid one-year insurance on the service van, P12.250. 7 Bought shop equipment from Kenneth Hardware for P75,500. Terms: 20% down payment, balance on account.