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Required: Prepare the general journal, ledger using 3 columns and worksheet with trial balance, income statement and balance sheet. You are required to use proper format in all financial statements.

Instruction: Mr. Galaxy opened a car rental business and the following transactions took place on May 31, 2020 in his business operations.

May 1 Mr. Galaxy invested P8,000 cash and five automobiles worth P20,000 Each. Notes payable to Grand Prix Motor Co. worth P60,000 were due on the three cars.

3 Paid a local newspaper for advertising the opening of the business P150.

4 Paid office rent for the month P1,000.

7 Cash received from customers for the week, P2,400. 9 Gas and oil bills paid, P400.

10 Partial payments on notes payable, P5,000.

14 Car rentals received, P1,800.

15 Gas and oils bills paid P220.

19 Office supplies bought for cash, P180.

20 Car rentals received, P1,500.

21 Sent a bill to R. Hernandez, P250 for car services rendered at his wedding.

23 Gas and oil bills paid, 180.

25 Paid P500 for repairs of automobiles.

28 Cash received from customers for the week, P1,100.

29 Collected P100 from R. Hernandez as partial settlement of his account.

30 Paid the attendants salary, P400.

31 Mr. Galaxy withdrew P600 from the business for personal use.

CHART OF ACCOUNTS 11 Cash

12 Cars

13 Office Supplies

14 Gas & Oil

20 Notes Payable

30 Galvez, Capital

31 Drawing

40 Advertising Expense

41 Rent Expense

42 Salary Expense

43 Repair Expense

50 Repair Income

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