Reference no: EM132930442

Question - Prepare journal the journal entries for the May transactions.

Violeta Pitular Delivery Service completed the following transactions in May 2017:

May 3 Placed fourweek-end advertisements in the Sun Daily Central Luzon for P18,500; the amount is due in 30 days.

May 6 Bought supplies on account from Supplies, Inc., P8,800.

May 15 Violeta Pitular invested in business own office equipment with a fair market value of P52,500.

May 17 Received P61,800 from charge customers to apply on their accounts.

May 22 Received a bill from the Park Trucking for repair services performed, P8,500.

May 26 Paid Supplies, Inc., P8,800 in full payment of account.

May 29 Paid salaries to employees, P21,000.

May 30 Received P39,000 for services performed.

May 31 Received and paid gasoline and oil bill relating to the service vehicle, P12,500.

May 31 Billed South China Bank for services performed, P45,000.

May 31 Pitular withdrew cash for personal use, P14,500.

Use the following accounts in preparing journal entries: Cash; Accounts Receivable; Prepaid Insurance; Service Vehicle; Office Equipment; Accounts Payable; Pitular, Capital; Pitular, Withdrawals; Service Income; Salaries Expense; Gas and Oil Expense; Repair Expense; Advertising Expense; Supplies Expense; and Miscellaneous Expense.