Reference no: EM133217735

Problem

Journalizing Transactions

The chart of accounts for Violeta Pitular Delivery Service is as follows:

Assets                                                   Income
110 Cash                                              410 Delivery Revenues Expenses

120 Accounts Receivable                         510 Salaries Expense                 

130 Prepaid Insurance                             520 Gas and Oil Expense 

140 Service Vehicle                                 530 Repair Expense

150 Office Equipment Liabilities                  540 Advertising Expense

210 Accounts Payable Owner's Equity         550 Supplies Expense

310 Pitular, Capital                                  590 Miscellaneous Expense

320 Pitular, Withdrawals

The entity completed the following transactions in May 2016:
May 3 Placed four week-end advertisements in the Sun Daily Central Luzon for P18,500; the amount is due In 30 days.
6 Bought supplies on account from Supplies, Inc., P8,800.
15 Violeta Pitular invested in the business own office equipment with a fair market value of P52,500.
17 Received P61,800 from charge customers to apply on their accounts.
22 Received a bill from Park Trucking for repair services performed, P8,500.
26 Paid Supplies, Inc., P8,800 in full payment of account.
29 Paid salaries to employees, P21,000.
30 Received P39,000 for services performed.
31 Received and paid gasoline and oil bill relating to the service vehicle, P12,500.
31 Billed South China Bank for services performed, P45,000.
31 Pitular withdrew cash for personal use, P14,500.

Required:
Prepare the journal entries for the May transactions.