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    The document summarizes the first month of operations for Landing On You Travel Services Company, a tourism business established in the Philippines by Korean owner Miss Yoon Se-Ri. In its first month, the company rendered local and international tour services, purchased vehicles, equipment, and supplies, paid salaries and expenses, and received advanced payments from customers. Key transactions included investing startup capital, securing a business loan, purchasing assets, starting tour operations, and receiving payments for tours.

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    The document summarizes the first month of operations for Landing On You Travel Services Company, a tourism business established in the Philippines by Korean owner Miss Yoon Se-Ri. In its first month, the company rendered local and international tour services, purchased vehicles, equipment, and supplies, paid salaries and expenses, and received advanced payments from customers. Key transactions included investing startup capital, securing a business loan, purchasing assets, starting tour operations, and receiving payments for tours.

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    The document summarizes the first month of operations for Landing On You Travel Services Company, a tourism business established in the Philippines by Korean owner Miss Yoon Se-Ri. In its first month, the company rendered local and international tour services, purchased vehicles, equipment, and supplies, paid salaries and expenses, and received advanced payments from customers. Key transactions included investing startup capital, securing a business loan, purchasing assets, starting tour operations, and receiving payments for tours.

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    1K views5 pages

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    The document summarizes the first month of operations for Landing On You Travel Services Company, a tourism business established in the Philippines by Korean owner Miss Yoon Se-Ri. In its first month, the company rendered local and international tour services, purchased vehicles, equipment, and supplies, paid salaries and expenses, and received advanced payments from customers. Key transactions included investing startup capital, securing a business loan, purchasing assets, starting tour operations, and receiving payments for tours.

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    Miss Yoon Se-Ri**, a Korean living in the Philippines *, established

    a travel and tours agency business in the Philippines which she


    called LANDING ON YOU TRAVEL SERVICES COMPANY, a
    company
    that promises safe travel with no crash landing***.

    The company started pre-operational activities on April 1, 2020


    and rendered their first travel services on April 9, 2020.

    The business offers travel and tours services to local Philippine


    destinations such as Batanes, Sagada, Cebu, Camarines Sur, and
    Palawan, international Asian destinations such as South Korea,
    Japan, Thailand, Singapore, and Hong Kong, and other travel
    services such as VISA assistance and flight booking assistance.

    * A foreigner cannot form a solely owned business in the Philippines without a heavy investment. Hence, this example is for
    illustration
    purposes only, making the example relatable to students.
    **,*** Yoon Se-Ri is the lead female character of the 2019 Korean Drama “Crash Landing On You” featuring Korean Actress Son
    Ye-Jin. The example is not, in any way, related to actress Son Ye-Jin.

    Transactions of the company on its first month of operations (April 2020) are as follows:

    Dat Transaction
    Transaction
    e Number

    Miss Yoon Se-Ri invested P6,000,000 to open Landing On You Travel Services
    01 1 Company. Five (5) employees were initially hired for the travel services team
    with two (2) drivers.

    Paid pre-operating expenses for permit and licenses to start operations,


    P250,000 cash payment. Bank borrowing was approved with a note of
    02 2
    promise to pay, P100,000 payable in one year with 12% interest upon
    repayment of the principal amount.

    Purchased two (2) units of a shuttle 15-seater van amounting to P1,600,000


    04 3
    per vehicle, on account.

    Purchased ten (10) computer equipment sets for operational purposes,


    06 4
    P30,000 per unit, cash payment made.

    Purchased office supplies amounting to P50,000 and paid rent in advance


    07 5
    covering 6 months’ equivalent rent, P150,000.

    Purchased furniture and fixtures such as tables, chairs, cabinets and sofa set
    08 6 for guests and clients, package of P600,000, P200,000 paid in cash, balance
    on account.
    Dat Transaction
    Transaction
    e Number

    Started operations through rendering travel services to customers with the


    following details:

    09 7 Destination Tara na sa Batanes 3 days 2 nights


    Number of persons 10 persons
    Price per person P7,316
    Payment terms Cash payment

    11 8 Paid the amount of one of the two shuttle vans purchased on April 4, 2020.

    15 9 Paid salaries of employees, total of P95,000 in cash.

    Rendered travel services to customers with the following details:

    Destination Wonderful Seoul 5 days 4 nights + Gyeonggido Day


    18 10
    Number of persons 5 persons
    Price per person P38,888
    Payment terms Payable in one month (on account)

    19 11 Paid P7,000 for minor repairs of automobile, cash payment.


    Dat Transaction
    Transaction
    e Number

    Received advanced payment for the following travels:

    Destination Splendid Cebu 4 days and 3 nights (May 3-6, 2020)


    Number of persons 8 persons
    Price per person P6,454
    Payment terms Advanced Payment
    23 12
    Destination Japan, Japan, Sagot Sa Kasiyahan 5 days 4 nights
    (April 25-30, 2020)
    Number of persons 10 persons
    Price per person P63,800
    Payment terms Advanced Payment

    Received payment from three (3) customers of the Wonderful Seoul 5 days 4
    25 13
    nights + Gyeonggido Day Tour who went to South Korea on April 18, 2020.

    The owner, Miss Yoon Se-Ri, had an emergency and has withdrawn P30,000
    29 14
    cash for personal use.

    30 15 Paid the following: salaries, P95,000, utilities, P12,000, gas and oil, P10,000.

    Data for adjustments:


    a) Interest accrued for the note payable for one month.
    b) Depreciation of automobile, ten-year useful life, P100,000 estimated residual value per
    vehicle.
    c) Depreciation of office equipment, five-year useful life, 10% estimated residual value per
    set.
    d) Depreciation of furniture and fixtures, five-year useful life, no residual value.
    e) P35,000 worth of office supplies were used.
    f) One month of rent was expired.
    g) Earned the Japan travel service in full on April 30.

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