ch rly Recording Transactions in a Financial Transaction Worksheet Emerita Modesto established her own business called...

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ch rly Recording Transactions in a Financial Transaction Worksheet Emerita Modesto established her own business called Modesto's Self-Storage. The account headings are presented below. Transactions completed during the month follow. Assets Cash + Accounts Receivable + Prepald Insurance + Office Equipment Liabilities Accounts Payable Owner's Equity Modesto, Capital + Revenue - Expenses Deposited P120,000 in a bank account in the name of the business. b. Bought office equipment on account from PHINMA Corporation, P31,000. Paid rent for the month, P24,000. d. Bought supplies for cash, P4,500. e Paid salaries, P9,800, f. Received cash for storage services, P36,000. Received and paid the utility bill, P2,520. h. Paid Errol Umerez Graphics for advertising, P4,280. (The bill was not previously recorded.) 1. Paid for a one-year liability Insurance policy, P8,350. Billed customers for storage services on account, P33,700. k Received cash for storage services, P23,000. L Paid salaries, P9,900. m. Paid PHINMA Corporation P11,000 as part payment on the office equipment bought in transaction b. n. Modesto withdrew P12,000 for personal use. Required: 1. Record the transactions in columnar form, write plus and minus signs, and show the balance after each transaction to be sure the equation remains in balance. 2. Write the proof of totals at the bottom to show that one side of the equation equals the other side. cording Transactions in a Financial Transaction Worksheet Design your own financial transaction worksheet and indicate the effect of each transaction below using the balance sheet equation. After each transaction is properly recorded, compute new subtotals for the Assets, Liabilities and Owner's Equity. Transaction Example (below) Subtotal Assets = Liabilities Owner's Equity P+5,000,000 5,000,000 Example: Owner invested P5,000,000 cash in a new business. a. Acquired for P4,000,000 cash a commercial area to be used as business space. b. Received P100,000 for services still to be rendered next month. c. Paid P7,500 to an advertising agency for a newspaper ad. d. Purchased P30,000 of supplies inventory on account. e. Paid P12,000 to the supplier for inventory purchased in (d) and gave a note for the remaining P18,000. P+5,000,000 5,000,000 f. Loaned P35,000 to the owner and accepted his 45-day note. g. Bought P5,000 of supplies for cash. h. The entity agreed to buy two service vehicles six months from now for P600,000. ch rly Recording Transactions in a Financial Transaction Worksheet Emerita Modesto established her own business called Modesto's Self-Storage. The account headings are presented below. Transactions completed during the month follow. Assets Cash + Accounts Receivable + Prepald Insurance + Office Equipment Liabilities Accounts Payable Owner's Equity Modesto, Capital + Revenue - Expenses Deposited P120,000 in a bank account in the name of the business. b. Bought office equipment on account from PHINMA Corporation, P31,000. Paid rent for the month, P24,000. d. Bought supplies for cash, P4,500. e Paid salaries, P9,800, f. Received cash for storage services, P36,000. Received and paid the utility bill, P2,520. h. Paid Errol Umerez Graphics for advertising, P4,280. (The bill was not previously recorded.) 1. Paid for a one-year liability Insurance policy, P8,350. Billed customers for storage services on account, P33,700. k Received cash for storage services, P23,000. L Paid salaries, P9,900. m. Paid PHINMA Corporation P11,000 as part payment on the office equipment bought in transaction b. n. Modesto withdrew P12,000 for personal use. Required: 1. Record the transactions in columnar form, write plus and minus signs, and show the balance after each transaction to be sure the equation remains in balance. 2. Write the proof of totals at the bottom to show that one side of the equation equals the other side. cording Transactions in a Financial Transaction Worksheet Design your own financial transaction worksheet and indicate the effect of each transaction below using the balance sheet equation. After each transaction is properly recorded, compute new subtotals for the Assets, Liabilities and Owner's Equity. Transaction Example (below) Subtotal Assets = Liabilities Owner's Equity P+5,000,000 5,000,000 Example: Owner invested P5,000,000 cash in a new business. a. Acquired for P4,000,000 cash a commercial area to be used as business space. b. Received P100,000 for services still to be rendered next month. c. Paid P7,500 to an advertising agency for a newspaper ad. d. Purchased P30,000 of supplies inventory on account. e. Paid P12,000 to the supplier for inventory purchased in (d) and gave a note for the remaining P18,000. P+5,000,000 5,000,000 f. Loaned P35,000 to the owner and accepted his 45-day note. g. Bought P5,000 of supplies for cash. h. The entity agreed to buy two service vehicles six months from now for P600,000.