Reference no: EM132647054

Recording Transactions in a Financial Emerita Modesto established her own business called Modesto's Self-Storage The account headings are presented below. Transactions completed during the moms follow: Assets Cash + Accounts Receivable + Prepaid Insurance + Office Equipment Owner's Equity Liabilities 'Modesto, Capital + Revenue - Expenses Accounts Payable

a. . Deposited P120,000 in a bank account in the name of the business.

b. Bought office equipment on account from PHINMA Corporation, P31,000.

c. 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.

g. Received and paid the utility bill, P2,520. h. Paid Errol Umerez Graphics for advertising, P4,280. (The bill was not previously recorded.)

I. Paid for a one-year liability insurance policy, P8, 350.

J. 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 bous in transaction b.

m. Modesto withdrew P12,000 for personal use.

Required:

Question 1. Record the transactions in columnar form, write plus and minus signs, and show the the other side. balance after each transaction to be sure the equation remains in balance.

Question 2. Write the proof of totals a. the bottom to show that one side of the equation