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Performance Task

Emerita Modesto established a self-storage business called Modesto's Self-storage. The document lists transactions during the month which include depositing startup capital, purchasing office equipment and supplies, paying rent, salaries, utilities, and insurance, receiving payment for storage services, billing customers, and withdrawing funds. It also provides a chart of accounts for tracking assets, liabilities, equity, revenue, and expenses for the business.

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Anne Esguerra
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6K views3 pages

Performance Task

Emerita Modesto established a self-storage business called Modesto's Self-storage. The document lists transactions during the month which include depositing startup capital, purchasing office equipment and supplies, paying rent, salaries, utilities, and insurance, receiving payment for storage services, billing customers, and withdrawing funds. It also provides a chart of accounts for tracking assets, liabilities, equity, revenue, and expenses for the business.

Uploaded by

Anne Esguerra
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Performance Task

Emerita Modesto established her own business called Modesto’s Self-storage. The account leadings are presented
below. Transactions completed during the moth follow.

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


b. Bought office equipment on account from PHINMA Company, 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 Company P11,000 as part payment on the office equipment bought in transaction b.
n. Modesto withdrew P12,000 for personal use.

Performance Task

Emerita Modesto established her own business called Modesto’s Self-storage. The account leadings are presented
below. Transactions completed during the moth follow.

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


b. Bought office equipment on account from PHINMA Company, 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 Company P11,000 as part payment on the office equipment bought in transaction b.
n. Modesto withdrew P12,000 for personal use.
Modesto’s Self-storage
Chart of Accounts

Account Code Account Title Account Code Account Title

1100 Cash 3000 Modesto, Capital


3100 Modesto, Drawing
1200 Accounts Receivable
1300 Supplies 4000 Service Revenue
1400 Prepaid Insurance
1500 Office Equipment 5000 Rent Expense
5100 Salaries Expense
2000 Accounts Payable 5200 Utilities Expense
5300 Advertising Expense

Modesto’s Self-storage
Chart of Accounts

Account Code Account Title Account Code Account Title

1100 Cash 3000 Modesto, Capital


3100 Modesto, Drawing
1200 Accounts Receivable
1300 Supplies 4000 Service Revenue
1400 Prepaid Insurance
1500 Office Equipment 5000 Rent Expense
5100 Salaries Expense
2000 Accounts Payable 5200 Utilities Expense
5300 Advertising Expense

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