Exercise No. 5: Recording Transactions in a Financial Transaction Worksheet 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, PS, 800. 1. Received cash for storage services, P36,000. g. Received and paid the utility bill, P2, 520. h. Paid Errol Unerez Graphics for advertising, P4,280. (The bill was not previously recorded.) 1. Paid for a one-year liability insurance policy, PB,350. 1. Billed customers for storage services on account, F33,700. k. Received cash for storage services, F23,000. 1. Paid salaries, P9,900. 2. Paid PHINMA Company P11,000 as part payment on the office equipment bought in transaction b. n. Modesto withdrew P12,900 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 equations equals the other side. ASSETS 4 Cash 120,000 Bei 120,000 Accounts Prepaid Office Receivable Insurance Equipment LIABILITIES Accounts OWNER'S EQUITY Modesto, Revenue Expenses Payable Capital 120,000 0 0 O 120,000 0 0