MODULE 5 - ACTIVITY 1

RECORD THE TRANSACTIONS USING YOUR XERO ACCOUNT

The transactions completed by Your Name Company during March 2020, the first month

of the fiscal year, were as follows:

1. Issued Check No. 205 for 5 Months rent, P2,500.

2. Purchased a vehicle on account from McIntyre Sales Co., P26,900. Tax exclusive of 12% Vat.

3. Purchased office equipment on account from Office Mate Inc., P1,570, Non-Vat Seller.

5. Issued Invoice No. 91 to Ellis Co., P7,000. Tax exclusive of 12% Vat.

6. Received check for P7,950 from Chavez Co. in payment of invoice.

7. Issued Invoice No. 92 to Trent Co., P9,840. Tax exclusive of 12% Vat.

9. Issued Check No. 206 for fuel expense, P820. Tax exclusive of 12% Vat.

10. Received check for P10,000 from Sajeev Co. in payment of invoice.

10. Issued Check No. 207 in payment of P450 invoice.

10. Issued Check No. 208 in payment of P1,890 invoice.

11. Issued Invoice No. 93 to Jarvis Co., P7,200.

11. Issued Check No. 209 in payment of P415 invoice.

12. Received check for P7,000 from Ellis Co. in payment of March 5 invoice.

13. Issued Check No. 210 to McIntyre Sales Co. in payment of P26,900 invoice of

March 2.

16. Cash fees earned for March 1–16, P26,800.

16. Issued Check No. 211 for purchase of a vehicle, P28,500. Non-VAT Seller.

17. Issued Check No. 212 for miscellaneous administrative expense, P4,680. Tax exclusive and Non-VAT
Seller.

18. Purchased maintenance supplies on account from Bastille Co., P2,430.

18. Received check for rent revenue on office space, P900.

19. Purchased the following on account from Master Supply Co.: maintenance

supplies, P2,640, and office supplies, P1,500.

20. Issued Check No. 213 in payment of advertising expense, P8,590.

20. Used maintenance supplies with a cost of P4,400 to repair vehicles.

21. Purchased office supplies on account from Office City, P990.

24. Issued Invoice No. 94 to Sajeev Co., P9,200.

25. Received check for P14,000 from Chavez Co. in payment of invoice.

25. Issued Invoice No. 95 to Trent Co., P6,300.

26. Issued Check No. 214 to Office Mate Inc. in payment of P1,570 invoice

of March 3.

27. Issued Check No. 215 to Your Name as a personal withdrawal, P4,000.

30. Issued Check No. 216 in payment of driver salaries, P33,300.

31. Issued Check No. 217 in payment of office salaries, P21,200.

31. Issued Check No. 218 for office supplies, P600.

31. Cash fees earned for March 17–31, P29,400.

The following are the charts of accounts to be use and their balances, you can make additional
accounts if needed for the transaction recording.

1011 Cash 65,200 3032 Your Name, Drawing —

1012 Accounts Receivable 31,950 4041 Fees Earned —

1014 Maintenance Supplies ___ 4042 Rent Revenue —

1015 Office Supplies ___ 5051 Driver Salaries Expense —

1016 Office Equipment 17,300 5052 Maintenance Supplies Expense P7,240.

1017 Accum. Depr.—Office Equip. 4,250 5053 Fuel Expense —

1018 Vehicles 62,400 5054 Office Salaries Expense P3,690.

1019 Accum. Depr.—Vehicles 17,800 5055 Rent Expense —

2021 Accounts Payable 2,755 5056 Advertising Expense —

2022 Accrued expenses

3031 Your Name, Capital 162,975 5057 Miscellaneous Administrative Exp. —

ADJUSTMENT FOR THE MONTH OF MARCH.

A. SALARIES FOR OFFICE STAFF STILL UNPAID AMOUNTING TO P710.

B. FEES EARNED STILL NOT RECORDED AMOUNTING TO P5,500.
C. RENT EXPENSE ALREDY EXPIRED FOR MARCH.
D. DEPRECIATION EXPENSES FOR MARCH
OFFICE EQUIPMENT – RUN THE DEPRECIATION
VEHICLES– RUN THE DEPRECIATION
E. OFFICE SUPPLIES ON HAND AMOUNTING TO P600.00
F. ELECTRIC BILL STILL UNPAID AMOUNTING TO P7,000.00

REQUIREMENT:

1. GENERATE THE UNADJUSTED TRIAL BALANCE AS OF DECEMBER 31, 2019.

2. GENERATE THE ADJUSTED TRIAL BALANCE AD OF MARCH 31, 2020.
3. GENERATE THE BALANCE SHEET AS OF MARCH 31, 2020.
4. GENERATE THE PROFIT AND LOSS AS OF MARCH 31, 2020.
5. GENERATE THE MANAGEMENT REPORTS AS OF MARCH 31, 2020.