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. Spend Money, CH#205, To record
payment for rent of 5 Months. Rent Expense. Tax Exempt 0%

2. Purchased a vehicle on account from McIntyre Sales Co., P26,900. Tax exclusive of 12%
Vat. Bill, To record purchased vehicle from Mclntyre Sales. Co. Vehicles. Tax exclusive
of 12%

3. Purchased office equipment on account from Office Mate Inc., P1,570, Non-Vat Seller. Bill,
New Bill, To record purchased office equipment from Office Mate Inc. Tax Exempt 0%

5. Issued Invoice No. 91 to Ellis Co., P7,000. Tax exclusive of 12% Vat. Invoice, INV-91, To
record service rendered to Ellis Co. Fees earned. Tax exclusive of 12%

6. Received check for P7,950 from Chavez Co. in payment of invoice. Click overdue amount.
Click Various Customer. Date paid. 7950. Reference#. Add payment.

7. Issued Invoice No. 92 to Trent Co., P9,840. Tax exclusive of 12% Vat. Invoice. New Invoice.
INV-92. To record service rendered to Trent Co. Fees earned. Tax exclusive of 12%

9. Issued Check No. 206 for fuel expense, P820. Tax exclusive of 12% Vat. Spend Money.
Select Cash in Bank. Various Supplier. INV-206 To record purchased of fuel. Fuel
Expense. Tax exclusive of 12% Vat

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

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. Manual Journal. Add
New. To record maintenance supplies used for repair of vehicles. Date. Check default
and Show. Maintenance Supplies Expense (Debit) and Maintenance Supplies (Credit). No
Tax. Saved.
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. 5053 Fuel Expense —

4,250
5054 Office Salaries Expense P3,690.
1018 Vehicles 62,400
5055 Rent Expense —
1019 Accum. Depr.—Vehicles 17,800
5056 Advertising Expense —
2021 Accounts Payable 2,755

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. Spend

Money.
B. FEES EARNED STILL NOT RECORDED AMOUNTING TO P5,500. Invoice. Various
Customer. To record accrual of services rendered for March 2020.
C. RENT EXPENSE ALREDY EXPIRED FOR MARCH.
D. DEPRECIATION EXPENSES FOR MARCH Fixed Assets. Set Start date. 1 Jan 2020.
Saved.
OFFICE EQUIPMENT – RUN THE DEPRECIATION `Click FA. Asset type>
Equipment. Office Equipment. Accum. Depr. Office Equip. Depreciation Expense
Office Equpment. Book Depreciation Default > Straight Line. Full Month
Depreciation. Effective life: 5 > Saved. Book Value > Depreciation Start: Oct. 31,
2020. Register.
VEHICLES– RUN THE DEPRECIATION Click FA. Add Asset Type > Vehicle.
Vehicles. Acc. Depr. Vehicle. Depreciation Expense Vehicle. Book Depreciation
Default > Straight line. Full Month. 10 years > Saved. Book Value > Oct. 31, 2020.
Register.
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.