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    Test I

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    Avon Jade Ramos
    The document contains 20 journal entries recording various financial transactions including receipt of a performance bond, cancellation of dishonored checks, remittance of funds to the national treasury, loss of office equipment, collection of rent income, and settlement of cash advances and shortages.

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    © All Rights Reserved
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    Test I

    Uploaded by

    Avon Jade Ramos
    95 views4 pages
    The document contains 20 journal entries recording various financial transactions including receipt of a performance bond, cancellation of dishonored checks, remittance of funds to the national treasury, loss of office equipment, collection of rent income, and settlement of cash advances and shortages.

    Original Description:

    Government accounting Test 1 answers

    Original Title

    TEST I

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    The document contains 20 journal entries recording various financial transactions including receipt of a performance bond, cancellation of dishonored checks, remittance of funds to the national treasury, loss of office equipment, collection of rent income, and settlement of cash advances and shortages.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    95 views4 pages

    Test I

    Uploaded by

    Avon Jade Ramos
    The document contains 20 journal entries recording various financial transactions including receipt of a performance bond, cancellation of dishonored checks, remittance of funds to the national treasury, loss of office equipment, collection of rent income, and settlement of cash advances and shortages.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 4

    TEST I

    1) Guaranty Deposits (19903020) ₱ 515,615


    Guaranty/Security Deposits Payable (20401040) ₱ 515,615
    To recognize receipt of performance bond

    2) NO ENTRY, since the performance bond is in the form of surety bond; only an entry to record the
    release of performance bond upon completion of the project shall be made:
    Guaranty/Security Deposits Payable (20401040) ₱ 515,615
    Guaranty Deposits (19903020) ₱ 515,615

    3) Other Receivables (10305990) ₱ 6,000


    Cash - Treasury/Agency Deposit, Regular (10104010) ₱ 6,000
    To recognize cancellation of deposited collections due to dishonored checks
    Cash- Collecting Officers (10101010) ₱ 6,000
    Other Receivables ₱ 6,000
    To recognize replacement of dishonored check.
    Cash - Treasury/Agency Deposit, Regular (10104010) ₱ 6,000
    Cash- Collecting Officers (10101010) ₱ 6,000
    To recognize the remittance of the replacement of dishonored check

    4) Subsidy from National Government (40301010) ₱ 15,000


    Cash- Collecting Officers (10101010) ₱ 15,000
    To record remittance to BTr
    5) IF CHECK ISSUED IS MDS CHECK:
    Cash - Modified Disbursement Check, Regular (10104040) ₱ 25,000
    Accounts Payable (20101010) ₱ 25,000
    To recognize the cancellation of stale check
    IF CHECK ISSUED IS A COMMERCIAL CHECK, debit to “Cash in Bank - Local Currency, Current Account”

    6) Loss of Assets (50504090) ₱ 147,500


    Due from Officers and Employees (10305020) ₱ 147,500
    To record loss of asset

    7) Due from Officers and Employees (10305020) ₱ 147,500


    Accum. Depreciation - Office Equipment (10605021) ₱ 22,750
    Office Equipment (10605020) ₱ 170,250
    To derecognize Office Equipment

    8) Cash - Collecting Officer (10101010) ₱ 1,500


    Other Service Income (40201990) ₱ 1,500
    To record forfeited cash overage

    9) Cash - Collecting Officers (10101010) ₱ 10,000


    Advances for Payroll (19901020) ₱ 10,000
    To record collection of refund

    10) Due from National Gov’t. Agency (BTr) (10303010) ₱ 360,000


    Cash - Collecting Officers (10101010) ₱ 360,000
    To record remittance to the national treasury

    11) Guaranty/Security Deposits Payable (20401040) ₱ 360,000


    Cash - Modified Disbursement Check, Regular (10104040) ₱ 360,000
    To record release of performance bond upon completion of the project
    12) Accounts Receivable (10301010) ₱ 110,000
    Rent/Lease Income (40202050) ₱ 110,000
    To record issuance of bill for the rent of office space.

    13) Cash in Vault ₱ 50,000

    Due from Officers and Employees (10305020) ₱ 50,000


    To record receipt of settlement

    14) Cash - Treasury/Agency Deposit, Regular (10104010) ₱ 65,520


    Cash - Collecting Officers (10101010) ₱ 65,520
    To record remittance to national treasury

    15) Cash - Collecting Officers (10101010) ₱ 250,000


    Guaranty/Security Deposits Payable (20401040) ₱ 250,000
    To record the receipt of performance bond

    16) Cash - Collecting Officers (10101010) ₱ 9,000


    Advances to Officers and Employees (19901040) ₱ 9,000
    To record refund of cash advance for travel

    17) Accumulated Surplus/(Deficit) (30101010) ₱ 50,000


    Accounts Payable (20101010) ₱ 50,000
    To record cancellation of stale check
    IF a commercial check was issued instead of MDS check, debit to “Cash in Bank-Local Currency,
    Current Account” with account code 10102020.

    18) Cash - Treasury/Agency Deposit, Regular (10104010) ₱ 30,000


    Cash - Collecting Officers (10101010) ₱ 30,000
    To recognize the remittance of the settlement of cash shortage
    19) Cash - Collecting Officers (10101010) ₱ 20,000
    Receivables - Disallowances/Charges (10305010) ₱ 20,000
    To record the settlement of disallowance

    20) Other Unearned Revenue (20502990) ₱ 20,000


    Rent/Lease Income (40202050) ₱ 20,000
    To record the earned portion of the rental

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