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Problem 1: What are the proper journal entries for government accounting?
1. Recognized the government agency's share for the following contributions:
a. Retirement and Life Insurance Premium P 30,000
b. PAG-IBIG Contributions 3,000
c. Philhealth Contributions 3,000
2. Paid the respective agencies for the contributions in No. 1
3. Collected business income for Communications Network Fees of P150,000 and remitted 50% to National Treasury.
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