Prepare the unadjusted trial balance

Assignment Help Accounting Basics

Reference no: EM132842942

Question - Entity A is a newly formed government agency. Entity A's transactions and events during the calendar year 20xl are follows:

a. Received appropriation of 500,000

b. Received allotment of 450,000.

c. Incurred obligations amounting to 440,000.

d. Received Notice of Cash Allocation of 430,000.

e. Accrued P80,000 salaries through granting, and liquidation, of cash advance. The breakdown of the salaries is as follows:

Salaries and Wages = 70,000

Personal Economic Relief Allowance (PERA) = 10,000

Gross Compensation = 80,000

Withholding Tax = 18,000

GSIS = 4,000

Pag-IBIG = 1,000

PhilHealth = 2,000

Total Salary Deductions = 25,000

f. Received delivery of purchased office equipment worth 200,000. The equipment has an estimated useful life of 5 years and a 5% residual value. Entity A recognizes monthly depreciation every end of the month using the straight line method. The equipment is acquired on January 1, 20x1.

g. Paid the accounts payable from the purchase of equipment in (f) above. Taxes withheld amount to 12,000.

h. Received delivery of purchased office supplies worth 100,000. The office supplies were purchased through check. Taxes withheld amount to P5,000.

i. Issued office supplies worth 90,000 to end users.

j. Granted 20,000 cash advance to an employee for travelling expenses on an official local travel. The employee liquidated 17,000 and remitted the excess cash advance.

k. Collected unbilled service income for Permit Fees of 40,000 and remitted 30,000 of the total collection.

l. Paid water and electricity expenses amounting to 5,000 and 10,000, respectively. Taxes withheld amount to 2,000.

m. Remitted the taxes withheld to the BIR.

n. Remitted contributions to GSIS, PhilHealth and Pag-IBIG.

Requirements -

a. Record the transactions and events above. If no journal entry is needed, state the registry or other document where the transaction or event is recorded.

b. Post the transactions in the ledger. Use T-accounts.

c. Prepare the unadjusted trial balance.

d. Prepare the adjustments, if any.

e. Make a complete worksheet showing columns for post- closing trial balance.

f. Prepare the closing entries.

Reference no: EM132842942

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