Entity A is a newly formed government agency. Entity A's transactions and events during the calendar year 20x1 are as follows: a. received appropriation of P500,000. b. received allotment of P450,000. c. incurred obligations amounting to P440,000. d. received notice of cash allocation of P430,000. 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 P200,000. 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 P12,000. h. received delivery of purchased office supplies worth P100,000. The office supplies were purchased through check Taxes withheld amount to P5,000. i. issued office supplies worth P90,000 to end users. j. granted P20,000 cash advance to an employee for traveling expenses on an official local travel. the employee liquidated P17,000 and remitted the excess cash advance. k. collected unbilled service income for permit fees of P40,000 and remitted P30,000 of the total collection. l. paid water and electricity expenses amounting to P5,000 and P10,000, respectively. Taxes withheld amount to P2,000. m. remitted taxes withheld to the BIR. n. remitted contributions to GSIS, PhilHealth, and Pag-IBIG. Requirements: c. prepare the unadjusted trial balance
Entity A is a newly formed government agency. Entity A's transactions and events during the calendar year 20x1 are as follows:
a. received appropriation of P500,000.
b. received allotment of P450,000.
c. incurred obligations amounting to P440,000.
d. received notice of cash allocation of P430,000. 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 P200,000. The equipment has an estimated useful life of 5 years and a 5% residual value. Entity a recognizes monthly
g. Paid the accounts payable from the purchase of equipment in (f) above. Taxes withheld amount to P12,000.
h. received delivery of purchased office supplies worth P100,000. The office supplies were purchased through check Taxes withheld amount to P5,000.
i. issued office supplies worth P90,000 to end users.
j. granted P20,000 cash advance to an employee for traveling expenses on an official local travel. the employee liquidated P17,000 and remitted the excess cash advance.
k. collected unbilled service income for permit fees of P40,000 and remitted P30,000 of the total collection.
l. paid water and electricity expenses amounting to P5,000 and P10,000, respectively. Taxes withheld amount to P2,000.
m. remitted taxes withheld to the BIR.
n. remitted contributions to GSIS, PhilHealth, and Pag-IBIG.
Requirements:
c. prepare the unadjusted
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