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    ULO A Let's Analyze Activity 2: Submitted By: Sherry Rose M. Olimba

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    Jeson Malinao
    The document summarizes journal entries for 6 transactions: 1) Receipt of P1,000,000 NCA, 2) Remittance of P100,000 taxes to BIR, 3) Receipt of P1,000,000 allotment, 4) Receipt of P1,200,000 appropriation, 5) Entering employment contracts worth P200,000, and 6) Billing P250,000 affiliation fees and collecting P200,000 which was remitted to Btr.

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    ULO A Let's Analyze Activity 2: Submitted By: Sherry Rose M. Olimba

    Uploaded by

    Jeson Malinao
    34 views2 pages
    The document summarizes journal entries for 6 transactions: 1) Receipt of P1,000,000 NCA, 2) Remittance of P100,000 taxes to BIR, 3) Receipt of P1,000,000 allotment, 4) Receipt of P1,200,000 appropriation, 5) Entering employment contracts worth P200,000, and 6) Billing P250,000 affiliation fees and collecting P200,000 which was remitted to Btr.

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    Olimba_6-7-ULO_A_Analyze-2

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    The document summarizes journal entries for 6 transactions: 1) Receipt of P1,000,000 NCA, 2) Remittance of P100,000 taxes to BIR, 3) Receipt of P1,000,000 allotment, 4) Receipt of P1,200,000 appropriation, 5) Entering employment contracts worth P200,000, and 6) Billing P250,000 affiliation fees and collecting P200,000 which was remitted to Btr.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    34 views2 pages

    ULO A Let's Analyze Activity 2: Submitted By: Sherry Rose M. Olimba

    Uploaded by

    Jeson Malinao
    The document summarizes journal entries for 6 transactions: 1) Receipt of P1,000,000 NCA, 2) Remittance of P100,000 taxes to BIR, 3) Receipt of P1,000,000 allotment, 4) Receipt of P1,200,000 appropriation, 5) Entering employment contracts worth P200,000, and 6) Billing P250,000 affiliation fees and collecting P200,000 which was remitted to Btr.

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    ULO A Let’s Analyze Activity 2

    Submitted by:

    Sherry Rose M. Olimba

    Submitted to:

    Ms. Myra T. Miraflores


    Let’s Analyze

    Activity 2. Journalize the following transactions.

    a. Receipt of P1,000,000 NCA.


    b. Remittance to the BIR of P100,000 taxes withheld.
    c. Receipt of P1,000,000 allotment.
    d. Receipt of P1,200,000 appropriation.
    e. Entering into employment contracts worth P200,000.
    f. Billing of P250,000 revenue for Affiliation Fees, subsequent collection of
    P200,000 therefrom, and full remittance of the collection to the Btr.

    DEBIT CREDIT DEBIT CREDIT


    a. Cash- National 1,000,000
    Treasury, MDS
    Subsidy Income from 1,000,000
    National Government
    b. Withholding Tax 100,000
    Payable
    Cash 100,000
    c. Enter in allotment column of the RAOs
    d. Enter in appropriation column of the RAOs
    e. Salaries and 200,000
    Wages – Contractual
    Cash 200,000
    f. Revenue Collection 200,000
    Affiliation Fees 250,000

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