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Solution - INCOME Problems 9 To 15

The document contains journal entries for various accounting problems related to prior years' adjustments, cash collections, and seminar fees. Problem 13 describes two options for settling employee overpayments - cash payment or salary deduction over multiple years. The entries debit prior years' adjustments and credit cash or salaries payable, then remit the amount to the national treasury by debiting cash and crediting prior years' adjustments. Problem 15 shows entries on agency and government books to record seminar fees received and deposited, expenses incurred, and closing of nominal accounts.

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54 views2 pages

Solution - INCOME Problems 9 To 15

The document contains journal entries for various accounting problems related to prior years' adjustments, cash collections, and seminar fees. Problem 13 describes two options for settling employee overpayments - cash payment or salary deduction over multiple years. The entries debit prior years' adjustments and credit cash or salaries payable, then remit the amount to the national treasury by debiting cash and crediting prior years' adjustments. Problem 15 shows entries on agency and government books to record seminar fees received and deposited, expenses incurred, and closing of nominal accounts.

Uploaded by

Hannah Ang
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as XLS, PDF, TXT or read online on Scribd
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PROBLEM 9 1 Cash - Colleting Officers Salaries & Wages - Regular 2 SING Cash - Collecting Officers PROBLEM 11 1 Due from

Officers & Employees Prior Years' Adjustments 2 Cash - Collecting Officers Due from Officers & Employees 3 Prior Years' Adjustments Cash - Collecting Officers 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00

PROBLEM 10 1 Cash - Collecting Officers Prior Years' Adjustments 2 Prior Years' Adjustments Cash - Collecting Officers PROBLEM 12 1 Due from Officers & Employees Prior Years' Adjustments 2 Salaries & Wages - Regular Due from Officers & Employees Due to Officers and Employees 3 Prior Years' Adjustments Cash - NT, MDS 1,000.00 1,000.00

1,000.00

20,000.00

1,000.00

PROBLEM 13 If the employee paid in cash in succeeding years, the entry is: Cash - Collecting Officers 1,000.00 Prior Years' Adjustments 1,000.00 And the corresponding remittance to the National Treasury: Prior Years' Adjustments 1,000.00 Cash - Collecting Officers 1,000.00 If the employee opted (and approved by the Agency Head) to settle the overpayment thru salary deduction in succeeding years, the entry is: Salaries & Wages - Regular 20,000.00 Prior Years' Adjustments Due to Officers and Employees And the corresponding remittance to the National Treasury: Prior Years' Adjustments 200.00 Cash - NT, MDS PROBLEM 14 1 Due from Officers & Employees Prior Years' Adjustments 2 Cash - Collecting Officers Due from Officers & Employees 3 Prior Years' Adjustments Cash - Collecting Officers 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00

PROBLEM 15 Journal Entries on the Regulary Agency Books of COA: 1 Cash - Collecting Officers Seminar Fees To record receipt of seminar fees received from participants 2 Cash in Bank - LCCA Cash - Collecting Officers To record deposit of collected seminar fees in the agency's savings account. 50,000.00 50,000.00

5 Seminar Fees Cash in Bank - LCCA To transfer the unexpended balance to the NG Books. JOURNAL ENTRIES IN THE NG BOOKS: 1 Cash - Collecting Officers Due to National Treasury

5,000.00

5,000.00

50,000.00 50,000.00 2 Due to National Treasury Cash - Collecting Officers 5,000.00

JOURNAL ENTRY ON THE BOOKS OF THE BUREAU OF THE TREASURY: Cash in Bank - Local Currency, Savings Account Seminar Fees

3 Training Expenses 45,000.00 Cash in Bank - LCCA 45,000.00 To record training expenses (one entry is prepared to save space; however, there will be as many entries as there are payees) 4 Seminar Fees Training Expenses To close nominal accounts. 45,000.00 45,000.00

5,000.00

1,000.00

1,000.00

1,000.00

1,000.00 19,000.00

1,000.00

If the employee opted (and approved by the Agency Head) to settle the overpayment thru salary deduction in succeeding years, the entry

200.00 19,800.00 And the corresponding remittance to the National Treasury: 200.00

5,000.00

5,000.00

5,000.00 JOURNAL ENTRY ON THE BOOKS OF THE BUREAU OF THE

5,000.00

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