. Collection of receipts or income Penalties & Fines 500 Value Added Tax 400 Property Transfer Taxes 1,300 Income tax of Corporations 200 Income tax of Partnership 250 Income tax of Individuals 100 Total 2,750

. Collection of receipts or income Penalties & Fines 500 Value Added Tax 400 Property Transfer Taxes 1,300 Income tax of Corporations 200 Income tax of Partnership 250 Income tax of Individuals 100 Total 2,750

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

These transactions were written in the books of DOT (in millions)
1. Collection of receipts or income
Penalties & Fines
500
Value Added Tax
400
Property Transfer Taxes
1,300
Income tax of Corporations
200
Income tax of Partnership
250
Income tax of Individuals
100
Total
2,750
Deposit the Collections to the National Treasury's account.
Task: Record the essential journal entries of DOT's books & in the Bureau of Treasury.

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