A national government agency had the following transactions relating to billings and collections for the month of December 2022: December 02 – The agency prepared the following billings for the month of November 2022: Rent/Lease Income – P50,000; Power Supply System Fees – P150,000; Landing and Parking Fees – P20,000; and Waterworks System Fees – P100,000. December 09 – Collected all of the billings made on December 02, 2022 and issued Official Receipts. December 10 – Remitted all collections made last December 09, 2022 to the Bureau of Treasury (BTr). The journal entry to recognize the remittance to Bureau of Treasury on December 10, 2022 includes a debit to Cash – Treasury/Agency, Deposit, Regular: P320,000 debit to Cash – Treasury/Agency, Deposit, Trust: P320,000 debit to Cash – Collecting Officer, P320,000 debit to Cash-in Bank, LCCA, P320,000
A national government agency had the following transactions relating to billings and collections for the month of December 2022: December 02 – The agency prepared the following billings for the month of November 2022: Rent/Lease Income – P50,000; Power Supply System Fees – P150,000; Landing and Parking Fees – P20,000; and Waterworks System Fees – P100,000. December 09 – Collected all of the billings made on December 02, 2022 and issued Official Receipts. December 10 – Remitted all collections made last December 09, 2022 to the Bureau of Treasury (BTr). The journal entry to recognize the remittance to Bureau of Treasury on December 10, 2022 includes a debit to Cash – Treasury/Agency, Deposit, Regular: P320,000 debit to Cash – Treasury/Agency, Deposit, Trust: P320,000 debit to Cash – Collecting Officer, P320,000 debit to Cash-in Bank, LCCA, P320,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A national government agency had the following transactions relating to billings and collections for the month of December 2022: December 02 – The agency prepared the following billings for the month of November 2022: Rent/Lease Income – P50,000; Power Supply System Fees – P150,000; Landing and Parking Fees – P20,000; and Waterworks System Fees – P100,000. December 09 – Collected all of the billings made on December 02, 2022 and issued Official Receipts. December 10 – Remitted all collections made last December 09, 2022 to the Bureau of Treasury (BTr). The
debit to Cash – Treasury/Agency, Deposit, Regular: P320,000
debit to Cash – Treasury/Agency, Deposit, Trust: P320,000
debit to Cash – Collecting Officer, P320,000
debit to Cash-in Bank, LCCA, P320,000
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