The entry to recognize the payroll includes a:a. Debit to Salaries & Wages, Regular - P 5,000,000b. Credit to Cash in Bank -LCCA - P 5,000.000c. Credit to Cash – MDS, Regular - P 10,000,000d. Credit to Due to Officers and Employees - P 5,000,000 During the first quarter of 2022, the Office of the Vice President received its Notice of Cash Allocation from DBM forP20,000,000 covering its operating requirement for the quarter. The following transactions took place:A. Payment to officers and employees for the First Quarter to be paid thru ATM.Salaries and Wages - RegularPERATotalLess Deductions:Withholding TaxLife and Retirement PremiumPAG-IBIG PremiumPHILHEALTH PremiumNet AmountP8,000,0002,000,00010,000,0002,000,0001,500,000900,000600,000 5,000,0005,000,000B. Payment of communication and utility expenses to the following companies: PLDT, P224,000; MERALCO, P784,000and MAYNILAD, P448,000.C. Payment of the following items to the suppliers: Office Equipment, P1,680,000; Furniture and Fixtures, P1,344,000 andOffice Supplies, P504,000.D. Remittance of salary deductions (except BIR) for the 1st quarter of 2022.E. Payment of the following government share:1,500,000900,000600,000200,000Life and Retirement ContributionsPAG-IBIG ContributionsPHILHEALTH ContributionsECC ContributionsF. Remitted the withholding taxes thru the Tax Remittance Advice (TRA).

The correct entry is Debit to Salaries & Wages, Regular - P 5,000,000

The entry to recognize the payroll includes a: a. Debit to Salaries & Wages, Regular - P 5,000,000 b. Credit to Cash in Bank -LCCA - P 5,000.000 c. Credit to Cash – MDS, Regular - P 10,000,000 d. Credit to Due to Officers and Employees - P 5,000,000

The entry to recognize the payroll includes a: a. Debit to Salaries & Wages, Regular - P 5,000,000 b. Credit to Cash in Bank -LCCA - P 5,000.000 c. Credit to Cash – MDS, Regular - P 10,000,000 d. Credit to Due to Officers and Employees - P 5,000,000

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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