A national government agency had the following transactions relating with inventories and fixed assets:

1) Issued PO for spare parts, P20,000.

2) Receipt of spare parts.

3) Payment of liability for spare parts, net of appropriate government tax.

4) Signed a contract for construction of building, P5,600,000.

5) Payment of 15% mobilization fee to contractor of buildings.

6) Receipt of 1st progress billing-50% completion.

7) Payment of 1st progress billing, net of advances and tax.

8) Receipt of final billing100% completion.

9) Final payment for building, net of tax.

10) Turnover and acceptance of building.

11) Depreciation for the building, 20 years estimated life. (6 months)

Journalize the above transactions

Exercise 3: The following are the transactions of a national government agency:

1. Receipt of allotment for:

CO 2,000,000

MOOE 1,400,000

PS 1,400,000

FE 200,000

TOTAL 5,000,000

2. Receipt of Notice of Cash Allocation from DBM- P4,000,000

3. Obligation for PS, P1,000,000.

4. Recording of expenses

Salaries 800,000

PERA 100,000

Representation Allowance 50,000

Transportation Allowance 50,000 1,000,000

Less: Wtax 240,000

Ret. And Life Ins. 90,000

Pag-ibig premiums 12,000

Philhealth premiums 20,000 362,000

Net amount 638,000

5. Grant of cash advance for payroll-P638,000.

6. Liquidation of cash advance.

7. Remittance of salary deductions, excluding withholding tax.

8. Obligation for government share:

Ret. And Life Ins. P120,000

Pag-ibig Contributions 12,000

Philhealth contributions 20,000

9. Remittance of Government share.

10. Payment of one year rent, P134,400, less tax.

11. Payment of Meralco bill, P112,000, less tax.

12. Payment of PLDT bill, P67,200, less tax.

13. Granting of cash advance for travel, P50,000.

14. Liquidation of cash advance for travel, P40,000.

15. Refund of excess cash advance.

16. Deposit of cash collection to BTr.

17. Establishment of Petty cash fund, P60,000.

18. Replenishment of petty cash fund.

Office supplies , P40,000

Postage & courier P16,000

19. Purchase of Office equipment on account, P336,000.

20. Purchase of ICT Equipment P560,000, on account.

21. Payment of all accounts payable, net of tax.

22. Remittance of withholding taxes thru TRA.

23. Advance payment to Procurement Service for office supplies, P50,000.

24. Receipt of office supplies and invoice from procurement service.

25. Received report of supplies issued from the Property/supplies unit,

Office supplies used, P45,000.

26. Depreciation for the following:

Office equipment, (est. life 5 years;, 9 months in use) 41