Agency B conducted a seminar/conference and was able to collect seminar fees from attendees totaling to P100,000. The authority to use such receipts is subjected to limitations that any excess over those expended fro seminar/ conference costs shall be remitted to the National treasury. P20,000 and P5,000 from the amount collected were used for rent of the seminar/conference venue and office supplies used, respectively. The excess amount was remitted to the BTr.

Provide the journal entries in the following

1. To record the collection 2. To record payment of seminar/convention-related expenditures 3. To close accounts in Agency Books for transfer to NG books 4. To Record the remittance of excess collections to the BTr through the bank.