Mr. Argonza, an accountant of Department of Education has been tasked to record the purchase of 254 Mitsubishin Strada, P1.465M each. Prepare the journal entries of the bulleted transactions (2 points per item):

Preparation of Bid Documents

Receipt of Bid Documents Fee by the Cashier

Delivery of 88 units of Mitsubishi Strada

Delivery of 166 units of Mitsubishi Strada

Issuance of Property Acknowledgement Receipt

Discuss your insight and the implications of the issue with respect to government accounting.