Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Prepare the journal entries on the following government transactions: The Overseas Workers Welfare Administration - Central Office (OWWA-CO) is a national government agency per RA
Prepare the journal entries on the following government transactions: The Overseas Workers Welfare Administration - Central Office (OWWA-CO) is a national government agency per RA No. 10022. It maintains two fund cluster namely: (a) Regular Agency Fund - for funds received under the General Appropriations Act (GAA); and (b) Internally Generated Funds - for funds received on the collection of OFW Membership Fees amounting to $25.00. The accounts maintained by OWWA are as follows: 2. Paid thru check the salary of Administrator Arnel Ignacio for the month of September as follows: 3 4. Remitted the withheld amounts to Philhealth, Pag-IBIG and GSIS. 5. Received SARO and the corresponding NCA for the implementation of Emergency Repatriation Program (ERP) of OWWA amounting to P1,000,000,000.00. 6. As part of the ERP, OWWA paid hotel and accommodation expenses of 100 OFWs who were quarantined at Diamond Hotel for 7 days amounting to P2,100,000.00. A withholding tax of 10,000.00 was deducted in the payment to diamond hotel. 7. Remitted to BIR the 5,000 and 10,000.00 withholding taxes. B. Under Internally Generated Funds: 8. Received OFW membership fees totalling 50,000.00. Deposited to the bank under Secretariat account the 50,000.00 membership fees. 0. Issue Board Resolution granting P10,000.00 financial assistance (FA) per distressed OFWs in Kuwait. A total of 150 OFWs was granted FA. The financial assistance was disbursed thru Check in the Secretariat bank account of OWWA
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started