Required: Prepare the following:

a. All necessary adjusting entries.

b. Post-closing trial balance.

c. Table for the computation of over and underestimation.

d. Entries to record the adjustment for the over and underestimates
 

The Municipality of Loboc has the following data for the calendar year 20X1: Annual Budget Estimates of Income Tax Revenue: Basic Real Property Tax Business Tax Share from National Taxes: Total: Share from Internal Revenue Collection It releases the following allotments: Personal Services Maintenance and Other Operating Expenses Capital Outlay 20% Development Fund Total Basic Real Property Tax Business Tax Share from National Taxes Share from Internal Revenue Collection Its realized estimates of income for the year are: Tax Revenue Personal Services Maintenance and Other Operating Expenses P10,000 5,000 Capital Outlay 20% Development Fund Total Capital Outlay 20% Development Fund Total Appropriations 30,000 P45,000 Total: It recorded the following consummated obligations: Personal Services Maintenance and Other Operating Expenses Personal Services Maintenance and Other Operating Expenses Capital Outlay 20% Development Fund P4,000 7,000 13,000 6,000 P30,000 It has the following current obligations based on Certifications on Appropriations, Funds, and Obligation of Allotment (CAFAO). P6,000 3,000 30,000 P39,000 P3,000 4,000 10,000 6,000 P23,000 P6,000 10,000 18,000 6,000 P45,000 P2,500 4,000 8,500 6,000 P21,000