REQUIREMENT:
Prepare the closing entries.
NOTE:
use these list of account titles
The following are transactions of Drug Free Hospital, a national government hospital, for the CY 2021. Beginning balances as of January 1, 2021: Cash - collecting officer Cash in Bank -LCCA Cash - Treasury/Agency Deposit, Trust Accounts Receivable Less: Allowance for Impairment-D/A Due from Officers and Employees Advances to contractor Office supplies Other Supplies and Materials Office Equipment Less: Accumulated depreciation-OE Medical Equipment Less: Accum. Depreciation-ME Building Less: Accum. Depreciation-Building Motor Vehicle Less: Accumu, Depreciation - MV Construction in Progress - Building And Other Structure TOTAL ASSETS Accounts Payable Due to BIR Guaranty Deposit Payable (PB) Guaranty/Security Deposit Payable (RF) TOTAL LIABILITIES P1,573,320 \begin{tabular}{rr} 20101010 & 375,000 \\ 20201010 & 14,250 \\ 20401040 & 10,000 \\ 20401040 & 10,000 \\ \hline \hline \end{tabular} 1,164,070 Government Equity/Accumulated Surplus(Deficit) P1,573.320 TOTAL LIABILITIES AND EQUITY a. Accounts payable includes the P15,000 purchase of fuel, oil and lubricants which remained outstanding and not paid for over 2 years. To record the purchase of fuel, oil, and lubricants that were not paid for over 2 years. b. The office supplies inventory was overstated since the accountant failed to record the issuances totaling P30,000. The MRSMI submitted by the custodian was misplaced. Issuances not recorded as of December 31, 2021 includes spare parts totaling P6,000. To record the issuances of office supplies that were not recorded. c. Refund or prior year's cash advance for travelling expenses in the amount of P2,000 was erroneously credited to travelling expense. To correct the erroneous entry of the refund of prior year's cash advance for travelling expenses d. Recognize the expense of rent paid in advance. To recognize the expense of rent paid in advance. e. Depreciation for December 31, 2021: Office eauinment 6.200 To record the depreciation expense for office equipment To record the depreciation expense for the motor vehicle To record the depreciation expense for medical equipment f. Advance payment of insurance premium for government vehicles amounting to P12,000 was made on October 1, 2021 but not recorded. Adjust the expired portion at year-end. (10/1/20219/30/2022) To record the expired portion of the advance payment of insurance premium for government vehicles. g. On December 25,2021, COA approved the accountant request to write off, P3,500 of Accounts Receivable. To write oft the uncollectible accounts receivable h. Reversion of unused NCA. IU IEVVSIUIIUI UIIUSEA 1 U List of account titles and account code for your reference: The following are transactions of Drug Free Hospital, a national government hospital, for the CY 2021. Beginning balances as of January 1, 2021: Cash - collecting officer Cash in Bank -LCCA Cash - Treasury/Agency Deposit, Trust Accounts Receivable Less: Allowance for Impairment-D/A Due from Officers and Employees Advances to contractor Office supplies Other Supplies and Materials Office Equipment Less: Accumulated depreciation-OE Medical Equipment Less: Accum. Depreciation-ME Building Less: Accum. Depreciation-Building Motor Vehicle Less: Accumu, Depreciation - MV Construction in Progress - Building And Other Structure TOTAL ASSETS Accounts Payable Due to BIR Guaranty Deposit Payable (PB) Guaranty/Security Deposit Payable (RF) TOTAL LIABILITIES P1,573,320 \begin{tabular}{rr} 20101010 & 375,000 \\ 20201010 & 14,250 \\ 20401040 & 10,000 \\ 20401040 & 10,000 \\ \hline \hline \end{tabular} 1,164,070 Government Equity/Accumulated Surplus(Deficit) P1,573.320 TOTAL LIABILITIES AND EQUITY a. Accounts payable includes the P15,000 purchase of fuel, oil and lubricants which remained outstanding and not paid for over 2 years. To record the purchase of fuel, oil, and lubricants that were not paid for over 2 years. b. The office supplies inventory was overstated since the accountant failed to record the issuances totaling P30,000. The MRSMI submitted by the custodian was misplaced. Issuances not recorded as of December 31, 2021 includes spare parts totaling P6,000. To record the issuances of office supplies that were not recorded. c. Refund or prior year's cash advance for travelling expenses in the amount of P2,000 was erroneously credited to travelling expense. To correct the erroneous entry of the refund of prior year's cash advance for travelling expenses d. Recognize the expense of rent paid in advance. To recognize the expense of rent paid in advance. e. Depreciation for December 31, 2021: Office eauinment 6.200 To record the depreciation expense for office equipment To record the depreciation expense for the motor vehicle To record the depreciation expense for medical equipment f. Advance payment of insurance premium for government vehicles amounting to P12,000 was made on October 1, 2021 but not recorded. Adjust the expired portion at year-end. (10/1/20219/30/2022) To record the expired portion of the advance payment of insurance premium for government vehicles. g. On December 25,2021, COA approved the accountant request to write off, P3,500 of Accounts Receivable. To write oft the uncollectible accounts receivable h. Reversion of unused NCA. IU IEVVSIUIIUI UIIUSEA 1 U List of account titles and account code for your reference
