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B D E G 1 Read the following problem: ARTA LGU has the following balances as of December 31, 2019 2 3 4 5 7 Account Titles Cash in Vault Cash in Bank Accounts Receivable Due from Officers and Employees Accounts Payable Due to Officers and Employees Due to BIR Due to GSIS Government Equity - ARTA LGU Amounts 2,000,000.00 8,500,000.00 550,000.00 4,500.00 1,500,000.00 150,000.00 200,000.00 300,000.00 ???? 0 10 11 12 13 14 15 The following transactions happened on January 2020: 16 17 5,000,000.00 18 19 20 21 22 23 24 1. ARTA LGU has received the Internal Revenue Allotment on January 2 and was deposited directly the bank amounts 2. Collected from on account clients the amount of 300,000.00 on January 3 3. Paid and remitted to BIR the amount of 150,000.00 on January 4 through a check. 4. Employee of the LGU has been paid for the accounts due to them amounting to 110,000.00 on January 5 through a check 5. Collected Income from Slaughterhouse the amount of 150,000.00 on January 6 6. Collected RPT Income of 200,000.00 on January 7. 7. Deposited to the bank cash amounting to 2,000,000.00 on January 8. 8. Paid salaries to employees through a check on January 15, amounting to 1,150,000.00 9. Paid the following expenses through a check the following expenses on January 16 Electricity 20,000.00 Telephone 5,000.00 Internet 2,500.00 10. Paid and remitted to GSIS through a check amounting to 280,000.00 on January 20 11. Collected cash from employees due from them amounting to 3,550.00 on January 22 12. Paid to supplier on account for items purchased amounting to 1.110,000.00 through a check on January 30 25 26 27 28 20 30 31 32 33 The LGU maintains the chart accou as follows: 34 35 36 37 38 99 Cash in Vault Cash in Bank Accounts Receivable Due from Officers and Employees Accounts Payable Due to Officers and Employees Due to BIR Due to GSIS Government Equity. ARTA LGU Internal Revenue Allotment (RA) Income from Slaughterhouse RPT Income Salaries and Wages Expense Electricity Expense Telephone Expense Internet Expense 40 42 43 45 46 Notes: 1. If the transaction says it paid through a check, Cash in bank is used otherwise Cash in Vault is used. 2. Use the provided sheets as answer sheets 3. Due to is a liability account while due from is an asset account. 4. Goodluck class 49 50 51 52 53 54 55 56 Requirements 1. Compute for the Capital or Government Equity. (10 POINTS) 2. Journalize all the transactions (3 points each) 3. Post it to the General Ledger. (1 point for each correct posting) 4. Prepare the trial balance. (2 points for each correct account)