The post-closing trial balance of Government Agency Y as of December 31, 2020 is as follows: In 2021, Government Agency Y has the following transactions: 1. Receipt of GAA for the year 2021 : 2. Receipt of Allotment from the Department of Management for the year 2021 : 3. Incurrence of Obligation on the following: 4. Receipt of Notice of Cash Allocation for regular appropriation amounting to P28,185,000.00. 5. Received NCA for the payment of the total prior year's accounts payable. 6. Paid the total prior year's accounts payable. 7. Collected the prior year's receivable and deposited the amount collected to the general fund of the government. 8. Paid 30% of the total obligation on security services, P288,765.00 (net of tax of 7% ) 9. Transferred P720,000.00 to Procurement Service-DBM for the procurement of office supplies. 10. Granted cash advance to Special Disbursing Officer for the repairs and maintenance of buildings for P350,000.00 11. Paid supplier for the repair of motor vehicle amounting to P465,000.00 (net of tax of 7% ). 12. Granted cash advance to four (4) employees for travel abroad - P250,000.00 13. Paid supplier for the procurement of fuel, oil and lubricants for P2,350,000.00 (net of tax of 6% ). 14. Received billing statement from Batelec amounting to P1,080,000.00 15. Paid Batelec, P1,004,400.00 (net of tax of 7% ). 16. Paid representation expense, P1,250,000.00. 17. Received office supplies from PS-DBM amounting to P500,000.00. 18. Paid the supplier for the procurement of office equipment, P940,000.00 (net of tax of 6% ). 19. Received delivery of motor vehicles from the supplier amounting to P5,000,000.00 but still unpaid as of year-end. 20. Paid salaries and wages, P6,775,440.00 (net of the following deductions: 21. Paid clothing allowance and other bonus and allowances amounting to P684,000.00 and P2,052,000.00, respectively. 22. Remittance of amount withheld (GSIS, PhilHealth and Pag-IBIG). 23. Collected P450,000.00 registration fees from clients and deposited the total amount to the general fund of the government. 24. Received liquidation from Special Disbursing Officer - P350,000.00 25. The four (4) employees liquidated their cash advances but refunded the excess of P50,000.00. The excess amount was deposited to the general fund. 26. Constructive Receipt of Notice of Cash Allocation thru Tax Remittance Advice. 27. Remittances of taxes thru Tax Remittance Advice. 28. Received funds from the Department of Health for the procurement of medical equipment amounting to P1,500,000.00. The amount is to be deposited to the Authorized Government Depository Bank. 29. Billed concessionaires for the rental of office space - P150,000.00 30. Remittance of government shares (GSIS, PhilHealth and Pag-IBIG). 31. Utilization of inventories are as follows: Adjustments: a. Adjustment for unused Notice of Cash Allocation. b. Depreciation Expense using the straight-line method and 5% salvage value. Closing Entries: a. Closing of Cash-Treasury/Agency Deposit, Regular account to Accumulated Surplus/(Deficit) account. b. Closing of Subsidy from National Government account to Revenue and Expense Summary account. c. Closing of income and expense accounts to Revenue and Expense Summary account. d. Closing of Revenue and Expense Summary account to Accumulated Surplus/(Deficit) account. Requirements: 1. Provide the journal entry to record each transaction and use the Revised Chart of accounts. If no journal entry is required, state the registry or other document where the transaction is to be recorded. (35 points) 2. Prepare necessary adjusting and closing entries. (5 points) 3. Prepare worksheet with complete headings. (10 points) 4. Prepare Statement of Financial Position and Statement of Financial Performance in proper format (10 points) Capstone Grade =( Total correct points /60)30 Note: Please use the provided template. The post-closing trial balance of Government Agency Y as of December 31, 2020 is as follows: In 2021, Government Agency Y has the following transactions: 1. Receipt of GAA for the year 2021 : 2. Receipt of Allotment from the Department of Management for the year 2021 : 3. Incurrence of Obligation on the following: 4. Receipt of Notice of Cash Allocation for regular appropriation amounting to P28,185,000.00. 5. Received NCA for the payment of the total prior year's accounts payable. 6. Paid the total prior year's accounts payable. 7. Collected the prior year's receivable and deposited the amount collected to the general fund of the government. 8. Paid 30% of the total obligation on security services, P288,765.00 (net of tax of 7% ) 9. Transferred P720,000.00 to Procurement Service-DBM for the procurement of office supplies. 10. Granted cash advance to Special Disbursing Officer for the repairs and maintenance of buildings for P350,000.00 11. Paid supplier for the repair of motor vehicle amounting to P465,000.00 (net of tax of 7% ). 12. Granted cash advance to four (4) employees for travel abroad - P250,000.00 13. Paid supplier for the procurement of fuel, oil and lubricants for P2,350,000.00 (net of tax of 6% ). 14. Received billing statement from Batelec amounting to P1,080,000.00 15. Paid Batelec, P1,004,400.00 (net of tax of 7% ). 16. Paid representation expense, P1,250,000.00. 17. Received office supplies from PS-DBM amounting to P500,000.00. 18. Paid the supplier for the procurement of office equipment, P940,000.00 (net of tax of 6% ). 19. Received delivery of motor vehicles from the supplier amounting to P5,000,000.00 but still unpaid as of year-end. 20. Paid salaries and wages, P6,775,440.00 (net of the following deductions: 21. Paid clothing allowance and other bonus and allowances amounting to P684,000.00 and P2,052,000.00, respectively. 22. Remittance of amount withheld (GSIS, PhilHealth and Pag-IBIG). 23. Collected P450,000.00 registration fees from clients and deposited the total amount to the general fund of the government. 24. Received liquidation from Special Disbursing Officer - P350,000.00 25. The four (4) employees liquidated their cash advances but refunded the excess of P50,000.00. The excess amount was deposited to the general fund. 26. Constructive Receipt of Notice of Cash Allocation thru Tax Remittance Advice. 27. Remittances of taxes thru Tax Remittance Advice. 28. Received funds from the Department of Health for the procurement of medical equipment amounting to P1,500,000.00. The amount is to be deposited to the Authorized Government Depository Bank. 29. Billed concessionaires for the rental of office space - P150,000.00 30. Remittance of government shares (GSIS, PhilHealth and Pag-IBIG). 31. Utilization of inventories are as follows: Adjustments: a. Adjustment for unused Notice of Cash Allocation. b. Depreciation Expense using the straight-line method and 5% salvage value. Closing Entries: a. Closing of Cash-Treasury/Agency Deposit, Regular account to Accumulated Surplus/(Deficit) account. b. Closing of Subsidy from National Government account to Revenue and Expense Summary account. c. Closing of income and expense accounts to Revenue and Expense Summary account. d. Closing of Revenue and Expense Summary account to Accumulated Surplus/(Deficit) account. Requirements: 1. Provide the journal entry to record each transaction and use the Revised Chart of accounts. If no journal entry is required, state the registry or other document where the transaction is to be recorded. (35 points) 2. Prepare necessary adjusting and closing entries. (5 points) 3. Prepare worksheet with complete headings. (10 points) 4. Prepare Statement of Financial Position and Statement of Financial Performance in proper format (10 points) Capstone Grade =( Total correct points /60)30 Note: Please use the provided template