A.

1) Cash-Collecting Officers
Tuition Fees
Library Fees
Affiliation Fees
Printing & Publication Income
Diploma & Graduation Fees
Miscellaneous Income

1,575,000
800,000
100,000
250,000
300,000
75,000
50,000

2) Cash in Bank LCCA

Cash Collecting Officer

1,575,000
1,575,000

3) IT Equipment and Software

Due to BIR
Cash in Bank LCCA

100,000
5,000
95,000

4) Janitorial Services
Security Services
Due to BIR
Cash in Bank LCCA

30,000
50,000

5) Office Supplies Inventory

Due to BIR
Cash in Bank LCCA

100,000
5,000
95,000

6) Due to BIR
Cash in Bank LCCA

14,300

B.
1) Cash-Collecting Officers
Due to National Treasury
Clearance & Certification
Inspection Fees
Permit Fees
Processing Fees
Other Service Income

4,300
75,700

14,300

750,000
750,000

Fees
200,000
100,000
250,000
150,000
50,000

2) Due to National Treasury

750,000

Clearance & Certification Fees 200,000

Inspection Fees
100,000
Permit Fees
250,000
Processing Fees
150,000
Other Service Income
50,000

Cash-Collecting Officers
C.
Department of Education (DepED)
1) Memo entry in RAOCO P 750,000
2) Cash-NT-MDS
750,000
SING
750,000
3) Due from NGAs
500,000
Cash-NT-MDS

750,000

Department of Science and

Technology (DOST)

1) Cash-Collecting Officers
500,000
Due to Other NGAs

500,000

4) Communication Equipment
190,000
Medical, Dental, Lab Equip.
230,000
IT Equipment
45,000
Due from NGAs
465,000
5) Cash-Collecting Officer
35,000
Due from NGAs
35,000
6) SING
35,000
Cash-Collecting Officer
35,000
7) Negative posting in obligation column
of RAOCO P 35,000.
D.
1) Cash-Collecting Officers
Seminar Fees

500,000
2) Due from National Treasury
500,000
Cash-Collecting Officer
500,000
3) Cash-NT-MDS
500,000
Due from National Treasury
500,000
4) Communication Equipment
190,000
Medical, Dental, Lab Equip.
230,000
IT Equipment
45,000
Cash-NT-MDS
465,000
5) Due to Other NGAs
465,000
Communication Equipment
190,000
Medical, Dental, Lab Equip.
230,000
IT Equipment
45,000
6) Due to Other NGAs
35,000
Cash-NT-MDS
35,000

125,000
125,000

2) Cash in Bank LCCA

Cash-Collecting Officers

125,000

3) Office Supplies Expenses

Due to BIR
Cash in Bank LCCA

27,500

4) Food Supplies Expenses

Due to BIR
Cash in Bank LCCA

45,000

5) Postage and Deliveries

Other Professional Services
Cash in Bank LCCA

125,000

1,230
26,270

2,800
42,200
5,000
35,000
40,000

6) Due to BIR
Cash in Bank LCCA

4,030
4,030

7) Seminar Fees
Due to National Treasury

12,500
12,500

8) Due to National Treasury

Cash in Bank LCCA

12,500
12,500

E.
1) Memo entry in RAOMO P 13,000.
2) Due from Officers and Employees
Cash-NT-MDS

13,000

3) Traveling Expenses Local

Due from Officers and Employees

12,350

13,000

12,350

4) Cash-Collecting Officers
Due from Officers and Employees

650
650

5) Negative posting in obligation column of RAOMO P 650.

6) Subsidy Income from National Government
Cash-Collecting Officers

650
650

F.
Required 1
Adjusting Entries
1) Accumulated Depreciation-Office Building 300,000
Prior Years Adjustment

300,000

2) Depreciation-Office Building
Accumulated Dep.-Office Building

900,000
900,000

3) Accumulated Depreciation-Office Equip.

Prior Years Adjustment

1,125,000

4) Depreciation-Office Equipment
Accumulated Dep.-Office Equip.

2,250,000

5) Year End Bonus

Due to Officers and Employees
6) Electricity Expenses
Accounts Payable

1,125,000

2,250,000
80,000
80,000
35,000
35,000

7) Office Supplies Expense

Office Supplies Inventory

190,000
190,000

8) Insurance Expense
Prepaid Insurance

540,000
540,000

Closing Entries
1) SING
Cash-NT-MDS
2) SING
Other Service Income
Rent Income
Income and Expense Summary

190,000
190,000
9,810,000
400,000
350,000
10,560,000

3) Income and Expense Summary

Salaries and Wages-Regular Pay
PERA
Representation Allowance
Transportation Allowance
Traveling Expense-Local
Gasoline, Oil and Lubricant Expenses
Electricity Expenses
Postage and Deliveries
Depreciation-Office Buildings
Depreciation-Office Equipment
Year End Bonus
Office Supplies Expenses
Insurance Expense

13,776,000

4) Retained Operating Surplus

Income and Expense Summary

3,216,000

5) Prior Years Adjustment

Retained Operating Surplus
6) Government Equity
Retained Operating Surplus

7,500,000
650,000
250,000
250,000
475,000
250,000
385,000
56,000
900,000
2,250,000
80,000
190,000
540,000

3,216,000
1,500,000
1,500,000
1,716,000
1,716,000

Required 2
2.1
Department of Environment and Natural Resources
Statement of Income and Expenses
For the Year Ended December 31, 2012
Income:
Subsidy Income from National Government
Other Service Income
Rent Income
Total Income

9,810,000
400,000
350,000
10,560,000

Less: Expenses
Personal Services:
Salaries and Wages-Regular Pay
PERA
Representation Allowance
Transportation Allowance

7,500,000
650,000
250,000
250,000

Year End Bonus

80,000

Maintenance & Other Operating Expenses:

Traveling Expense-Local
Gasoline, Oil and Lubricant Expenses
Electricity Expenses
Postage and Deliveries
Depreciation-Office Buildings
Depreciation-Office Equipment
Office Supplies Expenses
Insurance Expense
Total Expenses
13,776,000

8,730,000

475,000
250,000
385,000
56,000
900,000
2,250,000
190,000
540,000 5,046,000

Excess of Expenses over Income

3,216,000

P
=========

2.2
Department of Environment and Natural Resources
Statement of Government Equity
As of December 31, 2012
Government Equity, beginning
18,031,000
Retained Operating Surplus
From Current Operations
Prior Years Adjustment
(1,716,000)
Government Equity, end

(3,216,000)
1,500,000
P 16,315,000
==========

2.3
Department of Environment and Natural Resources
Balance Sheet
As of December 31, 2012
ASSETS
Accounts Receivable
P 50,000
Due from Officers and Employees
30,000
Office Supplies Inventory
20,000
Prepaid Insurance
180,000
Office Building
25,000,000
Less: Accum. Dep.
(12,600,000) 12,400,000
-Office Building
Office Equipment
12,500,000
Less: Accum. Dep.
(8,625,000)
3,875,000
-Office Equipment
TOTAL ASSETS

280,000

16,275,000

P 16,555,000
==========
LIABILITIES & GOVERNMENT EQUITY

Accounts Payable
Due to Officers and Employees
Total Liabilities
Government Equity
TOTAL LIABILITIES & GOVERNMENT EQUITY

160,000
80,000
240,000
16,315,000
P 16,555,000
==========