Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 21

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(1)CHAPTER 21 MULTIPLE CHOICE 21-1 b 21-2 a 21-3 a 21-4 b 21-5 b 21-6 a 21-7 c 21-8 a 21-9 a 21-10 c 21-11 d 21-12 b 21-13 b 21-14 a 21-15 a Excess of income over expenses Depreciation Increase in due from national government agencies Increase in prepaid rent Increase in accounts payable Cash provided by operating activities P 200 70 ( 10) ( 15) 30 P 275 142

(2) PROBLEMS Problem 21-1 1. Memo entry in the RAOPS, RAOMO, RAOCO and RAOFE. 2. Cash – National Treasury – MDS Subsidy Income from National Government 2,000,000 2,000,000 3. Memo entry in the RAOPS, RAOMO, RAOCO and RAOFE. 4. Office equipment Accounts payable 50,000 Cash – Disbursing Officer Cash – National Treasury – MDS 40,000 Salaries and wages – Regular Personal economic relief allowance (PERA) Additional compensation Due to BIR Due to GSIS Due to Pag-ibig Due to Philhealth Cash – Disbursing Officer 44,000 3,000 3,000 Due to GSIS Due to Pag-ibig Due to Philhealth Cash – National Treasury – MDS 5,500 400 600 Life and retirement contribution Pag-ibig contribution Philhealth contribution Cash – National Treasury – MDS 5,500 400 600 Electricity Telephone expense – Landline Accounts payable Due to BIR Cash – National Treasury – MDS 5,000 4,000 50,000 Due to BIR Subsidy income from national government 4,500 5. 6. 7. 8. 9. 10. 11. 12. 50,000 40,000 3,500 5,500 400 600 40,000 6,500 6,500 5,000 54,000 4,500 Cash – Collecting Officer Sales revenue Permit fees Miscellaneous income 90,000 Cash in Bank – Local currency – Current account Cash – Collecting Officer 90,000 40,000 30,000 20,000 90,000 143

(3) Problem 21-2 Building 1. Memo entry in RAOCO. 2. Advances to contractor Cash – National Treasury – MDS 240 Construction in progress – Other Public Infrastructure Advances to contractor Accounts payable 400 Accounts payable Due to BIR Cash – National Treasury – MDS 160 Construction in progress – Other Public Infrastructure Accounts payable 400 Accounts payable Due to BIR Cash – National Treasury 400 3. 4. 5. 6. 7. 8. Due to BIR Subsidy income from national government Office Building Construction in progress – OPI 240 240 160 40 120 400 40 360 80 80 800 800 Repairs of Building 1. Memo entry in RAOCO. 2. Construction materials inventory Accounts payable 70 Accounts payable Due to BIR Cash – National Treasury – MDS 70 Construction in progress – Other Public Infrastructure Construction materials inventory 60 3. 4. 5. 70 7 63 60 Memo entry in the RAOCO 144

(4) 6. 7. 8. 9. Cash – Disbursing Officer Cash – National Treasury – MDS 36 Construction in progress – Other Public Infrastructure Due to BIR Cash – Disbursing Officer 40 Due to BIR Cash – National Treasury – MDS 47 Office building Construction in progress – OPI 36 4 36 47 100 100 Land: 1. Memo entry in the RAOCO, P100. 2. Land 100 Accounts payable 3. Accounts payable Due to BIR Cash – National Treasury – MDS 100 100 10 90 145

(5) Problem 21-3 (a) Journal Entries: 1. Memo entry in the Registry of Obligations and Allotments. 2. Cash – National Treasury – MDS Subsidy income from national government 2,500 2,500 3. Memo entry in Registry of Obligations and Allotments. 4. Office equipment Accounts payable 120 IT equipment and software Accounts payable 30 Prepaid rent Cash – National Treasury – MDS 60 Electricity expense Cash – National Treasury – MDS 50 Telephone expense – Landline Cash – National Treasury – MDS 40 Petty cash fund Cash – National Treasury – MDS 45 Accounts payable Due to BIR Cash – National Treasury – MDS 120 Accounts payable Cash – National Treasury – MDS 30 Due to BIR Subsidy income from national government 12 Cash – Collecting Officer Other service income Sales revenue 50 Cash in bank – LCCA Cash – Collecting Officer 50 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 120 30 60 50 40 45 12 108 30 12 10 40 50 146

(6) (b) Pre-closing Trial Balance Petty cash fund Cash – National Treasury – MDS Cash in Bank – Local Currency – Current Account Prepaid rent Office equipment IT equipment and software Other service income Sales revenue Subsidy income from national government Electricity expense Telephone expense – landline Total 45 2,167 50 60 120 30 10 40 2,512 50 40 2,562 2,562 © Adjusting Entries (1) (2) Depreciation – Office equipment & software Depreciation – IT equipment Accumulated depreciation – Office equipment Accumulated depreciation – IT equip & software 20 5 Rent expense Prepaid rent 30 20 5 30 Closing Entries: (1) Unused National Clearing Account (NCA) Subsidy income from national government Cash – National Treasury – MDS NCA received during the year Less: MDS check issued Unused NCA (2) (3) (4) (5) Income accounts: Other service income Sales revenue Subsidy income from national government Income and expense summary Expense accounts: Income and expense summary Electricity expense Telephone expense – landline 2,167 2,167 2,500 333 2,167 10 40 345 395 90 50 40 Income and expense summary Retained operating surplus 305 Retained operating surplus 305 Government equity 305 305 147

(7) Problem 21-4 Agency VV Statement of Income and Expenses Year Ended December 31, 2008 Income: Subsidy income from national government Less: Reversion of unused NCA Less: Expenses Salaries and wages – Regular Personnel Economic Relief Allowance Additional compensation Life and retirement insurance contribution Pag-ibig contribution Philhealth contgribution Traveling expense – Local Office supplies expense Electricity expense Telephone expense – landline Janitorial services Security services Repairs and maintenance – Office building Depreciation – Office building Depreciation – office equipment Depreciation – furniture and fixtures Depreciation – IT equipment and software Net income over expenses P1,700 800 P 320 40 40 60 10 10 35 60 75 45 30 35 65 15 10 5 5 P900 860 P 40 148

(8) Agency VV Balance Sheet As of December 31, 2008 ASSETS Current Assets Cash: Cash in vault Cash – collecting officer Cash – disbursing officer Petty cash fund Cash in bank – LCCA Receivables: Accounts receivable Less: Allowance for doubtful accounts Inventories: Office supplies inventory Other current assets Long-term investment: Investment in stock Property, Plant and Equipment: Land Office building Less: accumulated depreciation Office equipment Less: accumulated depreciation Furniture and fixtures Less: accumulated depreciation IT equipment and software Less: accumulated depreciation Total assets LIABILITIES AND EQUITY Liabilities Current liabilities Accounts payable Due to BIR Due to GSIS Due to Pag-ibig Due to Philhealth Other payables Equity: Government equity Total liabilities and equity P 200 500 1,000 150 350 P2,200 P 120 20 100 30 15 400 600 650 50 250 20 110 10 190 25 600 230 100 165 185 50 30 25 25 15 1,695 4,440 330 4,110 4,440 149

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