Question 1 The Department of Health (DOH) receives a total…

QuestionAnswered step-by-stepQuestion 1 The Department of Health (DOH) receives a total…Question 1The Department of Health (DOH) receives a total appropriation of 500M per GAA for the year 2020. The Department of Health received an allotment from Department of Budget and Management for Capital Outlay 230M, Maintenance and other Operating Expenses 75M and Personal Services 100M. What will be the entry of DOH for the receipt of allotment from the DBM?a. Cash-MDS, Regular                                       500M            Subsidy from National Government                   500M b. Cash-MDS, Regular                                      405M            Subsidy from National Government                   405M c. No entry, posting to appropriate Registry of Allotments, Obligations and Disbursements (RAOD) 405M d. No entry, posting to appropriate Obligation Request and Status (ORS) 405M Question 2Agency X establishes a Petty Cash Fund amounting to 20,000 on January 1, 2020. The following expenses paid are: Traveling expenses                                            8,000Office and supplies expenses                             5,000Fuel and oil and lubricants expenses                   2,000 What is the entry to record the return of unused Petty Cash Fund upon retirement, resignation and termination of the Petty Cash Custodian?a. Petty Cash Fund                                5,000            Cash-MDS, Regular                              5,000 b. Cash Collecting Officer                     5,000            Petty Cash Fund                                   5,000 c. Traveling, Office Supplies and Fuel Expenses             15,000            Cash-MDS, Regular                                                      15,000 d. Cash Collecting Officer                     5,000            Cash-MDS, Regular                              5,000   Question 3On November 1, the collecting officer of DOLE collected last month billing for permit fees amounting to 120,000. On November 10, DOLE remitted the 120,000 to Bureau of Treasury. What is the journal entry to record the remittance to Bureau of Treasury?a. Cash-Collecting Officer                                 120,000            Cash-Treasury/Agency Deposits, Regular           120,000 b. Cash-Collecting Officer                     120,000            Accounts Receivable                             120,000 c. Cash-Treasury/Agency Deposits, Regular       120,000            Cash-Collecting Officer                                     120,000 d. Cash-Treasury/Agency Deposits, Regular       120,000            Accounts Receivable                                         120,000 Question 4-11DMCI constructed a building intended to earn rent income for Agency X. The Contract Price of the project is 11,200,000, inclusive of VAT, payable in two progress billings. Advance payment to DMCI is 15% of the contract price while the retention fee is 10% of the progress billing. Agency X received cash of 500,000 from the contractor as performance bond. The performance bond is deposited to the account of the Bureau of Treasury through Authorized Government Depository Bank.  4. What is the journal entry of Agency X upon receipt of performance bond from DMCI?a. Cash-Treasury/Agency Deposit, Trust             500,000            Guaranty Security Deposits Payable                   500,000 b. Cash-Collecting Officer                                 500,000            Cash-Treasury/Agency Deposit, Trust                500,000 c. Cash-Collecting Officer                                 500,000            Guaranty Security Deposits Payable                   500,000 d. Cash-Treasury/Agency Deposit, Trust            500,000            Cash-Collecting Officer                                     500,000 5. What is the journal entry to record the advances to contractor (mobilization fee of 15%)?a. Advances to Contractor                                 1,680,000            Cash-Treasury/Agency Deposit, Regular             1,680,000 b. Construction in Progress-Building                  1,680,000            Cash-MDS, Regular                                          1,680,000 c. Guarantee Deposit                             1,680,000             Cash-MDS, Regular                             1,680,000 d. Advances to Contractor                     1,680,000            Cash-MDS, Regular                              1,680,000 6. What is the journal entry to record the first progress billing for 50% completion?a. Construction in Progress-Building      5,600,000            Accounts Payable                                  5,600,000 b. Construction in Progress-Building      5,600,000            Advances to Contractor                         1,680,000            Accounts Payable                                  3,920,000 c. Accounts Receivable                          5,600,000            Progress Billing                                    5,600,000 d. Construction in Progress-Building      5,600,000            Advances to Contractor                         1,680,000            Cash-MDS, Regular                              3,920,000 7. What is the journal entry to record the payment of first progress billing?a. Accounts Payable                  3,920,000            Guarantee Deposit                     560,000            Cash-MDS, Regular                  3,360,000 b. Accounts Payable                  5,600,000            Cash-MDS, Regular                  5,600,000 c. Accounts Payable                  3,920,000            Due to BIR                               350,000            Cash-MDS, Regular                  3,570,000 d. Accounts Payable                  3,920,000            Guarantee Deposit                     560,000            Due to BIR                               350,000            Cash-MDS, Regular                  3,010,000 8. What is the journal entry to record the constructive receipt of Tax Remittance Advice (TRA) of National Government Agency (NGA)?a. Cash-MDS, Regular                                       350,000            Subsidy from National Government                   350,000 b. Cash-Collecting Officer                                 350,000            Subsidy from National Government                   350,000 c. Cash-Tax Remittance Advice                         350,000            Subsidy from National Government                   350,000 d. Cash-Tax Remittance Advice                         350,000            Cash-MDS, Regular                                          350,000 9. What is the journal entry to record the constructive remittance of withholding tax through Tax Remittance Advice (TRA)?a. Cash-Tax Remittance Advice             350,000            Subsidy from National Government       350,000 b. Cash-Tax Remittance Advice             350,000            Cash-MDS, Regular                              350,000 c. Due to BIR                                        350,000            Cash-Tax Remittance Advice                 350,000 d. Due to BIR                                        350,000            Cash-MDS, Regular                              350,000 10. What is the journal entry of Agency X to recognize in the Investment Property based on the certificate of acceptance?a. Guarantee Deposit Payable                             1,120,000Investment Property-Building                            10,080,000            Construction in Progress-Building                      11,200,000         b. Investment Property-Building                        11,200,000            Construction in Progress-Building                      10,080,000            Guarantee/Security Deposit                               1,120,000 c. Progress Billings                                           11,200,000            Construction in Progress-Building                      11,200,000 d. Investment Property-Building                        11,200,000            Construction in Progress-Building                      11,200,000   11. What is the journal entry of BIR upon constructive receipt of tax remitted by Agency X on the first billing?a. Due to BIR                            350,000            Cash-Tax Remittance Advice     350,000 b. Due to BIR                350,000            VAT                             350,000 c. Cash-Collecting Officer         350,000            Cash-Tax Remittance Advice     350,000 d. Due to BIR                            350,000            Cash-MDS, Regular                  350,000 Question 12What is the journal entry of Bureau of Treasury to record the constructive receipt of remittance of taxes by Agency X through Tax Remittance Advice (TRA)? a. Due to BIR                            350,000            Tax Remittance Advice             350,000 b. Tax Remittance Advice                      350,000            Cash-Treasury/Agency Deposit, Regular            350,000 c. Subsidy from National Government   350,000            Cash- Tax Remittance Advice                350,000 d. Cash- Tax Remittance Advice                        350,000            Subsidy from National Government                           350,000 Question 13On January 1, 2020, an NGA granted a loan amounting to 500,000 to an LGU with annual interest of 6%. On December 30, 2020, the LGU made a partial payment of 100,000. What is the journal entry of NGA to record the loan granted to LGU?a. Loan Receivable-LGU                                               500,000            Cash in Bank-Local Currency, Current Account             500,000 b. Loan Receivable-LGU           500,000            Cash-MDS, Regular                  500,000 c. Loan Receivable-LGU                                   500,000            Cash-Treasury/Agency Deposit, Trust                500,000 d. Loan Receivable-LGU                       500,000            Subsidy from National Government       500,000 Question 14An agency purchases a photocopying machine for cash with the following costs:Invoice Price                             45,000Delivery Cost                           3,000Installation Cost                        1,500Test Runs Cost                         1,000Less: Withholding Tax              (3,140)Net Amount                             47,360  What is the journal entry to record the purchase of photocopying machine?a. Office Equipment                              50,500            Due to BIR                                           3,140            Cash-Treasury/Deposit, Regular             47,360 b. Office Equipment                             50,500            Due to BIR                                           3,140            Cash-MDS, Regular                              47,360 c. Office Equipment                              50,500            Due to BIR                                           3,140            Cash-Disbursing Officer                        47,360 d. Office Equipment                             50,500            Due to BIR                                           3,140            Cash in Bank-Local Currency                47,360 Question 15-16During 2020, Agency ABC transferred cash of 300,000 to Agency QRS for a land beautification project. Subsequently, Agency ABC received a report from Agency QRS about the project. 15. What is the journal entry of QRS to record the turnover of the land improvement to Agency ABC?a. Due to ABC                          300,000            PPE Account                            300,000 b. PPE Account                        300,000            Due from QRS                          300,000 c. Due to ABC                          300,000            Cash-Collecting Officer             300,000 d. Cash-Collecting Officer         300,000            Due from QRS                          300,000 16. What is the journal entry of QRS upon receipt of inter-agency fund transfer?a. Cash-Treasury/Agency Deposit/ Trust            300,000            Cash-Collecting Officer                                     300,000 b. Cash-Treasury/Agency Deposit/ Trust            300,000            Cash-MDS, Regular                                          300,000 c. Cash-Collecting Officer         300,000            Due to ABC                              300,000 d. Cash-Collecting Officer         300,000            Cash-MDS, Regular                  300,000 Question 17What is the journal entry to record the receipt of grants and donations of cash from foreign entities/institutions deposited to the Bureau of Treasury (BTr)?a. Cash in Bank-Foreign Currency, Savings Account      xx            Income from Grants and Donations in Cash                    xx b. Cash-Treasury/Agency Deposit                                  xx            Income from Grants and Donations in Cash                    xx c. Cash-Collecting Officer                                             xx            Income from Grants and Donations in Cash                    xx d. Cash-MDS, Regular                                                  xx            Income from Grants and Donations in Cash                    xx Question 18-20Agency A was granted a cash advance for the travelling expenses of its Department Heads to attend a convention in Davao in the amount of 500,000. The Department Heads submitted the liquidation report and supporting documents of cash advances and refunded 50,000 of the excess cash advances.  19. What is the journal entry to record the grant of cash advances?a. Advances to Officers and Employees              500,000            Cash-Disbursing Officer                                    500,000 b. Cash-Disbursing Officer                                500,000            Cash-MDS, Regular                                          500,000 c. Advances to Officers and Employees              500,000            Cash-MDS, Regular                                          500,000 d. Cash-Disbursing Officer                                500,000            Advances to Officers and Employees                 500,000  20. What is the journal entry to record the liquidation of cash advances upon receipt of liquidation report and supporting documents?a. Travel Expenses-Local                                   450,000            Advances to Officer and Employees                   450,000 b. Travel Expenses-Local                                   450,000            Cash-Disbursing Officer                                    450,000 c. Cash-Disbursing Officer                                 450,000            Advances to Officers and Employees                 450,000 d. Advances to Officers and Employees              450,000            Cash-Collecting Officer                                     450,000 21. What is the journal entry to record the refund of excess cash advance for travel?a. Cash-MDS, Regular                                       50,000            Advances to Officers and Employees                 50,000 b. Cash-Collecting Officer                                 50,000            Advances to Officers and Employees                 50,000 c. Cash-Disbursing Officer                                 50,000            Advances to Officers and Employees                 50,000 d. Advances to Officers and Employees              50,000            Travel Expenses                                                50,000 BusinessAccountingACCOUNTING 12Share Question