Beginning Balances:

Accounts Debit Credit

Cash Collecting Officer 10,000
Accounts Receivable 25,000
Office Equipment 80,000
Building 500,000
Due to BIR 4,250
Due to GSIS 1,275
Due to Pag-Ibig 850
Due to Philhealth 43
Accounts Payable 20,000
Accumulated Surplus (Deficit) 588,582
615,000 615,000

Transactions during the year:

1. Billing of Revenue/Income:
Rent Income 30,000
Parking Fees 270,000

2. Collection of the Income above and remittance to BTr

3. Collection of beginning accounts receivable and remittance to BTr
4. Receipt of GAA
PS 100,000
MOOE 750,000
CO 800,000
1,650,000
5. Receipt of Allotment
PS 100,000
MOOE 750,000
CO 800,000
1,650,000
6. Receipt of Notice of Cash Allocation from DBM
PS 100,000
MOOE 750,000
CO 800,000
1,650,000
7. Acquired Motor Vehicle amounting to 600,000 on account
8. Remitted the beginning balance of Cash-Collecting Officer to BTr
9. Payment of Operating Expenses during the year
Water Expenses 9,000
Electricity Expenses 10,000
Telephone Expenses 10,000
29,000
10. Grant of Cash Advance for travelling expenses, 10,000
11. Liquidation of the Cash Advance amounting to 8,000
12. Receipt and Deposit of refund of excess cash advance for travelling expenses
13. Set up of payable to Officers and Employees upon approval of payroll
Salaries and Wages 100,000
PERA 50,000
Gross Compensation 150,000
Withholding Tax 40,000
GSIS 10,000
Pag-Ibig 10,000
Philhealth 5,000
Total Deductions 65,000
Net 85,000

14. Grant of Cash Advance for Overtime amounting to 100,000(use payroll as account)
15. Depreciation Expense during the year:
Building 5,000
Equipment 5,000
Motor Vehicle 5,000

16. Payment of all mandatory contributions (including the beginning balance) and due to officers and employees
(Salaries)
17. Constructive Receipt of NCA for TRA amounting to 44,250
18. Remittance of all tax withheld (including the beginning balance)
19. Liquidation of Cash Advance for Overtime
20. Payment of all payables on account

Requirement:
a. Prepare all pertinent entries
b. Closing entries
c. Post Closing Trial Balance
d. Statement of Financial Position
e. Statement of Financial Performance
f. Statement of Changes in Net Assets