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BSA 38C > Chapter 6-7 TB (Part 2) > Flashcards

Chapter 6-7 TB (Part 2) Flashcards

Journal entries

1
Q

An Internal Revenue Allotment is transferred from DBM to an LGU.

A

Dr. Financial Assistance to LGUs

Cr. Cash-Modified Disbursement System, Regular

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2
Q

The collecting officer of Dumaguete City collected checks from the tenants of a government-owned building in the city. When depositing the collections to its depository bank (Land Bank of the Philippines) one of the checks has been dishonored.

Cancellation of the OR due to the dishonored check, current year.

A

Dr. Other Receivables

Cr. Cash-Treasury/Agency Deposit, Regular

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3
Q

The collecting officer of Dumaguete City collected checks from the tenants of a government-owned building in the city. When depositing the collections to its depository bank (Land Bank of the Philippines) one of the checks has been dishonored.

If the dishonored check pertains to prior year’s deposited collections, what is the pro forma entry?

A

Dr. Other Receivables

Cr. Accumulated Surplus/(Deficit)

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4
Q

The collecting officer of Dumaguete City collected checks from the tenants of a government-owned building in the city. When depositing the collections to its depository bank (Land Bank of the Philippines) one of the checks has been dishonored.

Replacement of dishonored check.

A

Dr. Cash-Collecting Officers

Cr. Other Receivables

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5
Q

The collecting officer of Dumaguete City collected checks from the tenants of a government-owned building in the city. When depositing the collections to its depository bank (Land Bank of the Philippines) one of the checks has been dishonored.

Remittance of the replacement of dishonored checks.

A

Dr. Cash-Treasury/Agency Deposit, Regular

Cr. Cash-Collecting Officer

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6
Q

A resident auditor discovered cash shortages of the collecting officer of Agency B. The collecting officer settles the cash shortages. It is deposited to the Savings Account.

Agency B: To record the discovery of cash shortage.

A

Dr. Due from Officers and Employees

Cr. Cash-Collecting Officer

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7
Q

A resident auditor discovered cash shortages of the collecting officer of Agency B. The collecting officer settles the cash shortages. It is deposited to the Savings Account.

Agency B: To record the restitution of shortage and issuance of official receipt

A

Dr. Cash-Collecting Officer

Cr. Due from Officers and Employees

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8
Q

A resident auditor discovered cash shortages of the collecting officer of Agency B. The collecting officer settles the cash shortages. It is deposited to the Savings Account.

Agency B: To record the remittance to the Bureau of Treasury

A

Dr. Cash-Treasury/Agency Deposit, Regular

Cr. Cash-Collecting Officer

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9
Q

The resident auditor of Agency T, in a cash examination, discovered cash overage.

Books of Agency T: record the forfeited cash overage

A

Dr. Cash-Collecting Officer

Cr. Miscellaneous Income

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10
Q

The resident auditor of Agency T, in a cash examination, discovered cash overage.

Books of Agency T: record deposit to the Bureau of Treasury

A

Dr. Cash-Treasury/Agency Deposit, Regular

Cr. Cash-Collecting Officer

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11
Q

The Collecting Officer of DSWD received cash for the performance bond from Contractor ALPHA to guarantee full performance of their contract. The said amount was remitted to the Bureau of Treasury.

DSWD entry to recognize collection of performance bond/security deposits.

A

Dr. Cash-Collecting Officer

Cr. Guaranty/Security Deposits Payable

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12
Q

The Collecting Officer of DSWD received cash for the performance bond from Contractor ALPHA to guarantee full performance of their contract. The said amount was remitted to the Bureau of Treasury.

DSWD entry to remit the collections to the National Treasury.

A

Dr. Cash-Treasury/Agency Deposit, Trust

Cr. Cash-Collecting Officer

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13
Q

A check issued by Agency M becomes stale.

Agency M: record the cancellation of a stale check issued in the previous year

A

Dr. Accumulated Surplus/(Deficit)

Cr. Accounts Payable

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14
Q

A check issued by Agency M becomes stale.

Agency M: record the receipt of NCA for the prior year’s account

A

Dr. Cash-Modified Disbursement System, Regular

Cr. Subsidy from National Government

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15
Q

A check issued by Agency M becomes stale.

Agency M: To record the issuance of a new check.

A

Dr. Accounts Payable

Cr. Cash-Modified Disbursement System, Regular

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16
Q

A check issued by Agency M becomes stale.

In case the check becomes stale in the current year and replenished in the same year, Agency M: record cancellation of stale check issued in the current year

A

Dr. Cash-Modified Disbursement System, Regular

Cr. Accounts Payable

17
Q

A check issued by Agency M becomes stale.

Agency M: record the issuance of a new check

A

Dr. Accounts Payable

Cr. Cash-Modified Disbursement System, Regular

18
Q

Adjusting entries and closing entries:

A. Unused or unutilized Notice of Cash Allocation at the end of the accounting period.

A

Dr. Subsidy from National Government

Cr. Cash-Modified Disbursement System, Regular

19
Q

Adjusting entries and closing entries:

B. Recognition of the utilized or consumed portion of the prepaid rent.

A

Dr. Rent/Lease Expense

Cr. Prepaid Rent

20
Q

Adjusting entries and closing entries:

C. Interest already earned but not yet collected nor billed by the agency as of the end of the year.

A

Dr. Interest Receivable

Cr. Interest Income

21
Q

Adjusting entries and closing entries:

D. Recognition of all the expenses paid under the petty cash in case no replenishment could be made for lack of fund.

A

Dr. Expense Account

Cr. Petty Cash

22
Q

Adjusting entries and closing entries:

E. Restoration of all unreleased checks.

A

Dr. Cash in Bank, Local Currency, Current

Cr. Accounts Payable

23
Q

Adjusting entries and closing entries:

F. Take up impairment losses because of uncertainty arising about the collectability of an amount already included in revenue.

A

Dr. Impairment loss-Loans and Receivable

Cr. Allowance for Impairment - Accounts Receivable

24
Q

Adjusting entries and closing entries:

G. Close the balance of all income accounts to Revenue and Expense Summary account.

A

Dr. Interest Income

Cr. Revenue and Expense Summary

25
Q

Adjusting entries and closing entries:

H. Close the balance of all expense accounts to Revenue and Expense Summary account.

A

Dr. Revenue and Expense Summary

Cr. Rent/Lease Expense
Cr. Impairment Loss - Loans and Receivables

26
Q

Adjusting entries and closing entries:

I. Close the balance of the Revenue and Expense Summary account to the Accumulated Surplus/Deficit Account

A

Dr. Revenue and Expense Summary

Cr. Accumulated Surplus/(Deficit)

27
Q

Miscellaneous transactions:

A. To record the discovery of cash shortages of collecting officers.

A

Dr. Due from Officers and Employees

Cr. Cash-Collecting Officers

28
Q

Miscellaneous transactions:

B. To record restitution of shortage and issuance of official receipt.

A

Dr. Cash-Collecting Officers

Cr. Due from Officers and Employees

29
Q

Miscellaneous transactions:

C. To record loss of office equipment due to theft.

A

Dr. Due from Officers and Employees
Dr. Accumulated Depreciation-Office Equipment

Cr. Office Equipment

30
Q

Miscellaneous transactions:

D. To record the grant of relief from accountability.

A

Dr. Loss of Assets

Cr. Due from Officers and Employees

31
Q

Miscellaneous transactions:

E. In case of denial of request for relief of accountability, record the receipt of settlement.

A

Dr. Cash-Collecting Officers

Cr. Due from Officers and Employees

32
Q

Miscellaneous transactions:

F. To recognize forfeiture of cash overage of the Collecting Officer.

A

Dr. Cash - Collecting Officers

Cr. Miscellaneous Income

33
Q

Miscellaneous transactions:

G. We’ve been joining this search for many years now and it is our hope that we will still qualify this year. To recognize cash shortage of a Collecting Officer.

A

Dr. Due from Officers and Employees

Cr. Cash - Collecting Officers

34
Q

Miscellaneous transactions:

H. To recognize restitution of cash shortage.

A

Dr. Cash - Collecting Officers

Cr. Due from Officers and Employees

BSA 38C (4 decks)

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