Intermediate Accounting
1st Edition
ISBN: 9780132162302
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
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Question
Chapter 11, Problem 11.20BE
To determine
To prepare:
Given information:
Cost of testing material and supplies is $600,000.
Cost of research consultant is $100,000.
Cost of planning and designing consultant is $135,000.
Cost of laboratory equipment is $900,000.
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Prepare the journal entry for the following transaction.
Apr. 15 Last year, Titan Corporation's board of directors appropriated $150,000 for the purchase of a new storage facility over a three-
year period. This year's appropriation for $50,000 was made on this date.
If an amount box does not require an entry, leave it blank.
POST.
DATE
DESCRIPTION
DEBIT CREDIT
REF.
1 Apr. 15
2
Prepare the journal entry for the following transaction.
Apr. 15
Last year, Titan Corporation's board of directors appropriated $150,000 for the purchase of a new storage facility over a three-year period. This year's appropriation for $50,000 was made on this date.
If an amount box does not require an entry, leave it blank.
Prepare the journal entries of the following independent transactions.
1. Record the collection of corporate income taxes by the BIR in its Agency books in the amount of P123,540.
2. Agency XYZ issued check to Nongovernment organizations (NGO's) for fund assistance in the amount of P24,000,000.
3. The agency received the following allotment for the year 2022:
Capital Outlay
40,000,000
Maintenance and other operating expenses
42,000,000
Personal Services
90,000,000
Financial Expenses
6,000,000
4. The officer of the agency was granted a cash advance of P50,000 for his official travel to Manila. The cash was subject for liquidation to release him from
the accountability and avoid disallowance.
5. Agency ZXC had an unused NCA of P145,050 which was considered as lapsed NCA for the year 2021. The agency could not use all funds due to time
constraint and returned documents due to some lacking attachments.
6. Record the liquidation of schools that was granted to accountable officer for payment…
Chapter 11 Solutions
Intermediate Accounting
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