The entry to recognize the payroll includes a: a. Debit to Salaries & Wages, Regular - P 5,000,000 b. Credit to Cash in Bank -LCCA - P 5,000.000 c. Credit to Cash – MDS, Regular - P 10,000,000 d. Credit to Due to Officers and Employees - P 5,000,000
The entry to recognize the payroll includes a: a. Debit to Salaries & Wages, Regular - P 5,000,000 b. Credit to Cash in Bank -LCCA - P 5,000.000 c. Credit to Cash – MDS, Regular - P 10,000,000 d. Credit to Due to Officers and Employees - P 5,000,000
Chapter4: Income Tax Withholding
Section: Chapter Questions
Problem 12PA
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Question
The entry to recognize the payroll includes a:
a. Debit to Salaries & Wages, Regular - P 5,000,000
b. Credit to Cash in Bank -LCCA - P 5,000.000
c. Credit to Cash – MDS, Regular - P 10,000,000
d. Credit to Due to Officers and Employees - P 5,000,000
Transcribed Image Text:During the first quarter of 2022, the Office of the Vice President received its Notice of Cash Allocation from DBM for
P20,000,000 covering its operating requirement for the quarter. The following transactions took place:
A. Payment to officers and employees for the First Quarter to be paid thru ATM.
Salaries and Wages - Regular
PERA
Total
Less Deductions:
Withholding Tax
Life and Retirement Premium
PAG-IBIG Premium
PHILHEALTH Premium
Net Amount
P8,000,000
2,000,000
10,000,000
2,000,000
1,500,000
900,000
600,000 5,000,000
5,000,000
B. Payment of communication and utility expenses to the following companies: PLDT, P224,000; MERALCO, P784,000
and MAYNILAD, P448,000.
C. Payment of the following items to the suppliers: Office Equipment, P1,680,000; Furniture and Fixtures, P1,344,000 and
Office Supplies, P504,000.
D. Remittance of salary deductions (except BIR) for the 1st quarter of 2022.
E. Payment of the following government share:
1,500,000
900,000
600,000
200,000
Life and Retirement Contributions
PAG-IBIG Contributions
PHILHEALTH Contributions
ECC Contributions
F. Remitted the withholding taxes thru the Tax Remittance Advice (TRA).
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