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What are correct journal entries for government accounting

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Reference no: EM132726829

Problem A: What are the correct journal entries for government accounting?

1. Recognized the government agency's share for the following contributions:

a. Retirement and Life Insurance Premium P 20,000

b. PAG-IBIG Contributions 2,000

c. Philhealth Contributions 1,500

2. Paid the respective agencies for the contributions in No. 1

3. Collected business income for Communications Network Fees of P40,000 and remitted 50% to National Treasury.

Reference no: EM132726829

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