Answer the following two independent cases: Case (1) (2.5 pts: pt. for each entry): The...

  

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Answer the following two independent cases: Case (1) (2.5 pts: ½ pt. for each entry): The sub governmental unit received postal orders for L.L 20,000,000 classified as follow: L.L. 6,000,000 fees revenue. L.L. 10,000,000 unknown revenue. L.L. 4,000,000 related to another governmental unit but post office sent it by way of error. . . If you know that: 1. The sub governmental unit received checks of all postal orders and the credit slips from central bank. 2. The sub governmental unit sent check to the right governmental unit and received debit slip from central bank. Required: Prepare the journal entries. 1.Receiving the postal orders 2.Receiving the check Dr Cr Implementing 10% of the tender Settlement of FS praction Answer the following two independent cases: Case (1) (2.5 pts: ½ pt. for each entry): The sub governmental unit received postal orders for L.L 20,000,000 classified as follow: L.L. 6,000,000 fees revenue. L.L. 10,000,000 unknown revenue. L.L. 4,000,000 related to another governmental unit but post office sent it by way of error. . . If you know that: 1. The sub governmental unit received checks of all postal orders and the credit slips from central bank. 2. The sub governmental unit sent check to the right governmental unit and received debit slip from central bank. Required: Prepare the journal entries. 1.Receiving the postal orders 2.Receiving the check Dr Cr Implementing 10% of the tender Settlement of FS praction

Answer rating: 100% (QA)

Answer A journal entry is used to record the business transaction in ... View the full answer