The Department of Education, Region VII, conducted a seminar regarding the new development to be adopted by the education sector during this pandemic crisis. The agency collected a total amount of P150,000 in seminar fees from the participants of the seminar. The collection was deposited to the account of the agency with LBP.

The following expenses were paid from the seminar fees collected:

Office Supplies, P85,000;

Rent, P 30,000;

honorarium,  P16,000; and

Printing and Binding, P7,000. 

The excess of the amount collected was appropriately remitted to the NT.

What is the journal entry?

Answer rating: 100% (QA)

Office supplies Ac debit 85000 Rent expense Ac debit 30... View the full answer