FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can resu…
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the a…
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately…
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial repor…
Question

Requirement: Prepare the journal entries. 

 

 

Accounting for Job order costing: The trial balance of GELJEFF Manufacturing Company on Dec. 1, 2021 shows the following balances MATERIALS INVENTORY WORK IN PROCESS INVENTORY FINISHED GOODS INVENTORY 32,500 94,250 47,500 The following transactions occurred during Dec 2021. Dec. 2 Dec. 5 Assorted materials costing 90,000 were purchased, 60,000 cash was paid Raw materials were requisitioned from the store room and issued amounting to 30,000. In addition 4,500 worth of materials were drawn from the store room were not assigned to any job. Direct materials costing 3,000 were returned to store room Wages and salaries accrued and paid. Sales salaries and commissions Salaries of factory workers(5,000 hours) Salaries of other factory workers Office and general administrative salaries 22,000 Cash percentage Withheld from the payments were : Medicare contributions SSS Premium contributions 29% Income tax PAGIBIG contributions Dec. 15 Dec. 23 10,000 70,500 19,500 1.20% 6,800 1,000 Employer contributions: Medicare contributions SSS Premium contributions 5%% of the payroll Income tax PAGIBIG contributions 1.20% of the payroll 6,800 1,000 (400 for factory, 300 for sales and 300 for admin) Payroll costs are distributed. Invoices received for December for factory overhead items totaled 28,000 of which 20,000 were paid An entry was made to record the depreciation on buildings and factory equipment for 5,800. Dec. 26 Dec. 28 Dec. 30 Factory overhead costs applied, P11.28 per direct labor hour Total goods finished, 125,700 Sold inventory worth 61,050 for P127,500. The customer paid 37,500. Disposition of underapplied/overapplied to COGS. Dec. 31 Dec. 31 Dec. 31 Dec. 31
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Transcribed Image Text:Accounting for Job order costing: The trial balance of GELJEFF Manufacturing Company on Dec. 1, 2021 shows the following balances MATERIALS INVENTORY WORK IN PROCESS INVENTORY FINISHED GOODS INVENTORY 32,500 94,250 47,500 The following transactions occurred during Dec 2021. Dec. 2 Dec. 5 Assorted materials costing 90,000 were purchased, 60,000 cash was paid Raw materials were requisitioned from the store room and issued amounting to 30,000. In addition 4,500 worth of materials were drawn from the store room were not assigned to any job. Direct materials costing 3,000 were returned to store room Wages and salaries accrued and paid. Sales salaries and commissions Salaries of factory workers(5,000 hours) Salaries of other factory workers Office and general administrative salaries 22,000 Cash percentage Withheld from the payments were : Medicare contributions SSS Premium contributions 29% Income tax PAGIBIG contributions Dec. 15 Dec. 23 10,000 70,500 19,500 1.20% 6,800 1,000 Employer contributions: Medicare contributions SSS Premium contributions 5%% of the payroll Income tax PAGIBIG contributions 1.20% of the payroll 6,800 1,000 (400 for factory, 300 for sales and 300 for admin) Payroll costs are distributed. Invoices received for December for factory overhead items totaled 28,000 of which 20,000 were paid An entry was made to record the depreciation on buildings and factory equipment for 5,800. Dec. 26 Dec. 28 Dec. 30 Factory overhead costs applied, P11.28 per direct labor hour Total goods finished, 125,700 Sold inventory worth 61,050 for P127,500. The customer paid 37,500. Disposition of underapplied/overapplied to COGS. Dec. 31 Dec. 31 Dec. 31 Dec. 31
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