Your activity: Posting to the ledger The following journal entries were found in the books of Lagumang Pagsusulit Photocopying Services in the month of January 2019: January 2019 1 Cash on Hand Php 30,000.00 Machines 450,000.00 Building 500,000.00 Granfon, Capital Php 980,000.00 3 Permits and Licenses 7,500.00 Cash on Hand 7,500.00  4 Cash on hand 5,500.00 Service Revenue 5,500.00 5

1. Chapter-9 Homework Question. Help

Journal entries a. $30,000 cash was borrowed on a five-year 10% note payable, dated 5/1/2021. b. $13,000 cash was paid for land. c. Earned $118,000 in service revenues for 2020. $53,000 on account and the remainder in cash. d. Purchased Inventory with $15,000 cash. e. Sold $12,000 of inventory for $17,000 cash. f. Issued 4,000 additional shares of $0.50 par value common stock for cash at $1 per share on 1/2/2021. g. Incurred $114,000 in miscellaneous operating expenses for 2021, $20,000 on credit and the rest paid in cash. h. Collected $34,000 owned on account. i. Purchased $17,000 supplies on account. j. Paid $26,000 accounts payable. k. A piece of equipment costing $3,000 was stolen. The insurance company reimbursed the company $1,000. The accumulated depreciation on the equipment amounted to $1,000 l. Bid on a $2,000 one-year service contract. If accepted, work is to begin on 2/1/2022. m. $103,000 was paid for employee wages. This included wages owed from 2021. n. Declared and paid…

Rand Company produces dry fertilizer. At the beginning of the year, Rand had the following standard cost sheet: Direct materials (8 lbs. @ $1.25) $10.00 Direct labor (0.15 hr. @ $18.00) 2.70 Fixed overhead (0.20 hr. @ $3.00) 0.60 Variable overhead (0.20 hr. @ $1.70) 0.34   Standard cost per unit $13.64 Overhead rates are computed using practical volume, which is 49,000 units. The actual results for the year are as follows: Units produced: 53,000 Direct materials purchased: 408,000 pounds at $1.32 per pound Direct materials used: 406,800 pounds Direct labor: 10,500 hours at $17.95 per hour Fixed overhead: $36,570 Variable overhead: $18,000 MPV=28,560 UNFAV   MUV=21,500 FAV   LRV=525 FAV   LEV=45,900 UNFAV   FIXED SPENDING VARIANCE= 7,170 UNFAV   FIXED VOLUME VARIANCE= 2,400 FAV   VARIABLE SPENDING= 150 UNFAV   VARIABLE EFFICIENCY= 4,335 UNFAV    Prepare journal entries for the following: The purchase of direct materials The issuance…