8. Incurred the following operating expenses Account Amount Remarks Advertising Expens0 Salaries Expense- Cashier Taxes and Licenses Insurance Expense Supplies Expense Uncollectible Account P 20,000 Unpaid 15,000 Unpaid 8,000 Unpaid 5,000 Expired portion of Prepaid Insurance of Store Building 6,000 Expired/Used Portion of Unused Supplies Inventory 9,000 Based on estimated amount uncollectible from outstanding Accounts Receivable 9. Deprediation of store building, P11,300; Depreciation of office furniture and fixtures, P10,700. 10. Factory overhead is applied based on direct labor cost. Last year, the Labor cost was P90,000 which resulted to factory overhead cost of P58,500. There is an assumption of the rate to be constant for the next 5 years. 11. Jobs 101, and 105 were completed and transferred to finished goods warehouse. 12. Job 102 was sold and billed at a gross profit of 35% of the cost. 13. Job 104 was sold and billed for P90,000. 14. Liabilities of P200,000 was paid which includes accounts payable and accrued payroll. 15. Cash collections from customers were P80,000. Requirements: A. Journal Entries to record the above transactions.

8. Incurred the following operating expenses Account Amount Remarks Advertising Expens0 Salaries Expense- Cashier Taxes and Licenses Insurance Expense Supplies Expense Uncollectible Account P 20,000 Unpaid 15,000 Unpaid 8,000 Unpaid 5,000 Expired portion of Prepaid Insurance of Store Building 6,000 Expired/Used Portion of Unused Supplies Inventory 9,000 Based on estimated amount uncollectible from outstanding Accounts Receivable 9. Deprediation of store building, P11,300; Depreciation of office furniture and fixtures, P10,700. 10. Factory overhead is applied based on direct labor cost. Last year, the Labor cost was P90,000 which resulted to factory overhead cost of P58,500. There is an assumption of the rate to be constant for the next 5 years. 11. Jobs 101, and 105 were completed and transferred to finished goods warehouse. 12. Job 102 was sold and billed at a gross profit of 35% of the cost. 13. Job 104 was sold and billed for P90,000. 14. Liabilities of P200,000 was paid which includes accounts payable and accrued payroll. 15. Cash collections from customers were P80,000. Requirements: A. Journal Entries to record the above transactions.

Name: 8. Incurred the following operating expensesAccountAdvertising Expens
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Description: 8. Incurred the following operating expensesAccountAdvertising ExpenseSalaries Expense - CashierTaxes and LicensesInsurance ExpenseSupplies ExpenseUncollectible AccountRemarksAmountP 20,000 Unnaid15,000 Unpaid8,000 Unpaid5,000 Expired portion of Pre

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Cash Accounts Receivables Allowance for Bad Debts Office Supplies Prepaid Insurance Merchandise Inventory, June 1, 2012 Office Equipment Accumulated Depreciation- Office Equipment Store Equipment Accumulated Depreciation - Store Equipment Accounts Payable Salaries Payable Note Payable (final payment due 2025) Rayne Sison, Capital, June 1, 2012 Rayne Sison, Drawing Sales Sales Discounts Sales Returns and Allowances Purchases Purchase Discounts Purchase Returns and Allowances 757,500 Interest Income Gain from Sale of Office 396,000 Equipment 33,000 Advertising Expense 16,800 Office Egg't Depreciation Expense- 10,200 525,000 255,000 Freight-Out 138,400 Depreciation Expense- Store Egoit Freight-In Miscellaneous 759,000 Administrative Expense Miscellaneous Selling 166,800 7,200 102,600 Expense 168,000 1,307,500 Insurance Expense Office Equipment Repair Expense Office Salaries Expense Office Supplies Expense Rent Expense 105,000 Sales Salaries Expense 3,850,000 Store Equipment Repair Expense…
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uncollectible accounts in each age category are as follows: Age Class Balance Percent Uncollectible Not past due $902,000 3/4% 1-30 days past due 292,000 1 31-60 days past due 98,500 8 61-90 days past due 68,000 16 91-180 days past due 44,700 50 Over 180 days past due 15,500 80 $1,420,700 Estimate what the proper balance of the allowance for doubtful accounts should be as of December 31. Estimated Estimated Uncollectible Accounts Uncollectible Accounts Age Class Balance Percent Not past due $902,000 3/4% 1-30 days past due 292,000 1 31-60 days past due 98,500 8 61-90 days past due 68,000 16 91-180 days past due 44,700 50 Over 180 days past due 15,500 80 Total $1,420,700 Check My Work Amount
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