Provide the journal enteies with subsidairy record Exercise 2 - 6. JOURNAL ENTRIES – NORMAL COST SYSTEMThe following are the transactions of JA Manufacturing Co. for its first year of operations:a. Materials purchase account, P30,000.b. Purchase returns, P3,500.c. Materials issued: direct materials- P22,500 and indirect materials-P5,500.d. Payment of payroll:191BAGUICAmount earnedP46,200Deductions:SSSPhilhealthP1,800600Pag-IBIGIncome taxes withheld5509003.850P42,350Net amounte. Breakdown of payroll:Direct laborP18,0007,0009,500Indirect laborSales salaries and wagesOffice salaries and wages11,700f. The corresponding employer's contributions for SSs, Philhealth and Pag-IBIG and thepremiums for workmen's compensation are taken up as follows:TotalP 2,050600FactoryP 1,050300270SalesP 700200OfficeP 300100110SSPhilhealthPag-ibigEC170550250150100500g. The contributions for SSS, Medicare, EC and Pag-ibig are remitted.h. Payments to suppliers of materials, P22,300.i. Factory overhead charged to production: 110% of direct labor cost. j. Insurance premiums paid, P2,200 charged as follows:factory-50%; store-30%; office-20%.k. Factory repairs paid,P3,300.I. Cost of goods manufactured, P46,000.m. Sales on account, P75,00; cost of goods sold, P40,000n. Sales returns, P10,500; cost of goods returned, P6,800.o. Collections from customers, P55,000.p. Provisions from depreciation: factory machinery and equipment-P900; store furniture-P400;and office furniture-P550.q. The factory overhead variance is set up and closed to cost of goods sold.REQUIRED: Journal entries showing the corresponding entries for the subsidiary records.

Journal Entry The basic process of accounting is to journalize the required transaction in to debt…

Exercise 2 - 6. JOURNAL ENTRIES – NORMAL COST SYSTEM The following are the transactions of JA Manufacturing Co. for its first year of operations: a. Materials purchase account, P30,000. b. Purchase returns, P3,500. c. Materials issued: direct materials- P22,500 and indirect materials-P5,500. d. Payment of payroll: Amount earned P46,200 Deductions: SSS Philhealth BAGUI P 1,800 600 550 Pag-IBIG Income taxes withheld 900 3,850

Exercise 2 - 6. JOURNAL ENTRIES – NORMAL COST SYSTEM The following are the transactions of JA Manufacturing Co. for its first year of operations: a. Materials purchase account, P30,000. b. Purchase returns, P3,500. c. Materials issued: direct materials- P22,500 and indirect materials-P5,500. d. Payment of payroll: Amount earned P46,200 Deductions: SSS Philhealth BAGUI P 1,800 600 550 Pag-IBIG Income taxes withheld 900 3,850

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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