j. Goods that had cost P1,500,000 to manufacture were sold on account for P2,500,000. k. Collections from customers during the year totaled P2,170,000. 1. Payments to suppliers on account during the year, P700,000; and payments to employees for salaries and wages, P900,000.

j. Goods that had cost P1,500,000 to manufacture were sold on account for P2,500,000. k. Collections from customers during the year totaled P2,170,000. 1. Payments to suppliers on account during the year, P700,000; and payments to employees for salaries and wages, P900,000.

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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Question

Hi, I'm from the Philippines. Our topic is Accounting for Manufacturing Business. Can you help me with the accounting entries to be used under the nomal cost system?

j. Goods that had cost P1,500,000 to manufacture were sold on account for P2,500,000.
k. Collections from customers during the year totaled P2,170,000.
1. Payments to suppliers on account during the year, P700,000; and payments to
employees for salaries and wages, P900,000.

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