Just Right Awning Company installs awnings on residential and commercial structures. The company had the following transactions for February 2020: Purchased P390,000 of building (raw) material on account. Issued P370,000 of building (direct) material to jobs. Issued P60,000 of building (indirect) material for use on jobs. Accrued wages payable of P594,000, of which P474,000 could be traced directly to particular jobs. Applied overhead to jobs on the basis of 60 percent of direct labor cost. Completed jobs costing P666,000. For these jobs, revenues of P824,000 were collected. Required: Make all appropriate journal entries for the above transactions.
Just Right Awning Company installs awnings on residential and commercial structures. The company had the following transactions for February 2020: Purchased P390,000 of building (raw) material on account. Issued P370,000 of building (direct) material to jobs. Issued P60,000 of building (indirect) material for use on jobs. Accrued wages payable of P594,000, of which P474,000 could be traced directly to particular jobs. Applied overhead to jobs on the basis of 60 percent of direct labor cost. Completed jobs costing P666,000. For these jobs, revenues of P824,000 were collected. Required: Make all appropriate journal entries for the above transactions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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- Just Right Awning Company installs awnings on residential and commercial structures. The company had the following transactions for February 2020:
- Purchased P390,000 of building (raw) material on account.
- Issued P370,000 of building (direct) material to jobs.
- Issued P60,000 of building (indirect) material for use on jobs.
- Accrued wages payable of P594,000, of which P474,000 could be traced directly to particular jobs.
- Applied
overhead to jobs on the basis of 60 percent of direct labor cost. - Completed
jobs costing P666,000. For these jobs, revenues of P824,000 were collected.
Required:
Make all appropriate
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