P4-5 A manufacturing company's payroll register shows following informatlon for December: Salary paid to marketing department, P40,000 (10 employees) Wages paid to labor, P100,000 Insurance is fully paid by company, P10,000 per month Company has a policy to award a fully paid one week vacation to best employee of the year from marketing department with a bonus of P1,500. Required: Assuming that current period has completed, prepare all necessary journal entries to record the payroll on December 31st.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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P4-5 A manufacturing company's payroll reglster shows following information for December:
Salary paid to marketing department, P40,000 (10 employees)
Wages paid to labor, P100,000
Insurance is fully paid by company, P10,000 per month
Company has a policy to award a fully paid one week vacation to best employee of the
year from marketing department with a bonus of P1,500.
Required: Assuming that current period has completed, prepare all necessary journal
entries to record the payroll on December 31st.
Transcribed Image Text:P4-5 A manufacturing company's payroll reglster shows following information for December: Salary paid to marketing department, P40,000 (10 employees) Wages paid to labor, P100,000 Insurance is fully paid by company, P10,000 per month Company has a policy to award a fully paid one week vacation to best employee of the year from marketing department with a bonus of P1,500. Required: Assuming that current period has completed, prepare all necessary journal entries to record the payroll on December 31st.
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