Prepare general journal entries for the transactions. Problem 1: ABC Company uses a job order cost system for its manufacturing activities.The following transaction data were accumulated for the month of June 2021:a. Jobs in process, June 1:Job 40Job 41P20,00060,000b. Raw materials purchased, P720,000c. Raw materials and supplies requisitioned from the stockroomJob 40Job 41Job 42General factory usageP100,000220,000240,00040,000P600,000d. Total factory payroll accrued and paid200,000200,000220,000P620,000Job 40Job 41Job 42Direct laborIndirect labor60,000Payroll deductionsIncome tax withheldSSS contributionsPhil. Health contributions5%P7,5002,4002,000Pag-ibig contributionse. Employer's share inSSS contributionsPhil. Health contributionsP10,2002,4002,000Pag-ibig contributionsf. Depreciation of factory equipment and machinery for June, P60,000.g. Other overhead costs incurred, P340,000.h. Factory overhead is applied to jobs at the rate of 100 percent of direct labor cost.i. During the month, Job 40 and Job 41 were completed.j. Job 40 was delivered and billed to the customer for P900,000.

Journal Entry: It is the first step in accounting cycle and business transactions are recorded in…

Problem 1: ABC Company uses a job order cost system for its manufacturing activities. The following transaction data were accumulated for the month of June 2021: a. Jobs in process, June 1: Job 40 Job 41 P20,000 60,000 b. Raw materials purchased, P720,000 c. Raw materials and supplies requisitioned from the stockroom Job 40 Job 41 Job 42 General factory usage P100,000 220,000 240,000 40,000 P600,000 d. Total factory payroll accrued and paid Job 40 Job 41 Job 42 Direct labor 200,000 200,000 220,000 P620,000 Indirect labor 60,000 Payroll deductions Income tax withheld SsS contributions Phil. Health contributions Pag-ibig contributions 5% P7,500 2,400 2,000 e. Employer's share in sss contributions Phil. Health contributions P10,200 2,400 2,000 Pag-ibig contributions f. Depreciation of factory equipment and machinery for June, P60,000. g. Other overhead costs incurred, P340,000. h. Factory overhead is applied to jobs at the rate of 100 percent of direct labor cost. i. During the month, Job 40 and Job 41 were completed. j. Job 40 was delivered and billed to the customer for P900,000.

Problem 1: ABC Company uses a job order cost system for its manufacturing activities. The following transaction data were accumulated for the month of June 2021: a. Jobs in process, June 1: Job 40 Job 41 P20,000 60,000 b. Raw materials purchased, P720,000 c. Raw materials and supplies requisitioned from the stockroom Job 40 Job 41 Job 42 General factory usage P100,000 220,000 240,000 40,000 P600,000 d. Total factory payroll accrued and paid Job 40 Job 41 Job 42 Direct labor 200,000 200,000 220,000 P620,000 Indirect labor 60,000 Payroll deductions Income tax withheld SsS contributions Phil. Health contributions Pag-ibig contributions 5% P7,500 2,400 2,000 e. Employer's share in sss contributions Phil. Health contributions P10,200 2,400 2,000 Pag-ibig contributions f. Depreciation of factory equipment and machinery for June, P60,000. g. Other overhead costs incurred, P340,000. h. Factory overhead is applied to jobs at the rate of 100 percent of direct labor cost. i. During the month, Job 40 and Job 41 were completed. j. Job 40 was delivered and billed to the customer for 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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