hand written solve Problem 3 with explanation i'll give multiple upvote Problem 1: Accounting for Incurrence and Distribution of PayrollThe general ledger of the JG Manufacturing Company showed these balances at theend of July: Factory labor of P480,000 which includes P288,000 of direct labor, P66,000of indirect labor; sales salaries of P72,000; and office salaries of P54,000.The following rates are available for payroll distribution.Withholding TaxSSS ContributionsEmployees' Compensation ContributionsPhil. Health ContributionsPAG-IBIG Contributions1%10% 40% employee and 60% employer2% employer only2% 50% employee and 50% employer3% 50% employee and 50% employerRequired: Prepare:1. The journal entry to record labor incurrence.2. The journal entry to record labor distribution and the related employer'scontribution.PROBLEM 2: ACCOUNTING FOR PAYROLL INCURRENCE AND DISTRIBUTION OF PAYROLLMD Company is preparing its monthly payroll for October. The following data apply toJean Go, the chief accountant:a. Year to data, through September.b. Jean's October earnings were P18,000. Income tax to be withheld is P2,400.The following rates are available for payroll distribution.Withholding TaxSSS Contributions1%Employees Compensation ContributionsPhil. Health ContributionsPAG-IBIG Contributions10% 40% employee and 60% employer2% employer only2% 50% employee and 50% employer3% 50% employee and 50% employerRequired:1. The journal entry to record labor incurrence for October.2. The journal entry to record labor distribution and the related employer'scontribution.PROBLEM 3: ACCOUNTING FOR OVERTIME PREMIUMPablo Sy, an employee of the Pool Company is paid P200 per hour for a regular weekfor 40 hours. During the week ended November 14, the employee worked for 48 hoursand earned time and a half (0.5) for overtime hours.Required:1. Prepare the journal entry to record the labor cost if the overtime premium ischarged to jobs worked on during the overtime hours.

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Answered: Required: 1. Prepare the journal entry…

Required: 1. Prepare the journal entry to record the labor cost if the overtime premium is charged to jobs worked on during the overtime hours.

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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