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Specialist Inc. trial balance as of January 1, 20xx; the beginning of the current year, is given below: Cash 80,000 Accounts Receivable 130,000 Inventories: Raw Materials 70,000 Work in Process 180,000 Finished Goods 200,000 Prepaid Insurance Plant and Equipment Accumulated Depreciation 40,000 2,300,000 420,000 Accounts Payable 300,000 0. Salaries and Wages Payable Accrued Expense Capital Stock Retained Earnings 1,500,000 780,000 Sales Cost of Sales Factory Overhead- Control Factory Overhead - Applied Expense - Administrative Expense- Selling Total 3,000,000 3,000,000 Specialist Inc. manufactures items to customers' specifications and employs a job-order cost system. During the year, the following transactions took place: a. Raw materials purchased on account, P400,000. b. Raw materials requisitioned for use in production, P400,000 (80% direct and 20% indirect). c. Factory utility costs incurred, all on account, PI02,000. d. Depreciation recorded on plant and equipment, P280,000. (80% relates to factory operations, and 5% to selling operations and 15% to administrative activities).

Specialist Inc. trial balance as of January 1, 20xx; the beginning of the current year, is given below: Cash 80,000 Accounts Receivable 130,000 Inventories: Raw Materials 70,000 Work in Process 180,000 Finished Goods 200,000 Prepaid Insurance Plant and Equipment Accumulated Depreciation 40,000 2,300,000 420,000 Accounts Payable 300,000 0. Salaries and Wages Payable Accrued Expense Capital Stock Retained Earnings 1,500,000 780,000 Sales Cost of Sales Factory Overhead- Control Factory Overhead - Applied Expense - Administrative Expense- Selling Total 3,000,000 3,000,000 Specialist Inc. manufactures items to customers' specifications and employs a job-order cost system. During the year, the following transactions took place: a. Raw materials purchased on account, P400,000. b. Raw materials requisitioned for use in production, P400,000 (80% direct and 20% indirect). c. Factory utility costs incurred, all on account, PI02,000. d. Depreciation recorded on plant and equipment, P280,000. (80% relates to factory operations, and 5% to selling operations and 15% to administrative activities).

FINANCIAL ACCOUNTING
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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This topic is about Accounting for Manufacturing Business. It is under the normal cost system. 

These are the things that I want to know:

- accounting entries for the letter A-D

- after that, make a trial balance for the month of December 31

 

I've been struggling for days and I still can't balance it :(((

I believe it's not complex, the trial balance in the upper part is just additional information.

Specialist Inc. trial balance as of January 1, 20xx; the beginning of the current year, is given below: Cash 80,000 Accounts Receivable 130,000 Inventories Raw Materials 70,000 Work in Process 180,000 Finished Goods 200,000 Prepaid Insurance Plant and Equipment 40,000 2,300,000 420,000 300,000 Accumulated Depreciation Accounts Payable Salaries and Wages Payable Accrued Expense Capital Stock Retained Earnings 1,500,000 780,000 Sales Cost of Sales Factory Overhead - Control Factory Overhead - Applied Expense - Administrative Expense- Selling Total 3,000,000 3,000,000 Specialist Inc. manufactures items to customers' specifications and employs a job-order cost system. During the year, the following transactions took place: a. Raw materials purchased on account, P400,000. b. Raw materials requisitioned for use in production, P400,000 (80% direct and 20% indirect). c. Factory utility costs incurred, all on account, PI02,000. d. Depreciation recorded on plant and equipment, P280,000. (80% relates to factory operations, and 5% to selling operations and 15% to administrative activities).
Transcribed Image Text:Specialist Inc. trial balance as of January 1, 20xx; the beginning of the current year, is given below: Cash 80,000 Accounts Receivable 130,000 Inventories Raw Materials 70,000 Work in Process 180,000 Finished Goods 200,000 Prepaid Insurance Plant and Equipment 40,000 2,300,000 420,000 300,000 Accumulated Depreciation Accounts Payable Salaries and Wages Payable Accrued Expense Capital Stock Retained Earnings 1,500,000 780,000 Sales Cost of Sales Factory Overhead - Control Factory Overhead - Applied Expense - Administrative Expense- Selling Total 3,000,000 3,000,000 Specialist Inc. manufactures items to customers' specifications and employs a job-order cost system. During the year, the following transactions took place: a. Raw materials purchased on account, P400,000. b. Raw materials requisitioned for use in production, P400,000 (80% direct and 20% indirect). c. Factory utility costs incurred, all on account, PI02,000. d. Depreciation recorded on plant and equipment, P280,000. (80% relates to factory operations, and 5% to selling operations and 15% to administrative activities).
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