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These are the things that I want to know: - accounting entries for the letter E-L

These are the things that I want to know: - accounting entries for the letter E-L

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 E-L

- 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 presented here 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 Accumulated Depreciation Accounts Payable 40,000 2,300,000 420,000 300,000 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
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 Accumulated Depreciation Accounts Payable 40,000 2,300,000 420,000 300,000 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
e. Costs of salaries and wages incurred and unpaid are as follows: Direct labor 400,000 Indirect labor 180,000 Sales commissions 104,000 Administrative salaries 250,000 f. Prepaid insurance expired during the year, P30,000 (80% relates to factory operations, 10% to selling, and 10% to administrative activities). g. Accrued miscellaneous selling and administrative expenses, P10,000 and P8,000 respectively. h. Manufacturing overhead was applied to production. The company applies overhead on the basis of 150% of direct labor cost. i. Goods costing P1,400,000 to manufacture were transferred to the finished goods warehouse. j. Goods that had cost P1,500,000 to manufacture were sold on account for P2,500,000. k. Collections from customers during the year totaled P2,170,000. 1. Payments to suppliers on account during the year, P700,000; and payments to employees for salaries and wages, P900,000.
Transcribed Image Text:e. Costs of salaries and wages incurred and unpaid are as follows: Direct labor 400,000 Indirect labor 180,000 Sales commissions 104,000 Administrative salaries 250,000 f. Prepaid insurance expired during the year, P30,000 (80% relates to factory operations, 10% to selling, and 10% to administrative activities). g. Accrued miscellaneous selling and administrative expenses, P10,000 and P8,000 respectively. h. Manufacturing overhead was applied to production. The company applies overhead on the basis of 150% of direct labor cost. i. Goods costing P1,400,000 to manufacture were transferred to the finished goods warehouse. j. Goods that had cost P1,500,000 to manufacture were sold on account for P2,500,000. k. Collections from customers during the year totaled P2,170,000. 1. Payments to suppliers on account during the year, P700,000; and payments to employees for salaries and wages, P900,000.
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