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    P1-1 P1-2 Jaja Bearings Company PPG Company

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    Princesipie
    The document contains journal entries for multiple companies - Jaja Bearings Company, PPG Company, and Asser Company. It records various transactions including purchases of raw materials, tracking of work-in-process and factory overhead costs, payroll expenses, and cost of goods sold. The journal entries debit various expense and inventory accounts and credit cash, payables, and inventory accounts to record these manufacturing-related transactions.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    P1-1 P1-2 Jaja Bearings Company PPG Company

    Uploaded by

    Princesipie
    148 views4 pages
    The document contains journal entries for multiple companies - Jaja Bearings Company, PPG Company, and Asser Company. It records various transactions including purchases of raw materials, tracking of work-in-process and factory overhead costs, payroll expenses, and cost of goods sold. The journal entries debit various expense and inventory accounts and credit cash, payables, and inventory accounts to record these manufacturing-related transactions.

    Original Title

    Aranas_SW2

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    The document contains journal entries for multiple companies - Jaja Bearings Company, PPG Company, and Asser Company. It records various transactions including purchases of raw materials, tracking of work-in-process and factory overhead costs, payroll expenses, and cost of goods sold. The journal entries debit various expense and inventory accounts and credit cash, payables, and inventory accounts to record these manufacturing-related transactions.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    148 views4 pages

    P1-1 P1-2 Jaja Bearings Company PPG Company

    Uploaded by

    Princesipie
    The document contains journal entries for multiple companies - Jaja Bearings Company, PPG Company, and Asser Company. It records various transactions including purchases of raw materials, tracking of work-in-process and factory overhead costs, payroll expenses, and cost of goods sold. The journal entries debit various expense and inventory accounts and credit cash, payables, and inventory accounts to record these manufacturing-related transactions.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 4

    Arañas, Prince

    BSA304
    P1-1 P1-2
    Jaja Bearings Company PPG COMPANY

    a. Materials 13,500.00 a. Raw Material Inventory


    Accounts Payable 13,500.00 Accounts Payable

    b. WIP Direct-Material 17,500.00 b. WIP Inventory


    Materials 17,500.00 Manufacturing Overhead
    Raw Material Inventory

    c. Factory Overhead 1,800.00 c. Wages Expense


    Materials 1,800.00 Sales Salaries
    Office Salaries
    d. Payroll 27,000.00 Income Tax Payable
    Accrued Payroll 27,000.00 SSS Payable
    PhilHealth Payable
    Labor Cost: Pag Ibig Payable
    Work in process direct labor 17,000.00 Wages and Salaries Payable
    Factory Overhead 2,000.00
    Selling Expense 5,000.00 Wages and Salaries Payable
    Administrative Expense 3,000.00 Cash
    Payroll 27,000.00
    WIP Inventory
    e. Factory Overhead Control 2,508.00 Manufacturing Overhead
    Cash 2,508.00 Wages Expense

    f. Factory Overhead 8,500.00 d. Payroll Tax Expense


    Accounts Payable 8,500.00 SSS Payable
    Philhealth Payable
    g. Work-in Process Factory 14,808.00 Compensation to Employees Payable
    Factory Overhead Control 14,808.00 Pag-Ibig Payable

    h. Finished Goods 60,100.00 e. Manufacturing Overhead


    WIP 60,100.00 Cash

    i. Accounts Receivable 75,000.00 f. WIP Inventory


    Sales 75,000.00 Manufacturing Overhead

    Cost of Goods Sold 60,000.00 g. Finished Good Inventory


    Finished Goods 60,000.00 WIP Inventory

    Finished Goods, Jan 1 15,000.00 h. Accounts Receivable


    Cost of Production 60,100.00 Sales Revenue
    Finished Goods, Jan 31 (15,100.00)
    COGS 60,000.00 COGS
    Finished Goods Inventory
    P1-3
    PPG COMPANY Asser Company

    100,000.00 a. Materials 64,000.00


    100,000.00 Account Payable 64,000.00

    49,000.00 b. WIP 37,000.00


    9,000.00 Factory Overhead Control 5,600.00
    58,000.00 Materials 42,600.00

    72,000.00 c. Payroll 100,000.00


    6,000.00 Withholding Tax Payable (14%) 14,000.00
    10,000.00 SSS Premium Payable (5%) 5,000.00
    8,800.00 Medicare Premium Payable (0.5%) 500.00
    4,400.00 Pagibig Premium Payable (0.5%) 500.00
    1,320.00 Accrued Payroll 80,000.00
    880.00
    72,600.00 Accrued Payroll 80,000.00
    Cash 80,000.00
    72,600.00
    72,600.00 d. WIP 55,000.00
    Factory Overhead Control 18,000.00
    60,000.00 Selling Expense 17,000.00
    12,000.00 General Admin Expense 10,000.00
    72,000.00 Payroll 100,000.00

    7,040.00 e.
    4,400.00
    1,320.00 f. WIP 44,700.00
    mployees Payable 440.00 Factory Overhead Control 44,700.00
    880.00

    15,000.00
    15,000.00

    30,000.00
    30,000.00

    120,000.00
    120,000.00

    52,000.00
    52,000.00
    40,000.00
    40,000.00

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