Daniella Marie C.

Fajardo
2BSA-1

A. JOURNAL ENTRIES

A. Materials ₱58,000.00
Accounts Payable ₱58,000.00
To record the cost of materials purchase during the month

B. Work in Process- Inventory ₱41,000.00

Factory Overhead ₱5,500.00
Materials ₱46,500.00
To record the cost of raw materials issued for production

C. Work in Process- Direct Labor ₱31,500.00

Factory Overhead ₱2,500.00
Selling and Admin Salaries ₱5,000.00
Salaries and Wages Payable ₱39,000.00
To record the wages and salaries incurred during the month

D. Salaries and Wages Payable ₱39,000.00

Cash ₱39,000.00
To record the payment of salaries and wages

E. Factory Overhead ₱2,320.00

Depreciation Expense ₱330.00
Accumulated Depreciation- Building ₱650.00
Accumulated Depreciation Factory- Equipment ₱1,800.00
Accumulated Depreciation- Office Equipment ₱200.00
To record the accumulated depreciation of the company's assets for the month

F. Office Expenses ₱1,300.00

Factory Overhead ₱3,900.00
Accounts Payable ₱5,200.00
To record the other expenses incurred during the month

G. Work in Process Inventory ₱14,220.00

Factory Overhead ₱14,220.00
To record the transferred total costs of factory overhead to work in process inventory

H. Finished Goods ₱79,000.00

Work in Process Inventory ₱79,000.00
To record the cost of jobs completed during the month

I. Accounts Receivable ₱128,000.00

Sales ₱128,000.00
To record the sales of the month on account
 Cost of Goods Sold ₱87,000.00
Finished Goods ₱87,000.00
To record the cost of goods sold during the month

J. Cash ₱105,000.00
Accounts Receivable ₱105,000.00
To record the collected amount from accounts receivable

K. Accounts Payable ₱55,000.00

Cash ₱55,000.00
To record the payment of accounts payable
 INVENTORY OF MATERIALS
PARTICULARS DEBIT AMOUNT
Opening Balance ₱8,000.00
Accounts Payable ₱58,000.00

₱66,000.00

ACCOUNTS PAYABLE
PARTICULARS DEBIT AMOUNT
Cash ₱55,000.00

Closing Balance ₱38,200.00

₱93,200.00

Work in Process Inventory

PARTICULARS DEBIT AMOUNT
Opening Balance ₱4,000.00
Materials ₱41,000.00
Payroll ₱31,500.00
Factory Overhead ₱14,220.00
Total ₱90,720.00

FACTORY OVERHEAD
PARTICULARS DEBIT AMOUNT
Materials ₱5,500.00
Payroll ₱2,500.00
Depreciation-Factory Building ₱520.00
Depreciation- Factory Equipment ₱1,800.00

Accounts payable ₱3,900.00

Closing balance ₱14,220.00

Payroll
PARTICULARS DEBIT AMOUNT
Wages Payable ₱39,000.00

Closing balance ₱39,000.00

Salaries and wages payable

PARTICULARS DEBIT AMOUNT
Cash ₱39,000.00

Closing Balance ₱39,000.00

Selling and distribution expenses

PARTICULARS DEBIT AMOUNT
Payroll ₱5,000.00
Depreciation-building ₱130.00
Depreciation-Office equipment ₱200.00
Accounts payable ₱1,300.00
₱6,630.00

Cash
PARTICULARS DEBIT AMOUNT
Opening balance ₱15,000.00
Accounts receivable ₱105,000.00

₱120,000.00

Accumulated Depreciation- Building

PARTICULARS DEBIT AMOUNT

Closing balance ₱24,050.00

₱24,050.00

Accumulated depreciation- Factory equipment

PARTICULARS DEBIT AMOUNT

Closing balance ₱55,800.00

₱55,800.00

Accumulated depreciation- Office equipment

PARTICULARS DEBIT AMOUNT

Closing balance ₱2,200.00

₱2,200.00

Finished goods
PARTICULARS DEBIT AMOUNT
Opening balance ₱25,000.00
Work in process ₱79,000.00

TOTAL ₱104,000.00

SALES
PARTICULARS DEBIT AMOUNT

Income Summary ₱128,000.00

Total ₱128,000.00

COST OF GOODS SOLD

PARTICULARS DEBIT AMOUNT
Finished goods ₱87,000.00

Total ₱87,000.00

Accounts Receivables
PARTICULARS DEBIT AMOUNT
Opening balance ₱18,000.00
Sales ₱128,000.00

Total ₱146,000.00
PARTICULARS
Work in Process
Factory overhead

Closing Balance

PARTICULARS
Opening Balance
Materials
Factory overhead
Selling and administrative expense

PARTICULARS
Finished goods

Closing Balance

PARTICULARS

Work in Process
PARTICULARS
Factory overhead
Work in process
Selling and distribution expense

PARTICULARS
Payroll

PARTICULARS

Income summary

PARTICULARS
Wages payable
Accounts Payable

Closing balance
PARTICULARS
Opening balance
Depreciation- factory building
Depreciation- selling and admin building

PARTICULARS
Opening balance
Depreciation- Factory equipment

PARTICULARS
Opening balance
Depreciation- office equipment

PARTICULARS
Cost of goods sold

Closing balance

PARTICULARS
Accounts Receivable

PARTICULARS
Income summary

PARTICULARS
Cash

Closing Balance
CREDIT AMOUNT
₱41,000.00
₱5,500.00

₱19,500.00
₱66,000.00

CREDIT AMOUNT
₱30,000.00
₱58,000.00
₱3,900.00
₱1,300.00

₱93,200.00

CREDIT AMOUNT
₱79,000.00

₱11,720.00
₱90,720.00

CREDIT AMOUNT

₱14,220.00
 ₱14,220.00

CREDIT AMOUNT
₱2,500.00
₱31,500.00
₱5,000.00

₱39,000.00

CREDIT AMOUNT
₱39,000.00

₱39,000.00

CREDIT AMOUNT

₱6,630.00
₱6,630.00

CREDIT AMOUNT
₱39,000.00
₱55,000.00

₱26,000.00
₱120,000.00
CREDIT AMOUNT
₱23,400.00
₱520.00
₱130.00

₱24,050.00

CREDIT AMOUNT
₱54,000.00
₱1,800.00

₱55,800.00

CREDIT AMOUNT
₱2,000.00
₱200.00

₱2,200.00
₱2,200.00

CREDIT AMOUNT
₱87,000.00

₱17,000.00

₱104,000.00

CREDIT AMOUNT
₱128,000.00

₱128,000.00

CREDIT AMOUNT
 ₱87,000.00
₱87,000.00

CREDIT AMOUNT
₱105,000.00

₱41,000.00
₱146,000.00
 ABC MANUFACTURING COMPANY
STATEMENT OF COST OF GOODS MANUFACT
FOR THE MONTH ENDED OCTOBER 31,202

PARTICULARS Amount
Direct materials
Inventory, Oct 1
Purchases
Total cost of available materials ₱66,000.00
Less:Inventory, Ocotober 01 ₱19,500.00
Cost of materials ₱46,500.00
Less:Indirect materials used ₱5,500.00
Cost of directs materials used in production
Direct labor
Factory overhead
Indirect materials ₱5,500.00
Indirect labor ₱2,500.00
Depreciation- Factory building ₱520.00
Depreciation- Factory Equipment ₱1,800.00
Miscellaneous Expenses ₱3,900.00
Total factory overhead
Total Manufacturing Cost during October
Add:Work in process Inventory, October 01
Less: Work in process Inventory, October 31
COST OF GOODS MANUFACTURED

ABC Manufacturing Company

Income Statement
For the Month Ended October 31, 2020
ACCOUNTS
Net Sales

Cost of Goods Sold:

Finished goods inventory, October 1
Add Cost of Goods Manufactured
Goods Available for sale
Less : Finished Goods Inventory, October 31
Cost of Goods Sold
Gross Profit

Expenses
Selling and administrative salaries
Depreciation of Building - Sales & Administration
Depreciation of Office Equipment - Sales & Administration
Miscellaneous
Total Expenses
Net Income

ABC Manufacturing Company

Balance Sheet
For the Month Ended October 31, 2020
ASSETS
Current Assets:
Cash
Account Receivable

Inventories :
Finished goods
Work in process
Materials
Total Inventories

Total Current Assets:

Property, Plant and equipment:

Building
Less : Accumulated Depreciation
Building, Net of Accumulated Depreciation

Factory Equipment
Less : Accumulated Depreciation
Factory Equipment, Net of Accumulated Depreciation

Office equipment
Less : Accumulated Depreciation
Office Equipment, Net of Accumulated Depreciation

Total Property, Plant and equipment

TOTAL ASSETS

LIABILITIES ANDS STOCKHOLDERS EQUITY

Current liabilities:
Accounts payable
Total Current Liabilities

Stockholder’s equity:
Capital Stock

Retained Earnings :
Opening Balance
Add: Net Income for October 2011
Closing Balance of Retained Earnings
Total stockholder’s equity

TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY

TURING COMPANY
F GOODS MANUFACTURED
DED OCTOBER 31,2020

Amount Amount

₱41,000.00
₱31,500.00

₱14,220.00
₱86,720.00
₱4,000.00
₱11,720.00
₱79,000.00

020

₱ 128,000.00

₱ 25,000.00
₱ 79,000.00
₱ 104,000.00
₱ 17,000.00
₱ 87,000.00
₱ 41,000.00

₱ 5,000.00
₱ 130.00
₱ 200.00
₱ 1,300.00
 ₱ 6,630.00
₱ 34,370.00

020

₱ 26,000.00
₱ 41,000.00

₱ 17,000.00
₱ 11,720.00
₱ 19,500.00
₱ 48,220.00

₱ 115,220.00

₱ 156,000.00
₱ 24,050.00
₱ 131,950.00

₱ 108,000.00
₱ 55,800.00
₱ 52,200.00

₱ 12,000.00
₱ 2,200.00
₱ 9,800.00
₱ 193,950.00

₱ 309,170.00

₱ 38,200.00
₱ 38,200.00

₱ 175,000.00

₱ 61,600.00
₱ 34,370.00
₱ 95,970.00
₱ 270,970.00

₱ 309,170.00