General Journal: Normal Cost System General Ledger page 1

page 1 Cash Balance

Date Particulars PR Debit Credit Date Particulars PR Debit Credit Debit Credit
20xx Materilas GL3 ₱400,000.00 20xx Jan1 Beg. balance ₱80,000.00
Account payable GL9 ₱400,000.00 Coolecgtion of account GJ1 ₱2,170,000.00 2,250,000.00
# Payment of account, S & W GJ1 ₱1,600,000.00 ₱650,000.00
Work in process GL4 320,000.00
FOH Control GL16 80,000.00 Account Receivable page 2
Materilas 400,000.00 Balance
# Date Particulars PR Debit Credit Debit Credit
FOH Control GL16 102,000.00 20xx Jan 1 Beg. Balance ₱130,000.00
Account payable GL9 102,000.00 Credit Sales GJ1 ₱2,500,000.00 2,630,000.00
# Collections of account GJ1 2,170,000.00 ₱460,000.00
FOH Control GL16 224,000.00 Materials page 3
Expense - Selling GL19 14,000.00 Balance
Expense - Administrative GL18 42,000.00 Date Particulars PR Debit Credit Debit Credit
Accumulated Depreciation - P & E GL8 280,000.00 20xx Jan 1 Beg. balance ₱70,000.00
# Purchase - materilas GJ1 ₱400,000.00 470,000.00
Work in process GL4 400,000.00 Issuance - materilas GJ1 ₱400,000.00 ₱70,000.00
FOH Control GL16 180,000.00
Expense - Selling GL19 104,000.00 Work in Process page 4
Expense - Administrative GL18 250,000.00 Balance
Salaries and Wages payable GL12 934,000.00 Date Particulars PR Debit Credit Debit Credit
# 20xx Jan.1 Beg. balance ₱180,000.00
FOH Control GL16 24,000.00 Issuance - materials GJ1 ₱320,000.00 500,000.00
Expense - Selling GL19 3,000.00 Direct labor GJ1 400,000.00 900,000.00
Expense - Administrative GL18 3,000.00 FOH aplied GJ1 600,000.00 1,500,000.00
Prepaid Insurance GL6 30,000.00 Finished goods ₱1,400,000.00 ₱100,000.00
#
Expense - Selling GL19 10,000.00 Finished Goods page 5
Expense - Administrative GL18 8,000.00 Balance
Accrued Expense GL13 18,000.00 Date Particulars PR Debit Credit Debit Credit
# 20xxJan.1 Beg. balance ₱200,000.00
Work in process GL4 600,000.00 Transferred from factory GJ1 ₱1,400,000.00 1,600,000.00
FOH Applied GL17 600,000.00 Cost of sales GJ1 ₱1,500,000.00 ₱100,000.00
#
Finished Goods GL5 1,400,000.00 page 6
Work in process GL4 1,400,000.00 Prepaid Insurance Balance
# Date Particulars PR Debit Credit Debit Credit
Account receivable GL2 2,500,000.00 20xx Jan 1 Beg. balance ₱40,000.00
Sales GL14 2,500,000.00 Insurance expense GJ1 ₱30,000.00 ₱10,000.00
#
Cost of Sales GL15 1,500,000.00 Plant & Equipment page 7
Finished Goods GL5 1,500,000.00 Balance
# Date Particulars PR Debit Credit Debit Credit
Cash GL1 2,170,000.00 20xx Jan 1 Beg. balance ₱2,300,000.00
Account receivable GL2 2,170,000.00
 # Accumulated Depreciation - P&E page 8
Account payable GL9 700,000.00 Balance
Salaries and Wages payable GL12 900,000.00 Date Particulars PR Debit Credit Debit Credit
Cash GL1 1,600,000.00 20xx Jan 1 Beg. balance ₱420,000.00
# Depreciation expense GJ1 ₱280,000.00 ₱700,000.00

Closing Journal Entries. Account Payable page 9

Balance
20xx Factory Overhead Applied GL17 600,000.00 Date Particulars PR Debit Credit Debit Credit
Cost of Sales GL15 10,000.00 20xx Jan 1 Beg. balance ₱300,000.00
Factory Overhead Control GL16 ₱610,000.00 Purchases- materials GJ1 ₱400,000.00 700,000.00
To close FOH applied FOH GJ1 102,000.00 802,000.00
# Payment of account GJ1 ₱700,000.00 ₱102,000.00
Sales GL14 2,500,000.00
Income Summary GL20 2,500,000.00 Capital Stock page 10
To close sales Balance
# Date Particulars PR Debit Credit Debit Credit
Income Summary GL20 1,510,000.00 20xx Jan 1 Beg. balance ₱1,500,000.00
Cost of Sales GL15 1,510,000.00
To close cost of sales Retained Earnings page 11
# Balance
Income Summary GL20 434,000.00 Date Particulars PR Debit Credit Debit Credit
Expense - Administrative GL18 303,000.00 20xx Jan 1 Beg. balance ₱780,000.00
Expense - Selling GL19 131,000.00 Income summary GJ1 ₱556,000.00 ₱1,336,000.00
To close administrative and
selling expenses Salaries and Wages payable page12
# Balance
Income Summary GL20 556,000.00 Date Particulars PR Debit Credit Debit Credit
Retained Earnings GL11 556,000.00 20xx Jan 1 Salaries and wages GJ1 ₱934,000.00 ₱934,000.00
To close income summary to Payment GJ1 ₱900,000.00 ₱34,000.00
retained earnings
# Accrued expense page 13
Balance
Date Particulars PR Debit Credit Debit Credit
20xx Administrative & selling expense GJ1 ₱18,000.00 ₱18,000.00

page 14
Sales Balance
Date Particulars PR Debit Credit Debit Credit
20xx Credit sales GJ1 ₱2,500,000.00 ₱2,500,000.00
Closing entry GJ1 ₱2,500,000.00 -0-

Cost of Sales page 15

Balance
Date Particulars PR Debit Credit Debit Credit
20xx Cost of goods sold GJ1 ₱1,500,000.00 ₱1,500,000.00
Underapplied FOH GJ1 10,000.00 ₱1,510,000.00
 Closing entry GJ1 ₱1,510,000.00 -0-

Factory Overhead Control page 16

Balance
Date Particulars PR Debit Credit Debit Credit
20xx Indirect materials GJ1 ₱80,000.00 ₱80,000.00
Other factory costs GJ1 102,000.00 182,000.00
Depreciation GJ1 224,000.00 406,000.00
Indirect labor GJ1 180,000.00 586,000.00
Insurance expense GJ1 24,000.00 610,000.00
Closing entry GJ1 ₱610,000.00 -0-

Factory Overhead Applied page 17

Balance
Date Particulars PR Debit Credit Debit Credit
20xx Applied factory overhead GJ1 ₱600,000.00 ₱600,000.00
Closing entry GJ1 ₱600,000.00 -0-

Expense Administrative page 18

Balance
Date Particulars PR Debit Credit Debit Credit
20xx Depreciation expense GJ1 ₱42,000.00 ₱42,000.00
Salaries and wages GJ1 250,000.00 292,000.00
Insurance expense GJ1 3,000.00 295,000.00
Accrued expense GJ1 8,000.00 303,000.00
Closing entry GJ1 ₱303,000.00 -0-

Expense - Selling page 19

Balance
Date Particulars PR Debit Credit Debit Credit
20xx Depreciation expense GJ1 ₱14,000.00 ₱14,000.00
Salaries and wages GJ1 104,000.00 118,000.00
Insurance expense GJ1 3,000.00 121,000.00
Accrued expense GJ1 10,000.00 131,000.00
Closing entry GJ1 ₱131,000.00 -0-

Income Summary page 20

Balance
Date Particulars PR Debit Credit Debit Credit
20xx Sales GJ1 ₱2,500,000.00 ₱2,500,000.00
Cost of Sales GJ1 1,510,000.00 990,000,00
Adm, & Selling expense GJ1 434,000.00 556,000.00
Closing entry GJ1 556,000.00 -0-