A.

Journal Entries

Journal Entries
Dat Account Titles Re Debit Credit
e f
Jan

A Raw Materials Inventory 250,000.00

Accounts Payable 250,000.00

B Factory overhead - control 43,570.00

Accounts Payable 43,570.00

C Payroll 262,500.00
Withholding taxes payable 23,150.00
SSS premium payable 10,500.00
Philhealth contribution payable 1,406.25
Pag-ibig Funds payable 7,875.00
Accrued Payroll 219,568.75

Work in process inventory 175,000.00

Factory overhead - control 37,500.00
Sales expense 31,250.00
Administrative expense 18,750.00
Payroll 262,500.00

D Accrued Payroll 218,750.00

Cash 218,750.00

E Factory overhead - control 17,750.00

Selling expense 2,968.75
Administrative expense 1,687.50
SSS premium payable 13,125.00
Philhealth contribution payable 1,406.25
Pag-ibig Funds payable 7,875.00

F Work in process 231,250.00

Factory overhead - control 43,750.00
Raw materials inventory 275,000.00

G Work in process 325,000.00

Factory overhead - applied 325,000.00

H Finished goods inventory 512,500.00

 Work in process inventory 512,500.00

I Account Receivable 673,750.00

Sales revenue 673,750.00

Cost of goods sold 481,250.00

Finished goods inventory 481,250.00

J Cash 506,250.00
Account receivable 506,250.00

K Account payable 275,000.00

Cash 275,000.00

L Withholding taxes payable 23,150.00

SSS premium payable 23,625.00
Philhealth contribution payable 2,812.50
Pag-ibig Funds payable 15,750.00
Cash 65,337.50