Scribd Logo
Upload

Welcome to Scribd!

  • Untitled

    Uploaded by

    Jomar Pena
    8 views6 pages
    1. The document shows accounting journal entries for Toblerone Company involving raw materials inventory, work in process, factory overhead, finished goods inventory, cost of goods sold, and various expenses. 2. An entry increases raw materials inventory and decreases accounts payable. Other entries track direct and indirect materials and labor as they move from raw materials to work in process to finished goods. 3. The document also includes entries for payroll expenses, selling and administrative expenses, factory overhead applied, and the final calculation of over-applied or under-applied factory overhead.

    Original Description:

    Copyright

    © © All Rights Reserved

    Available Formats

    XLSX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    1. The document shows accounting journal entries for Toblerone Company involving raw materials inventory, work in process, factory overhead, finished goods inventory, cost of goods sold, and various expenses. 2. An entry increases raw materials inventory and decreases accounts payable. Other entries track direct and indirect materials and labor as they move from raw materials to work in process to finished goods. 3. The document also includes entries for payroll expenses, selling and administrative expenses, factory overhead applied, and the final calculation of over-applied or under-applied factory overhead.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    8 views6 pages

    Untitled

    Uploaded by

    Jomar Pena
    1. The document shows accounting journal entries for Toblerone Company involving raw materials inventory, work in process, factory overhead, finished goods inventory, cost of goods sold, and various expenses. 2. An entry increases raw materials inventory and decreases accounts payable. Other entries track direct and indirect materials and labor as they move from raw materials to work in process to finished goods. 3. The document also includes entries for payroll expenses, selling and administrative expenses, factory overhead applied, and the final calculation of over-applied or under-applied factory overhead.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    of 6

    1 Raw materials Inventory

    Accounts Payable

    2 Work in process (direct materials)


    Factory overhead control (indirect materials)
    Raw materials inventory

    3 Raw materials inventory


    Work in process (direct materials)
    Factory overhead control (indirect materials)

    4 Payroll
    SSS payable
    Pag-ibig premiums payable
    Medicare premiums payable
    Withholding taxes payable
    Accrued Payroll

    Work in process (direct labor)


    Factory overhead control (indirect labor)
    Payrolll

    5 Payroll
    SSS payable
    Pag-ibig premiums payable
    Medicare premiums payable
    Withholding taxes payable
    Accrued Payroll

    Selling and administrative expenses


    Payrolll

    6 Accrued Payroll
    Cash

    7 Factory overhead control


    Utilities Payable

    8 Selling and administrative expenses (Advertising expense)


    Cash

    9 Factory overhead control (indirect materials)


    Selling and administrative expenses (Insurance expense)
    Prepaid insurance

    10 Factory overhead control


    Selling and administrative expenses (Depreciation expense)
    Accumulated Depreciation

    11 Work- in process
    Factory overhead applied (4,500,000*1.50)

    12 Finished goods inventory


    Work-in process

    13 Accounts receivable
    Sales

    Cost of goods sold


    Finished goods inventory

    14 Cash
    Accounts receivable

    15 Factory Overhead Control - applied


    Cost of Goods Sold

    Factory overhead control


    Factory overhead applied
    Over-applied factory overhead
    Tobleron
    Debit Credit
    3,825,000 Raw Materials Invetory
    3,825,000.00 720,000
    3,825,000
    3,037,500 45,000
    1,012,500 4,590,000
    4,050,000 540,000

    45,000
    36,000
    9,000
    Work in process
    6,525,000 450,000
    1,125,000 3,037,500
    36,000 4,500,000
    45,000 6,750,000
    225,000 14,737,500
    5,094,000 5,701,500

    4,500,000
    2,025,000 Factory overhead applied
    6,525,000

    2,250,000
    54,000
    22,500
    36,000
    99,000
    2,038,500
    Finished goods inventory
    2,250,000 1,080,000
    2,250,000 9,000,000
    10,080,000
    8,145,000 630,000
    8,145,000

    450,000
    450,000
    Cash
    2,250,000
    2,250,000

    270,000
    180,000
    450,000

    810,000
    90,000
    900,000

    6,750,000
    6,750,000

    9,000,000
    9,000,000

    15,750,000
    15,750,000

    9,450,000
    9,450,000

    12,600,000
    12,600,000

    2,191,500
    2,191,500

    4,558,500
    6,750,000
    - 2,191,500.00
    Toblerone Company

    aw Materials Invetory Accounts Payable


    4,050,000 3,825,000.00

    4,050,000

    Work in process Factory overhead control


    36,000 1,012,500 9,000
    9,000,000 2,025,000 6,750,000
    450,000
    270,000
    9,036,000 810,000
    4,567,500 6,759,000
    2,191,500
    - -
    ctory overhead applied

    Cash
    8,145,000

    ished goods inventory


    9,450,000
    0 Cost of goods sold
    9,450,000 9,450,000 2,191,500
    7,258,500

    Cash

    Cash

    You might also like