provide journal entries for the transaction letters: J, K, L Problem 5Wesleyan Company contained the following account balances:CashAccounts ReceivableFinished GoodsWork in ProcessMaterialsAccounts PayableAccrued PayrollCommon StockRetained EarningsDuring January, 2022, the following transactions were completed.a) Materials purchased on account, P 250,000.b) Factory overhead incurred on account. P 43,7501Deductions from payroll were as follows:Withholding taxesSSS PremiumsPhil Health Contributionsc) Payroll for the period consists of: direct labor - P175.000; indirect laborP37,500; sales salaries P31,250; and administrative salaries -P18,750.SSS PremiumsPhil HealthPag-ibig FundPag-ibig Fundsd) P218,750 was paid for payrolle) Computation of employer's payroll tax is as follows:SellingP 1,562.50PFactoryP 10,6257506,375-P468.75937.50125,00075,00043,75022,50062,50012,50010,000250,00056.25023,15010.5001.406.257,875AdministrativeP 937.50187.50562.50f) Materials issued: direct materials - P231,250; indirect - P43,750.g) Factory overhead was charged to production at 80% of direct labor cost.h) Work finished and placed in stock - P512,500i) Cost of goods sold - P481.250. The markup was 40% of cost.-i) Cash collected from customers, P506,250..k) Payments for liabilities amounted to P 275,000, other than payroll1) Remitted withheld tax to BIR and paid in full all accounts with GOCCsregarding employee welfare..

Journal entries are recorded in the initial step of accounting cycle process. Under this, atleast…

Answered: provide journal entries for the…

Business

Accounting

provide journal entries for the transaction letters: J, K, L

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter16: Financial Statements And Closing Entries For A Corporation

Section: Chapter Questions

Problem 5AP

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Recording payroll and payroll taxes The following information about the payroll for the week ended October 4 was obtained from the records of Simkins Mining Co.: Instructions Illustrate the effect on the accounts and financial statements of recording the October 4 payroll.
Recording payroll and payroll taxes The following information about the payroll for the week ended October 4 was obtained from the records of Simkins Mining Co.: Instructions Illustrate the effect un (he accounts and financial statements of recording the liability for the October 4 employer payroll taxes.
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Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December: Instructions 1. Journalize the transactions. 2. Journalize the following adjusting entries on December 31: A. Salaries accrued: operations salaries, 8,560; officers salaries, 5,600; office salaries, 1,400. The payroll taxes are immaterial and are not accrued. B. Vacation pay, 15,000.
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