Roppongi Company incurred payroll for the week ₱100,000, which consists of ₱70,000 earned by 20 production workers and ₱30,000 earned by 10 sales workers. Roppongi also estimated that annual bonus of ₱432,000 will be paid at year-end. All employees are entitled to 4-week paid vacation and 10 paid holidays. Required: Prepare the journal entries to (a) distribute the weekly payroll and to (b) accrue the bonus, vacation and holiday pay
Roppongi Company incurred payroll for the week ₱100,000, which consists of ₱70,000 earned by 20 production workers and ₱30,000 earned by 10 sales workers. Roppongi also estimated that annual bonus of ₱432,000 will be paid at year-end. All employees are entitled to 4-week paid vacation and 10 paid holidays. Required: Prepare the journal entries to (a) distribute the weekly payroll and to (b) accrue the bonus, vacation and holiday pay
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter3: Accounting For Labor
Section: Chapter Questions
Problem 6E
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Roppongi Company incurred payroll for the week ₱100,000, which consists of ₱70,000 earned by 20 production workers and ₱30,000 earned by 10 sales workers. Roppongi also estimated that annual bonus of ₱432,000 will be paid at year-end. All employees are entitled to 4-week paid vacation and 10 paid holidays.
Required: Prepare the
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