Question

Hi! Please help me to make journal about these transactions below from aa1 to aa7. Thank youuuu.

II. The RS Metal Company received two orders from customers on January 17,20x9: Assigned Job No. 101 SM Auto Parts placed an order for 10,000 aluminum rods, 4 inch diameter, 12 inches long. The price agreed upon for the order is P70,000. SM Auto Parts requested a completion date of January 21,20x9. 102 The Fortune Lamp Company placed an order for 3,000 aluminum switch plates of standard size. The price for this job is P30,000 and the requested completion date is January 25,20x9. Both jobs will be shaped in the forming department and cleaned in the finishing department. The RS Metal Company uses job order cost system. The following transactions relate to jobs 101 and 102: a.a..1. On January 7, 20x9, the purchasing department bought: 50,000 lb. of aluminum for P375,000; unit cost is P7.50/b. 500 gallons of cleaning fluid for P25,000; unit cost P50/gal a.a. 2. The following materials were requisitioned: Date Quantity Description Amount Forming Department Job 101 1/17 2,500 lb. Aluminum P18,750 Job 102 1/17 300 lb. Aluminum 2.250 Total P21,000 Finishing department 1/24 Total 10 gal Cleaning fluid P Р 500 500

Answer 1

Answer : Dear Student please let me know in csae of any doubts.

Date AA1 debit credit 375000 250001 400000 AA2 Accout Raw Material A/c (Aluminium) Raw Material A/C (Clening Fluid) To cash A/C (Being Material purchased) JOB 101 WIP A/C JOB 102 WIP A/C To Raw Material A/C (Aluminium) (Being Material issued to JOBS) Finishing Department A/C TO Raw Material A/C (Clening Fluid) 18750 2250 21000 5001 500 AA3 15500 7500 (being rawmaterial issued to finishing department) JOB 101 WIP A/C JOB 102 WIP A/C To Labour Finishing Department A/C JOB 101 WIP A/C JOB 102 WIP A/C 23000 3500 1500 5000 10000 2000 750 2000 750 To Labour Indirect (Being labour expenses charged to Jobs and Finishing dept. on 1/17/9) JOB 101 WIP A/C Finishing Department A/C To Labour Indirect To Labour Indirect (Being labour expenses charged to Jobs and Finishing dept. on 1/24/9) Insurance Exp A/C Depreciatoin Exp A/C Payroll taxes Exp A/C To Assets a/c To Cash A/c/ Party A/c AA4 12000 1500 20001 1500 14000 AAS 15500 7500 5250 282501 AA6 892.86 1071.4 (1000*18750/21000) (1000*2250/21000) 10000 (Being Various exp inciurred) JOB 101 WIP A/C JOB 102 WIP A/C Finishing Department A/c To Factory Overhead A/C (Being Factory Overhead exp Charged) JOB 101 WIP A/C JOB 102 WIP A/C TO Finishing Department A/c (Being Finishing Department exp are distributed in JOBS on basis of Material issued) Finished Goods A/C TO JOB 101 WIP A/C TO JOB 102 WIP A/C (Being JOBS are completed and transferred to Finish Goods A/C) Party A/C To Sales A/c / Revenue A/C (JOB 101) To Sales A/c / Revenue A/C (JOB 102) (Being Jobs are finished and sales are recorded) 77464 54143 23321 AA7 100000 70000 30000