Mahal Manufacturing Company

General Journal
31 July 2012
DATE Accounts DR CR DATE
Dec-99 Raw Materials Purchases 23,000
Freight In 2,000
Accounts Payable 25,000
To Record materials purchased

2 Factory Supplies Purchases 6,500

Cash 6,500
To record factory supplies purchased

3 Indirect Labor 10,000

Sales Salaries 8,000
Administrative Salaries 15,000
Direct Labor 39,000
Withholding taxes Payable 3,600
SSS Premiums Payable 1,440
PhilHealth Premiums Payable 1,080
HDMF Payable 720
Cash 65,160
To record payroll

4 Machine repairs expense 2,000

Factory Insurance expense 1,500
Machine, oil and Lubrication Expense 4,500
Delivery Truck Repairs Expense 3,750
Cash 11,750
To record overhead

5 Rent Expense - MANUFACTURING 4,000

Rent Expense - DISTRIBUTION 2,000
Rent Expense - ADMINISTRATIVE 2,000
Light and Power Expense - MANUFACTURING 3,000
Light and Power Expense - DISTRIBUTION 1,500
Light and Power Expense - ADMINISTRATIVE 1,500
Cash 14,000
To record common overhead

6 Accounts Receivable 165,000

Cash 75,000
Sales 240,000
To record sales
7 Accounts Payable 21,500
Purchase Discounts 500
Cash 21,000
To record payment of liabilities

8 Cash 118,400
Sales Discounts 1,600
Accounts Receivable 120,000
To record collection of Account

ADDITIONAL INFO

Depreciation Expense - Machinery 2,500

Depreciation Expense - Office Furniture & Equipment 750
Depreciation Expense - Delivery Trucks 1,000
Accumulated Depreciation 4,250
To record Depreciation Expense

Prepaid Factory Insurance 300

Factory Insurance Expense 300
To record Expired Factory Insurance

Factory Expense 1,750

Factory Payable 1,750
To record factory expense

Work in Process, end 20,500

Raw Material Inventory, end 14,000
Manufacturing Summary 34,500
To record manufacturing component

Finished Goods, end 10,800

Income and Expense Summary 10,800
To record Inventory

Factory Supplies Expense 5,000

Factory Supplies 5,000
To record Factory supplies Expense

Office Supplies Expense 200

Office Supplies 200
To record Office supplies Expense
 Mahal Manufacturing Company Mahal Manufac
Cost of Goods Manufactured Statement Income S
For the Month Ending 31 July 2012 For the Month En
ACCOUNTS DR CR Sales
DIRECT MATERIALS USED Less: Sales Discounts
Raw Materials Inventory, beg 30,000 NET SALES
Add: Net Cost of Purchases COST OF GOODS MANUFACTURED
Raw Material Purchases 23,000 Add: Finished Goods, beg
Less: Purchase Discounts 500 COST OF GOODS AVAILABLE FOR SAL
Net Purchases 22,500 Less: Finished Goods, end
Add: Freight In 2,000 LESS: COST OF GOODS SOLD
Net Cost of Purchases 24,500 GROSS MARGIN
COST OF GOOD AVAILABLE FOR USE 54,500 Administrative Expenses
Less: Raw Materials Inventory, end 14,000 Distribution Expenses
DIRECT MATERIALS USED 40,500 DISTRIBUTION and ADMINISTRATIVE
DIRECT LABOR 39,000 NET INCOME
FACTORY OVERHEAD
Indirect Labor 10,000 1 ADMINISTRATIVE EXPENSES
Machine, oil and Lubrication Expense 4,500 Administrative Salaries
Rent Expense - MANUFACTURING 4,000 Rent Expense
Light and Power Expense - MANUFACTURING 3,000 Light and Power Expense
Factory Supplies Expense 5,000 Depreciation Expense - Office Furnitur
Depreciation Expense - Machinery 2,500 Office Supplies Expense
Machine repairs expense 2,000 TOTAL
Factory Expense 1,750
Factory Insurance Expense 300 2 DISTRIBUTION EXPENSES
FACTORY OVERHEAD 33,050 Sales Salaries
TOTAL MANUFACTURING COST 112,550 Delivery Truck Repairs Expense
Add: Work in Process, beg 40,000 Rent Expense - DISTRIBUTION
COST OF GOODS PUT INTO PROCESS 152,550 Light and Power Expense - DISTRIBUT
Less: Work in Process, end 20,500 Depreciation Expense - Delivery Truck
COST OF GOODS MANUFACTURED 132,050 TOTAL
 Mahal Manufacturing Company Mahal Manufact
Income Statement Statement of fin
For the Month Ending 31, July 2012 For the Month end
240,000 ASSETS
Less: Sales Discounts (1,600) Current Assets
238,400 Cash
COST OF GOODS MANUFACTURED 132,050 Accounts Receivable
Add: Finished Goods, beg 6,000 Finished Goods, end
COST OF GOODS AVAILABLE FOR SALE 138,050 Work in Process, end
Less: Finished Goods, end (10,800) Raw Materials, end
LESS: COST OF GOODS SOLD (127,250) Factory Supplies
GROSS MARGIN 111,150 Office Supplies
Administrative Expenses 19,450 Prepaid Factory Insurance
Distribution Expenses 16,250 Total Current Assets
DISTRIBUTION and ADMINISTRATIVE EXPENSES 35,700
NET INCOME 75,450 Non-Current Assets
Office Furniture and Equipment
ADMINISTRATIVE EXPENSES Accumulated Depreciation - Office Furni
Administrative Salaries 15,000 Machinery
Rent Expense 2,000 Accumulated Depreciation - Machinery
Light and Power Expense 1,500 Delivery Equipment
Depreciation Expense - Office Furniture & Equipment 750 Accumulated Depreciation - Delivery Eq
Office Supplies Expense 200 Total Non-Current Assets
19,450 TOTAL ASSETS

DISTRIBUTION EXPENSES LIABILITIES

Sales Salaries 8,000 Current Liabilities
Delivery Truck Repairs Expense 3,750 Accounts Payable
Rent Expense - DISTRIBUTION 2,000 Factory Payable
Light and Power Expense - DISTRIBUTION 1,500 HDMF Premiums Payable
Depreciation Expense - Delivery Trucks 1,000 SSS Premiums Payable
16,250 Philhealth Premiums Payable
Withholding Taxes Payable
Notes Payable
TOTAL LIABILITIES

STOCKHOLDER'S EQUITY
Capital Stock
Retained Earnings
APIC
Add: Net Income
TOTAL STOCKHOLDER'S EQUITY
TOTAL LIABILITIES and STOCKHOLDER'S EQUITY
 Mahal Manufacturing Company
Statement of financial Position
For the Month ending 31, July 2012

urrent Assets
224,490.00
Accounts Receivable 60,750.00
Finished Goods, end 10,800.00
Work in Process, end 20,500.00
Raw Materials, end 14,000.00
Factory Supplies 5,000.00
Office Supplies 200.00
Prepaid Factory Insurance 1,200.00
otal Current Assets 336,940.00

on-Current Assets
Office Furniture and Equipment 79,600.00
Accumulated Depreciation - Office Furniture and Equipment (10,950.00)
Machinery 225,000.00
Accumulated Depreciation - Machinery (22,000.00)
Delivery Equipment 80,000.00
Accumulated Depreciation - Delivery Equipment (18,000.00)
otal Non-Current Assets 333,650.00
OTAL ASSETS 670,590.00

urrent Liabilities
Accounts Payable 11,500.00
Factory Payable 1,750.00
HDMF Premiums Payable 720.00
SSS Premiums Payable 1,440.00
Philhealth Premiums Payable 1,080.00
Withholding Taxes Payable 3,600.00
Notes Payable 74,800.00
OTAL LIABILITIES 94,890.00

OCKHOLDER'S EQUITY
Capital Stock 250,000.00
Retained Earnings 155,000.00
93,500.00
Add: Net Income 77,200.00
OTAL STOCKHOLDER'S EQUITY 575,700.00
OTAL LIABILITIES and STOCKHOLDER'S EQUITY 670,590.00