Chapter 1 MANUFACTURING CONCERN - NON-COST SYSTEM B-1-9 -Data for adjustments: I. Furniture and Equipment are depreciated at 10% per annum. From the following Trial Balance of Golden Manufacturing Company prepare: 2. Bad Debts is 1% of Sales. 3. Accrued salaries - Sales, P50,000. 4. Amortization of Patents 20% per annum. 5. Tools written off, P22,000. 3) Balance Sheet - 6. The following is the distribution of selected accounts: 4) Adjusting Entries 5) Closing Entries Factory Selling Administrative (08,Golden Manufacturing Company Trial Balance Light and Power 50% 30% 20% June 30, 20%43 6 45 67 Insurance 70% 10% 20% 10% Cash on Hand and in Banks P 500,000 Repairs and Maintenance 80% 10% Accounts Receivable 2,400.300 7. Inventories at end of period "Allowance for Bad Debts P. 120,000 Raw Materials P200,000 Finished Goods Inventory 320,000 Work in Process 140.000 Work in Process Inventory 400,000 Finished Goods 260,000 Raw Materials Inventory 300,000 FEE Factory Supplies 20.000 Machinery and Equipment 2,000,000 Accumulated Depreciation-Machinery & Eqpt. 1:400,000 Furniture and Fixtures - 300,000 Accumulated Depreciation-Furniture & Fixtures 30 000 Tools 240.000 Patents 600 000 Accounts Payable 610,000 Lina, Drawing 200,000 / Lina, Capital 6,000,000 Sales '9,000,300 Raw Materials Purchases 3,500,000% "Raw Materials Returns and Allowances $1,000 Direct Labor 2,600,000 Indirect Materials 220,000 Indirect Labor 450,000 Light and Power 200,000 Insurance Expense 250.000 Repairs and Maintenance 60 000 Miscellaneous Expense-Factory 80,000 Advertising Expense . 28: 220,000- Sales Salaries MACH 280.000- Sales Commission 300,000 - Store Supplies Expense 170,000- Miscellaneous Selling Expense 80,000/ Office Salaries 220,000 / Office Supplies Expense 110,000? Miscellaneous General Expense 151,000- Factory Supplies Expense -60.000 / P 16,211,300 P 16,211,300