Exercise $3$: Journal Entries, Perpetual Inventory Method Journalize the following transactions of Reese Mfg$.$ Co$.$ for its first year of operatione Show the corresponding entrics for the subsidiary records. $($Use the voucher system.$)$ a$.$ Materials purchases on account, P $15,000$ b Purchase returns, P $1\mathrm{.}750$ c Materials issued: diroct materials $-$ P $11,250$ and indirect materials $-$ P $2,750$ d$.$ Payment of the payroll: Amount eamed Deductions: SSS PhilHealth. Pag$-$IBIG. Income tax withheld. Net amount P $23\mathrm{.}100$ P $900300275450$ P $\backslash (\backslash$frac$\{1\mathrm{.}925\}\{21\mathrm{.}175\}\backslash )$ c$.$ Breakdown of payroll: Inmoducton to the Gout Systnm$,$ Job Oreder Costing $\backslash (\backslash$$ $1\backslash )$

f$.$ The comenponding employor seontributions fo SSS$.$ Philffealth, and Pag$-4$BIG and the premiurn for workoneti's compensation $($EC$)$ are taken up as follows:

g The contributions to SSS$,$ Philticalth. Pag$-$IB$1$G$,$ and EC arc remitted.

h Payments to suppliers of materials, P II$,150$

i$.$ Factory overhead charged to production: $\backslash (110\backslash \%\backslash )$ of direct labor cont

$1.$ Insurance promiums paid, P$1,100$ charged as follows: factory $\backslash (-50\backslash \%\backslash ),$ stort $-\backslash (30\backslash \%\backslash$mathrm$\{$ch$\}\backslash )$ office $-\backslash (20\backslash \%\backslash )$

k$.$ Payment for factory nepairs, P $1\mathrm{.}650$

$1.$ Cost of goods manmfactured. P $23,000$

in Sales on account. $\backslash ($ P $37,500\backslash ),$ cost of goods sold. $\backslash ($ P $20\mathrm{.}000\backslash )$

if Sates returns, $\backslash (9,5,250\backslash ),$ cost of goods returned, $\backslash ($ P $3,400\backslash )$

a Collectioms front customers, F $27,500$

p$.$ Provisions for depraciation factory machunery and equipment $-$P $450.$ store fimiturc $-$ P $200,$ and office furnture $=\backslash (\backslash$boldsymbol$\{$P$\}275\backslash )$

$4$ The fatory overhuad varatace is set up and closed to C'ixst uf Cmady Moldf