e. Costs of salaries and wages incurred and unpaid are as follows: Direct labor 400,000 Indirect labor 180,000 Sales commissions 104,000 Administrative salaries 250,000 f. Prepaid insurance expired during the year, P30,000 (80% relates to factory operations, 10% to selling, and 10% to administrative activities). g. Accrued miscellaneous selling and administrative expenses, P10,000 and P8,000 respectively h. Manufacturing overhead was applied to production. The company applies overhead on the basis of 150% of direct labor cost. i. Goods costing P1,400,000 to manufacture were transferred to the finished goods warehouse j. Goods that had cost P1,500,000 to manufacture were sold on account for P2,500,000. k. Collections from customers during the year totaled P2, 170,000. 1. Payments to suppliers on account during the year, P700,000, and payments to employees for salaries and wages, P900,000. Required: 1. Prepare T-account general ledgers for each account in the corporation's trial balance, and enter the opening balances. 2. Record/post the transactions in the T-account general ledgers. 3. Make an entry in the T-account to close any balance in the Factory Overhead account/s to Cost of Goods Sold 4. Prepare the following: Statement of Income Statement of Changes in Equity Statement of Financial Position for the year ended / as at December 31, 20xx. (Do not prepare a schedule of cost of goods manufactured; all of the information needed for the statement of income is available in the general ledgers you have prepared.) 5. Prepare/post closing entries. 6. Prepare Post-closing trial balance e. Costs of salaries and wages incurred and unpaid are as follows: Direct labor 400,000 Indirect labor 180,000 Sales commissions 104,000 Administrative salaries 250,000 f. Prepaid insurance expired during the year, P30,000 (80% relates to factory operations, 10% to selling, and 10% to administrative activities). g. Accrued miscellaneous selling and administrative expenses, P10,000 and P8,000 respectively h. Manufacturing overhead was applied to production. The company applies overhead on the basis of 150% of direct labor cost. i. Goods costing P1,400,000 to manufacture were transferred to the finished goods warehouse j. Goods that had cost P1,500,000 to manufacture were sold on account for P2,500,000. k. Collections from customers during the year totaled P2, 170,000. 1. Payments to suppliers on account during the year, P700,000, and payments to employees for salaries and wages, P900,000. Required: 1. Prepare T-account general ledgers for each account in the corporation's trial balance, and enter the opening balances. 2. Record/post the transactions in the T-account general ledgers. 3. Make an entry in the T-account to close any balance in the Factory Overhead account/s to Cost of Goods Sold 4. Prepare the following: Statement of Income Statement of Changes in Equity Statement of Financial Position for the year ended / as at December 31, 20xx. (Do not prepare a schedule of cost of goods manufactured; all of the information needed for the statement of income is available in the general ledgers you have prepared.) 5. Prepare/post closing entries. 6. Prepare Post-closing trial balance