Prepare the Journal entries of each transaction.

 

A. Prepare the journal entries the following: 31.Materials purchased on account of which 90% were paid during the year - P4,700,000 32. Materials issued to production of which 80% are direct materials - P3,800,000 33. Factory Payroll for the period of which 80% is direct labor- P3,000,000 34.Depreciation of Factory machineries and equipment - P80,000 35.Factory Utilities paid P300,000 36.Factory insurance expired, adjusting entry - 50,000 37.Factory rental paid including the payment of P100,000 rental deposit - P1,000,000 38.Kirei uses the normal cost accounting system. Applied factory overhead is 110% of direct labor. 39.Close applied factory overhead to factory overhead control and the difference shall be either under applied or over applied factory overhead.