were PROBLEMS selected from their chart of accounts: Code A Account Name Cash Accounts receivable C Raw materials inventory Work in process inventory E Finished goods inventory F ccounts payable G...

Extracted text: were PROBLEMS selected from their chart of accounts: Code A Account Name Cash Accounts receivable C Raw materials inventory Work in process inventory E Finished goods inventory F ccounts payable G Direct labor Factory overhead Cost of goods sold Sales K Operating expense Credit for each transaction: Debit 1 Raw materials were purchased on account 2 Direct materials were requisitioned for Job 1225 3 Issued a check to vendor for repair services on factory equipment 4 Factory labor for the month was paid as incurred. 5 Direct and indirect labor used were recognized Raw materials previously purchased on account were paid 6 7 The production department requisitioned indirect materials for use in the factory. 8 Overhead was applied to production based on a predetermined overhead rate of P60 per labor hour 9 Completed goods were transferred to warehouse Goods costing P100,000 were sold for P135,000 on 10 account.