The following accounts will be used in this problem: A. Raw materials inventory B. Accounts payable C.
Question:
The following accounts will be used in this problem:
A. Raw materials inventory
B. Accounts payable
C. Cost of goods sold
D. Work in process inventory
E. Manufacturing overhead
F. Wages and salaries expense
G. Accumulated depreciation
H. Depreciation expense
I. Finished goods inventory
J. Wages and salaries payable
K. Prepaid insurance
L. Insurance expense
Required:
Enter identifying letters in the blanks below to indicate the accounts debited and credited under a job-order costing system for each of the following summary transactions:
Debit Credit
1 Insurance expired on the factory building.
2 Cost of goods sold is recorded.
3 Materials are purchased on account.
4 Direct labor cost is incurred.
5 Cost of goods manufactured is recorded.
6 Salaries are recorded for the sales staff.
7 Depreciation is recorded on the factory building
8 Materials are placed into production.
9 Manufacturing overhead is assigned to units of product.
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby