Prepare journal entries to record transactions a through h. a. Raw materials purchased on credit, $108,000....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Prepare journal entries to record transactions a through h. a. Raw materials purchased on credit, $108,000. b. Direct materials used, $44,000. Indirect materials used, $19,800. c. Direct labor used, $46,000. Indirect labor used, $24,000. (Record using Factory Wages Payable.) d. Paid cash for other actual overhead costs, $8,750. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $86,000. g. Sales of jobs on credit was $123,000. h. Cost of jobs sold was $86,000. Answer is not complete. 1 No Transaction a. General Journal Debit Credit Raw materials inventory Accounts payable 108,000 108,000 2 b(1). Work in process inventory Raw materials inventory 44,000 44,000 3 b(2). Factory overhead 19,800 Raw materials inventory 19,800 4 c(1). Work in process inventory 46,000 Factory wages payable 46,000 5 c(2) Factory overhead 24,000 Factory wages payable 24,000 6 d. Factory overhead 8,750 Cash 8,750 7 e. Work in process inventory 55,200 Factory overhead 55,200 8 f. Finished goods inventory 86,000 Work in process inventory 86,000 10 h. Cost of goods sold 86,000 Finished goods inventory 86,000 Prepare journal entries to record transactions a through h. a. Raw materials purchased on credit, $108,000. b. Direct materials used, $44,000. Indirect materials used, $19,800. c. Direct labor used, $46,000. Indirect labor used, $24,000. (Record using Factory Wages Payable.) d. Paid cash for other actual overhead costs, $8,750. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $86,000. g. Sales of jobs on credit was $123,000. h. Cost of jobs sold was $86,000. Answer is not complete. 1 No Transaction a. General Journal Debit Credit Raw materials inventory Accounts payable 108,000 108,000 2 b(1). Work in process inventory Raw materials inventory 44,000 44,000 3 b(2). Factory overhead 19,800 Raw materials inventory 19,800 4 c(1). Work in process inventory 46,000 Factory wages payable 46,000 5 c(2) Factory overhead 24,000 Factory wages payable 24,000 6 d. Factory overhead 8,750 Cash 8,750 7 e. Work in process inventory 55,200 Factory overhead 55,200 8 f. Finished goods inventory 86,000 Work in process inventory 86,000 10 h. Cost of goods sold 86,000 Finished goods inventory 86,000
Expert Answer:
Answer rating: 100% (QA)
Answer Transaction General Journal Debit Credit Explanation a Raw materials inventory 108000 Account... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
The eight lamps are being replaced by eight white LED (light emitting diode) spotlights. They will provide the same amount of light as the halogen lamps and will be used for the same 2800 hours per...
-
Following are the prices of toothpaste (9 oz.), shampoo (7 oz.), cough tablets (package of 100), and antiperspirant (2 oz.) for August 2010 and August 2018. Also included are the quantity purchased....
-
Parent Ltd owns 80% of Subsidiary Ltd. In the financial year ended 30 June 20X2, Subsidiary Ltd sold inventory to Parent Ltd. Details regarding the transaction are as follows: Cost to Subsidiary to...
-
Brimstone is a caustic by-product of the production of fairy dust. The external marginal cost caused by inhalers of brimstone is indicated in the graph at right as MCP. The marginal abatement costs...
-
The Meyers CPA firm has the following overhead budget for the year: Overhead Indirect materials........................$ 300,000 Indirect labor.............................1,600,000...
-
What was the condition of Europe in the 15th century?
-
Hi-Speed Electronics manufactures low-cost, consumer-grade computers. It sells these computers to various electronics retailers to market under store brand names. It manufactures two computers, the...
-
Estimate the following quantities of both Aluminum and Steel as presented in the following superimposed stress-strain curves: a) Yield stress, b) Young's Modulus, b) Tensile strength
-
Show (i) auxy = aux = uxa (ii) ux + = x + x ( ) ( ) ( ) for = R u, v, WE R (associative property of cross product) (distributive property of cross product)
-
Tabitha often gets frustrated. She honks her horn and yells at other drivers and will throw her racket if she gets beat playing tennis.What would Tabitha probably be best describe ?
-
About Terry v Ohio. Why is this case so important to policing practices in todays world ?? What new interaction between civilians and law enforcement officers were added?? And why was this new...
-
If a corporation issues 3,000 shares of $1.40 par value common stock for $18,000, the journal entry would include a credit to O A. Common Stock for $18,000. B. Paid-in Capital in Excess of Par-Common...
-
Yuli wants to help his adult grandson, Jerry, become a CPA. He pays all of Jerry's tuition this year, which totals $20,000. He also pays $9,000 for Jerry's room and board at school. Yuli makes the...
-
Tonic Inc. is a manufacturing company. Last year, the company generated $75 million in EBIT. The company also had $50 million in capital expenditures and reported $20 million in depreciation and...
-
Why you should protect your wireless network with WPA. What aspects of WPA would you recommend to the average home-user with wireless access?
-
A woman at a point A on the shore of a circular lake with radius 2 mi wants to arrive at the point C diametrically opposite on the other side of the lake in the shortest possible A time. She can walk...
-
The \(x\) component of a car's velocity increases from 0 to \(+5.0 \mathrm{~m} / \mathrm{s}\) in \(1.0 \mathrm{~s}\), and then from \(+5.0 \mathrm{~m} / \mathrm{s}\) to \(+10 \mathrm{~m} /...
-
Describe how to determine the \(x\) component of the position of an object at a specific instant, given (a) a graph of position \(x\) as a function of time \(t\) and (b) an equation for \(x(t)\).
-
In an \(x(t)\) curve, what is the significance of a steep slope as opposed to a gentle slope? What is the significance of a curve that slopes downward as you move from left to right along the time...
Study smarter with the SolutionInn App