Prepare summary journal entries to record the following transactions and events a to g for a business
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Prepare summary journal entries to record the following transactions and events a to g for a business in its first month of operations |
a. | Raw materials purchased on account, $112,000. |
b. | Direct materials used in production, $45,000. Indirect materials used in production, $20,200. |
C. | He paid the factory payroll in cash, $45,000. Of this total, $33,000 is for direct labor and $12,000 for indirect labor. |
d. | Paid cash other actual costs, $6,000. |
e | General expenses applied at a rate of 120% of the cost of direct labor. |
F. | Cost transferred from finished works to finished products, $75,720. |
g. | Works sold on account for $109,000. The works had a cost of $75,720. |
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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