Joumalize the June transactions: (1) purchase of raw materials, factory labor costs Incurred, and manufacturing overhead...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Joumalize the June transactions: (1) purchase of raw materials, factory labor costs Incurred, and manufacturing overhead costs Incurred; (2) assignment of direct materials, labor, and overhead to production; and (3) completion of Jobs and sale of goods. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not Indent manually) No. Account Titles and Explanation (1) (2) Raw Materials Inventory Accounts Payable (To record purchase of raw materials) (3) Factory Labor Accounts (To record factory labor costs pald) Manufacturing Overhead Accumulated Depreciation-Equipment (To record manufacturing overhead costs Incurred) Raw Materials Inventory (To record assignment of raw materials) (To record assignment of factory labor) Manufacturing Overhead (To record assignment of manufacturing overhead) (To record completion of Jobs) (To record sale of goods) Cost of Goods Sold Finished Goods Inventory (To record the cost of goods sold) Debit 4900 1000 1404.25 10 00 Credit 4900 70 1000 Joumalize the June transactions: (1) purchase of raw materials, factory labor costs Incurred, and manufacturing overhead costs Incurred; (2) assignment of direct materials, labor, and overhead to production; and (3) completion of Jobs and sale of goods. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not Indent manually) No. Account Titles and Explanation (1) (2) Raw Materials Inventory Accounts Payable (To record purchase of raw materials) (3) Factory Labor Accounts (To record factory labor costs pald) Manufacturing Overhead Accumulated Depreciation-Equipment (To record manufacturing overhead costs Incurred) Raw Materials Inventory (To record assignment of raw materials) (To record assignment of factory labor) Manufacturing Overhead (To record assignment of manufacturing overhead) (To record completion of Jobs) (To record sale of goods) Cost of Goods Sold Finished Goods Inventory (To record the cost of goods sold) Debit 4900 1000 1404.25 10 00 Credit 4900 70 1000
Expert Answer:
Answer rating: 100% (QA)
Joumallize the June transactions 1 Purchase of raw materials factory labor costs incurred and m... View the full answer
Related Book For
Accounting Tools for business decision making
ISBN: 978-0470095461
4th Edition
Authors: kimmel, weygandt, kieso
Posted Date:
Students also viewed these accounting questions
-
3 Below is financial information for December Inc., which manufactures a single product: 4 5 5 7 3 #units produced October Low activity November High activity 7,000 11,000 Cost of goods manufactured...
-
Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2020, the...
-
Calculate the effective annual rate for an investment that has a stated interest of 12% being compounded quarterly.
-
What are the costs of healthcare, where does the money come from, and where is it spent?
-
After each cell division, these chromosomal structures shorten, thus regulating the life span of a cell. a. Mitochondria b. Free radicals c. Telomeres d. Plasma membranes
-
Q2. How does cv.glm() function work? Do you need to write a for-loop when you use cv.glm() function?.
-
MPS Industries is considering the purchase of equipment costing $100,000.00 having a seven-year useful life. Projected net cash flows from the investment are shown below. Determine the net present...
-
A lack of top management support has led to the downfall of many new systems projects during the implementation phase. Why is this support so important?
-
Consider the following. f ( x ) = 1 6 3 ( 1 x 2 ) 4 / 3 ( a ) Find f ' ( x ) . f ' ( x ) = ( b ) Graph both f ( x ) and f ' ( x ) with a graphing utility. The x y - coordinate plane is given. There...
-
Implement a C program to solve the 15-puzzle problem using theA* search algorithm. 1. Objectives ? To gain more experience on using pointers and linkedlists in C programs. ? To learn how to solve...
-
A stationary mass 1.3kg IS hanging from a spring Constant k = 1200 N/m you raise the mass distance of 10om above equilibrum position. How much potential energy of the mass spring system change? 4
-
What is the purpose of link controls in the communication subsystem?
-
Distinguish between the desired upper precision limit and the computed upper precision limit. How is each determined ?
-
Why is it sometimes useful to employ redundant calculations in a program? In what types of programs would redundant calculations be most useful?
-
State the relationship between the preliminary evaluation of an internal control system and tests of compliance.
-
What is the purpose of timing controls within the central processing unit?
-
What are the types of cliques and significant groups that existed in your high school. Identify the types of clothing, behavior, social styles, and other characteristics that tied the groups...
-
Refrigerant R-12 at 30C, 0.75 MPa enters a steady flow device and exits at 30C, 100 kPa. Assume the process is isothermal and reversible. Find the change in availability of the refrigerant.
-
For Goody Company, the budgeted cost for one unit of product is direct materials $10, direct labor $20, and manufacturing overhead 90% of direct labor cost. If 25,000 units are expected to be sold at...
-
Contrast the advantages and disadvantages of the direct and indirect methods of preparing the statement of cash flows. Are both methods acceptable? Which method is preferred by the FASB? Which method...
-
Distinguish between ordinary repairs and capital expenditures during an assets useful life.
-
Consider a publicly-held company whose products you are familiar with. Some examples might include: Access the companys public website and search for its most recent annual report. ies: Some pre al...
-
The 2014 financial statements of LVMH Moet Hennessey-Louis Vuitton S.A. are presented in Appendix C of this book. LVMH is a Paris-based holding company and one of the worlds largest and best-known...
-
The basic concept behind a learning organization is: A. The popularity to change. B. The people change. C. The adaptation to change. D. The resources of change.
Study smarter with the SolutionInn App