JOURNAL ENTRIES FOR MATERIAL, LABOR, AND OVERHEAD Jones Manufacturing Corporation had the following transactions for its job

Question:

JOURNAL ENTRIES FOR MATERIAL, LABOR, AND OVERHEAD Jones Manufacturing Corporation had the following transactions for its job order costing operation. Prepare general journal entries to record these transactions.

Jan. 1 Purchased materials on account, $15,000.

15 Issued direct materials to Job No. 101, $10,000.

20 Issued indirect materials (factory overhead), $4,000.

31 Incurred direct labor, Job No. 101, $8,000.

31 Incurred indirect labor (factory overhead), $2,000.

31 Incurred other indirect costs (factory overhead; credit Accounts Payable), $1,500.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...