A materials purchases journal, a cash payments journal, and a general journal for Vanyo, Inc., a manufacturer
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A materials purchases journal, a cash payments journal, and a general journal for Vanyo, Inc., a manufacturer of cardboard boxes, are provided in the Working Papers. Your instructor will guide you through the following examples.
Prepare journal entries for each of the following transactions or events.
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May 3. Purchased $15,400.00 of materials on account from Bushnell Corrugated. 5. Requisitioned $2,650.00 of direct materials and $350.00 of indirect materials for the production department. 15. Paid employees their semimonthly pay. Gross (pretax) direct labor costs were $11,200. Gross indirect labor costs were $1,600.00. Employee income tax was $1,480.00. Social security tax was 6.2% and Medi- care tax was 1.45% of gross wages. 21. Requisitioned $4,700.00 of direct materials and $2,100.00 of indirect materials for the production department. 31. Obtained factory costs for the month: depreciation on building, $750.00; depreciation on equipment, $1,200.00; insurance, $325.00; property taxes, $545.00; utilities, $1,880.00. Assume that these expenses have already been properly accounted for and now need to be closed. 31. Paid employees their semimonthly pay. Gross (pretax) direct labor costs were $10,150.00. Gross indirect labor costs were $1,370.00. Employee income tax was $1,220.00. Social security tax was 6.2% and Medi- care tax was 1.45% of gross wages. 31. Applied overhead at the rate of 50% of direct labor costs. 31. Transferred cardboard boxes costing $29,920.00 to finished goods during the month. 31. Sold cardboard boxes costing $24,760.00 during the month.
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