Assuming a routine manufacturing activity, present journal entries (account titles only) for each of the following...

   

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Assuming a routine manufacturing activity, present journal entries (account titles only) for each of the following transactions: a. Purchased material on account. Description Debit Credit Materials inventory Accounts payable b. Recorded wages payable (for indirect labor) earned but not paid. Description Debit Credit Manufacturing overhead Wages payable c. Requisitioned both direct material and indirect material. Debit Credit Description Work in process inventory Manufacturing overhead Materials inventory d. Assigned direct and indirect labor costs. Description Debit Credit Work in process inventory Manufacturing overhead Wages payable e. Recorded factory depreciation and accrued factory property tax. Description Debit Credit Manufacturing overhead Accumulated depreciation-factory Property taxes payable f. Applied manufacturing overhead to production. Description Work in process inventory Debit Credit Manufacturing overhead g. Completed work on products. Debit Credit Description Finished goods inventory Work in process inventory h. Sold finished goods on account. Description Debit Credit Accounts receivable Sales To transfer cost to expense. Cost of goods sold Finished goods inventory To record sale of goods. i. Paid wages Description Debit Credit Wages payable Cash To pay wages earned. Flow of Product Costs through Accounts The following T accounts present a cost flow in which all or part of typical manufacturing transactions are indicated by parenthetical letters on the debit or credit side of each account. Materials Inventory (а) (C) Wages Payable (1) (b) (d) Manufacturing Overhead (b) (c) (d) (e) Work in process Inventory (c) (g) (d) (0 Finished Goods Inventory (g) |(h) Cost of Goods Sold (h) Assuming a routine manufacturing activity, present journal entries (account titles only) for each of the following transactions: a. Purchased material on account. Description Debit Credit Materials inventory Accounts payable b. Recorded wages payable (for indirect labor) earned but not paid. Description Debit Credit Manufacturing overhead Wages payable c. Requisitioned both direct material and indirect material. Debit Credit Description Work in process inventory Manufacturing overhead Materials inventory d. Assigned direct and indirect labor costs. Description Debit Credit Work in process inventory Manufacturing overhead Wages payable e. Recorded factory depreciation and accrued factory property tax. Description Debit Credit Manufacturing overhead Accumulated depreciation-factory Property taxes payable f. Applied manufacturing overhead to production. Description Work in process inventory Debit Credit Manufacturing overhead g. Completed work on products. Debit Credit Description Finished goods inventory Work in process inventory h. Sold finished goods on account. Description Debit Credit Accounts receivable Sales To transfer cost to expense. Cost of goods sold Finished goods inventory To record sale of goods. i. Paid wages Description Debit Credit Wages payable Cash To pay wages earned. Flow of Product Costs through Accounts The following T accounts present a cost flow in which all or part of typical manufacturing transactions are indicated by parenthetical letters on the debit or credit side of each account. Materials Inventory (а) (C) Wages Payable (1) (b) (d) Manufacturing Overhead (b) (c) (d) (e) Work in process Inventory (c) (g) (d) (0 Finished Goods Inventory (g) |(h) Cost of Goods Sold (h)

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Solution a Purchase of Raw Material Description Debit Credit Raw Material Inventory xxxx Accounts Pa... View the full answer