During the year 2020, it presents the following balances:
Cash and cash equivalent $100,800.00
banks
· Accounts receivable $84,000.00
· Inventory of raw materials $ 42,000.00
· Inventory of products in process $ 28,560.00
· Inventory of finished products $ 50,400.00
· Property, plant, and equipment
Factory machinery and equipment $100,800.00
Delivery team $ 50,000.00
· Trade accounts payable $ 90,800.00
Share capital $335,600.00
· Accumulated profit $30,160.00
During the year 2021, the following operations will be carried out:
1. Raw materials were purchased on credit in the amount of $67,200.00
2. The production department required $78,960.00 of raw material, of which
$67,200.00 were of a direct nature and $11,760.00 of an indirect nature.
3. The amount of labor paid in the period amounted to the amount of $
30,240.00, of which $25,200.00 were of a direct nature and $5,040.00 of a
indirect.
10. The payment to suppliers in the year was $84,000.00
11. Administration expenses were $29,760.00.
12. Selling expenses were $36,240.00.
4. Various indirect payments will be made (electricity, rent, etc.) amounting to $
3,360.00.
5. Factory machinery depreciated by 10% per year.
6. Transportation equipment (sales department) depreciated by 25% per year.
7. Articles with an import of $151,200.00 were finished.
8. Sales for the year were $600,000.00, the cost of which amounted to the amount of $
201,600.00.
9. The collection to customers was $240,000.00.
10. The payment to suppliers in the year was $84,000.00
11. Administration expenses were $29,760.00.
12. Selling expenses were $36,240.00.

 

- Record operations in daily journal and ledger (3-column format)
- Prepare the statement of costs of production and sales.

Answer rating: 100% (QA)

Here are the journal entries for the given transactions Date Account Debit Credit Description 202101... View the full answer