Hi I would like to double check if I have done this correctly. I need to put
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Hi I would like to double check if I have done this correctly.
I need to put the below information into a journal.
Transaction | Amount |
---|---|
Raw Materials Purchased | 22,050 |
Direct materials issues | 18,300 |
Indirect materials issued | 3,400 |
Direct labour | 24,500 |
Indirect labour as per time sheets | 4,200 |
Gross factory payrolls incurred and paid | 28,700 |
Invoices for factory overhead recorded | 6,780 |
Factory overhead applied to work in progress | 14,800 |
Cost of production completed | 56,000 |
Cost of finished product sold | 53,320 |
General Journal | |||
Account Name | Debit | Credit | |
Purchase of raw materials | |||
Raw Materials Control | $ 22,050.00 | ||
Bank | $ 22,050.00 | ||
Issuse of direct materials | |||
Work In Progress | $ 18,300.00 | ||
Raw Materials Control | $ 18,300.00 | ||
Issue of indirect materials | |||
Work In Progress | $ 3,400.00 | ||
Raw Materials Control | $ 3,400.00 | ||
Payroll incurred | |||
Accrued Payroll | $ 28,700.00 | ||
Finance and Borrowing Expenses | $ 28,700.00 | ||
Payment of payroll | |||
Bank | $ 28,700.00 | ||
Accrued Payroll | $ 28,700.00 | ||
Allocation of direct labour | |||
Work In Progress | $ 24,500.00 | ||
Accrued Payroll | $ 24,500.00 | ||
Allocation of indirect labour | |||
Factory overhead applied | $ 4,200.00 | ||
Accrued Payroll | $ 4,200.00 | ||
Recording of factory overhead invoices | |||
Factory overhead Control | $ 6,780.00 | ||
Accounts payable | $ 6,780.00 | ||
Factory overhead applied to production | |||
Work In Progress | $ 14,800.00 | ||
Factory overhead applied | $ 14,800.00 | ||
Cost of production completed | |||
Finished Goods Inventory | $ 56,000.00 | ||
$ 56,000.00 | |||
Cost of finished product sold | |||
Accounts receivable | $ 53,320.00 | ||
Cost of Goods Sold | $ 53,320.00 | ||
Tranfer of cost of factory overhead | |||
Factory Overhead Applied | $ 14,800.00 | ||
Cost of goods sold | $ 14,800.00 | ||
Transfer factory overhead variance | |||
Cost of goods sold | $ 38,520.00 | ||
Allowance for Doubtful Debts | $ 38,520.00 | ||
Related Book For
Cost Accounting A Managerial Emphasis
ISBN: 978-0136126638
13th Edition
Authors: Charles T. Horngren, Srikant M.Dater, George Foster, Madhav
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