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All transactions on this page must be entered (except for post ref(5)) before you will receive Check My Work feedback. PAGE 10 JOURNAL Score: 10/63 DATE DESCRIPTION POST. REF. DEBIT CREDIT Nov. 30 Factory Overhead 22,734.00 3 4 %24 Chart of Accounts LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary Chart of Accounts CHART OF ACCOUNTS Townsend Industries Inc. General Ledger ASSETS REVENUE 110 Cash 410 Sales 121 Accounts Receivable 610 Interest Revenue 125 Notes Receivable 126 Interest Receivable EXPENSES 131 Materials 510 Cost of Goods Sold 132 Work in Process 520 Wages Expense 133 Factory Overhead 531 Selling Expenses 134 Finished Goods 532 Insurance Expense 141 Supplies 533 Utilities Expense 142 Prepaid Insurance 534 Office Supplies Expense 143 Prepaid Expenses 540 Administrative Expenses Entries for direct labor and factory overhead Instructions Chart of Accounts Journal Instructions Townsend Industries Inc. manufactures recreational vehicles. Townsend uses a job order cost system. The time tickets from November jobs are summarized as follows: Job 11-101 $5,200 Job 11-102 6,160 Job 11-103 4,250 Job 11-104 4,454 Factory supervision 2,670 Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $26 per direct labor hour. The direct labor rate is $48 per hour. Required: a. Journalize the November 30 entry to record the factory labor costs. b. Journalize a second entry on November 30 to apply factory overhead to production for November. *Refer to the chart of accounts for the exact wording of the account titles. All transactions on this page must be entered (except for post ref(5)) before you will receive Check My Work feedback. PAGE 10 JOURNAL Score: 10/63 DATE DESCRIPTION POST. REF. DEBIT CREDIT Nov. 30 Factory Overhead 22,734.00 3 4 %24 Chart of Accounts LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary Chart of Accounts CHART OF ACCOUNTS Townsend Industries Inc. General Ledger ASSETS REVENUE 110 Cash 410 Sales 121 Accounts Receivable 610 Interest Revenue 125 Notes Receivable 126 Interest Receivable EXPENSES 131 Materials 510 Cost of Goods Sold 132 Work in Process 520 Wages Expense 133 Factory Overhead 531 Selling Expenses 134 Finished Goods 532 Insurance Expense 141 Supplies 533 Utilities Expense 142 Prepaid Insurance 534 Office Supplies Expense 143 Prepaid Expenses 540 Administrative Expenses Entries for direct labor and factory overhead Instructions Chart of Accounts Journal Instructions Townsend Industries Inc. manufactures recreational vehicles. Townsend uses a job order cost system. The time tickets from November jobs are summarized as follows: Job 11-101 $5,200 Job 11-102 6,160 Job 11-103 4,250 Job 11-104 4,454 Factory supervision 2,670 Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $26 per direct labor hour. The direct labor rate is $48 per hour. Required: a. Journalize the November 30 entry to record the factory labor costs. b. Journalize a second entry on November 30 to apply factory overhead to production for November. *Refer to the chart of accounts for the exact wording of the account titles.

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Answer a Journal Entry to record factor Labor costs for November Account Titles Debit Credit Work in ... View the full answer