1. Journalize the entries to record the transactions indentified below. 2. Determine the account balances for...

  

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1. Journalize the entries to record the transactions indentified below. 2. Determine the account balances for Work in Process and Finished Goods. 3. Prepare a schedule of unfinished jobs to support the balance in the Work in Process account. a. Materials purchased on account 60,000 Material Factory Factory Labor Overhead b. Job #100 5000 2500 Job #101 4000 2000 Job #102 3500 1750 Job #103 2500 1250 Job #104 1000 500 Job #105 1500 750 For general factory use 1800 900 C. Factory overhead costs incurred 10000 d. Depreciation of machinery Factory overhead applied as a percent of of direct 8000 e. labor cost 50% f. Jobs completed 100, 101, 102, and 104 Jobs 100, 101, 102 were shipped Customers were billed Job #100 12000 Job #101 13000 Job #102 14000 1. Journalize the entries to record the transactions indentified below. 2. Determine the account balances for Work in Process and Finished Goods. 3. Prepare a schedule of unfinished jobs to support the balance in the Work in Process account. a. Materials purchased on account 60,000 Material Factory Factory Labor Overhead b. Job #100 5000 2500 Job #101 4000 2000 Job #102 3500 1750 Job #103 2500 1250 Job #104 1000 500 Job #105 1500 750 For general factory use 1800 900 C. Factory overhead costs incurred 10000 d. Depreciation of machinery Factory overhead applied as a percent of of direct 8000 e. labor cost 50% f. Jobs completed 100, 101, 102, and 104 Jobs 100, 101, 102 were shipped Customers were billed Job #100 12000 Job #101 13000 Job #102 14000

Answer rating: 100% (QA)

1 Transaction Event General Journal Debit Credit a Materials Inventory 60000 Accounts Payable 60000 ... View the full answer