K of 4 ces Bergo Bay's accounting system generated the following account balances on December 31....
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K of 4 ces Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Cash Accounts receivable Raw materials inventory Debit $ 68,000 Credit 37,000 23,500 Work in process inventory 0 Finished goods inventory 12,000 Prepaid rent 4,000 Accounts payable $ 11,900 Notes payable 14,900 Common stock 40,000 Retained earnings (prior 78,000 year) Sales 175,700 Cost of goods sold 106,000 Factory overhead 24,000 General and administrative 46,000 expenses $ $ Totals 320,500 320,500 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: $ 4,700 direct materials to Job 402 Materials $ 7,400 direct materials to Job 404 requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 53: Labor time ticket 54: $ 1,500 indirect materials $ 5,000 direct labor to Job 402 $ direct labor to Job 15,000 404 $ 5,000 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost. a. Direct materials. b. Direct labor. c. Overhead applied. d. Indirect materials. e. Indirect labor. Required: 1. Use the document information above to prepare journal entries for the above costs. View transaction list Journal entry worksheet 1 2 3 4 5 Record direct materials used for Jobs 402 and 404. Note: Enter debits before credits. Transaction a. General Journal Debit Credit K of 4 ces Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Cash Accounts receivable Raw materials inventory Debit $ 68,000 Credit 37,000 23,500 Work in process inventory 0 Finished goods inventory 12,000 Prepaid rent 4,000 Accounts payable $ 11,900 Notes payable 14,900 Common stock 40,000 Retained earnings (prior 78,000 year) Sales 175,700 Cost of goods sold 106,000 Factory overhead 24,000 General and administrative 46,000 expenses $ $ Totals 320,500 320,500 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: $ 4,700 direct materials to Job 402 Materials $ 7,400 direct materials to Job 404 requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 53: Labor time ticket 54: $ 1,500 indirect materials $ 5,000 direct labor to Job 402 $ direct labor to Job 15,000 404 $ 5,000 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost. a. Direct materials. b. Direct labor. c. Overhead applied. d. Indirect materials. e. Indirect labor. Required: 1. Use the document information above to prepare journal entries for the above costs. View transaction list Journal entry worksheet 1 2 3 4 5 Record direct materials used for Jobs 402 and 404. Note: Enter debits before credits. Transaction a. General Journal Debit Credit
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Related Book For
Fundamental Accounting Principles
ISBN: 978-1259536359
23rd edition
Authors: John Wild, Ken Shaw, Barbara Chiappett
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