Prepare journal entries of the following transactions of Incek Manufacturing Company according to choice 7/A in...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Prepare journal entries of the following transactions of Incek Manufacturing Company according to choice 7/A in the Uniform Accounting System. 1. Company purchased materials for t295,000 (18% VAT included) on account. 2. Used raw materials costing t150,000, factory supplies costing +30,000 and administrative office supplies costing 620,000. 3. Accrued wages for factory workers is t120,000 (t100,000 for the time spent in production, t20,000 for side work like area cleaning, machine maintenance, etc.). Net amount of wages after deduction of t22,000 for taxes and 630,000 for social security is recorded in the workers' accounts to be paid on the first day of the next month. 4. Manufacturing costs are applied to products produced. 5. Calculated cost of products completed is +270,000. 6. Company sold finished products to a wholesaler for t413,000 cash (18% VAT included). 7. Calculated cost of products sold is t300,000. Prepare journal entries of the following transactions of Incek Manufacturing Company according to choice 7/A in the Uniform Accounting System. 1. Company purchased materials for t295,000 (18% VAT included) on account. 2. Used raw materials costing t150,000, factory supplies costing +30,000 and administrative office supplies costing 620,000. 3. Accrued wages for factory workers is t120,000 (t100,000 for the time spent in production, t20,000 for side work like area cleaning, machine maintenance, etc.). Net amount of wages after deduction of t22,000 for taxes and 630,000 for social security is recorded in the workers' accounts to be paid on the first day of the next month. 4. Manufacturing costs are applied to products produced. 5. Calculated cost of products completed is +270,000. 6. Company sold finished products to a wholesaler for t413,000 cash (18% VAT included). 7. Calculated cost of products sold is t300,000.
Expert Answer:
Answer rating: 100% (QA)
Journal entries These entries are made to enter transactions of a com... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
Students also viewed these accounting questions
-
Prepare journal entries for each of the following transactions for a company that has a fiscal year-end of December 31: (1) On October 1, $12,000 was paid for a one-year fire insurance policy; (2) On...
-
Prepare journal entries to record each of the following transactions of a merchandising company. Show any supporting calculations. Assume a perpetual inventory system. Apr. 1 Sold merchandise for...
-
Prepare journal entries to record each of the following transactions of a merchandising company. Show any supporting calculations. Assume a perpetual inventory system. Mar. 5 Purchased 500 units of...
-
Marta purchased a home with an adjustable rate mortgage. The margin on an adjustable-rate mortgage is 5.5% and the rate cap is 6.5% over the life of the loan. If the current index rate is 8.9%, find...
-
Refer to the information presented in M7-10. Suppose that Anne has developed a rectangular, medium-size ceramic pot. It requires four hours of kiln time; however, two medium-size pots can fit in the...
-
The following are selected ledger accounts of Spock Corporation at December 31, 2025. Spocks effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is...
-
The triangular plate ABC is deformed into the shape shown by the dashed lines. If at A, AB = 0.0075, AC = 0.01 and xy = 0.005 rad, determine the average normal strain along edge BC. C y 300 mm...
-
Mel Thomas, the chief financial officer of Preston Resources, has been asked to do an evaluation of Dunning Chemical Company by the president and Chair of the Board, Sarah Reynolds. Preston Resources...
-
5. (15 pts) Suppose you are given an implementation of a method merge() defined as follows: Assuming that first is already sorted and second is already sorted, returns a new, sorted array containing...
-
isabelle sterling, the partner you work for, unexpectedly had to travel to Hong Kong. She left you the Tang Aluminum Products file for your client, Global Bank. Global will be lending Tang 1.9...
-
(a.) What are the four conditions necessary for Deadlock to occur. (4 Marks) (b.) Deadlock detection / recovery is one way of handling deadlock; explain, using an example the steps involved to handle...
-
What is a single-ISA heterogeneous multi-core architecture? Which advantages do you see for such an architecture?
-
What is the Internet of Things (IoT)?
-
Some levels of the memory hierarchy may be hidden from the application programmer. Why should such a programmer nevertheless care about the architecture of such levels?
-
Explain the terms GPU and MPSoC!
-
Fill in the missing amounts in the following table: Demand for the Apple Watch Demand for roses on Valentine's Day Demand for electronic cigarettes % Change in Price +50% -10% % Change in Quantity...
-
You are 5 feet 4 inches tall and cast a shadow 3 feet long. At the same time, a nearby water tower casts a shadow 74 feet 3 inches long. a. Find the height of the water tower. 1 answer
-
Explain the differences and similarities between fringe benefits and salary as forms of compensation.
-
To raise operating funds, Signal Aviation sold an airplane on January 1, 2011, to a finance company for $770,000. Signal immediately leased the plane back for a 13-year period, at which time...
-
Note 30 lists provisions for liabilities and charges. Is the threshold for recognizing a liability associated with these items any different under IFRS than it is under U.S. GAAP? Explain. By how...
-
British Airways, Plc. (BA), a U.K. company, prepares its financial statements according to International Financial Reporting Standards. BA's annual report for the year ended March 31, 2009, which...
-
As the Human Resources manager for Beautiful Bottles Pty Ltd, a company manufacturing bottles for the food industry, you have been asked by the accountant to help reduce the product costs of each...
-
Innovative Computers Pty Ltd produces laptops. Each laptop contains a rechargeable battery and LCD screen. Batteries and screens are purchased from an outside supplier for \($192\) and \($300\) each,...
-
As the marketing manager for Smart Fones Industries Pty Ltd you have asked the accountant what it costs to make the SFI2026 model as you want to set a price for the phone. A similar phone produced by...
Study smarter with the SolutionInn App