Problem 2 Zara Symphony Co.'s specialty is arranging a violin for their customer. There were many...

 

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Problem 2 Zara Symphony Co.'s specialty is arranging a violin for their customer. There were many transactions that happened in March 2022 as followed: a. Zara purchased materials on account with amount $50,000 with 2/10 and n/30 from LoOp Co. as their supplier. b. There is a material requisitions for $20,000 in total of 80% for direct material and 20% for indirect material. c. The Payroll Department of the company totaling $25,000 with 30% for all departments in the office, 50% for labor, and 20% for indirect labors. d. The total Depreciation in the company is $10,000 with 12% for all department in the office and the rest for factory. e. Zara completed a job order from CLS Company with factory overhead is applied 75% from direct labor cost $2,400 and $1,500 for raw material. f. There was $800 utilities as manufacturing overhead paid on cash. g. The job for CLS Company completed and billed $7,500. Required: Prepare journal entries and T account for the transactions and give your explanation! Page 2 of 3 Problem 2 Zara Symphony Co.'s specialty is arranging a violin for their customer. There were many transactions that happened in March 2022 as followed: a. Zara purchased materials on account with amount $50,000 with 2/10 and n/30 from LoOp Co. as their supplier. b. There is a material requisitions for $20,000 in total of 80% for direct material and 20% for indirect material. c. The Payroll Department of the company totaling $25,000 with 30% for all departments in the office, 50% for labor, and 20% for indirect labors. d. The total Depreciation in the company is $10,000 with 12% for all department in the office and the rest for factory. e. Zara completed a job order from CLS Company with factory overhead is applied 75% from direct labor cost $2,400 and $1,500 for raw material. f. There was $800 utilities as manufacturing overhead paid on cash. g. The job for CLS Company completed and billed $7,500. Required: Prepare journal entries and T account for the transactions and give your explanation! Page 2 of 3

Answer rating: 100% (QA)

Journal entries in the books of Zara symphony Co 1 Purchases Ac Dr 50000 To loOp Co Ac 50000 being m... View the full answer