Velasco Co. uses a job order cost system. The following data summarize the operations related to production for July:

1. Materials purchased on account, $695,900
2. Materials requisitioned, $584,560, of which $75,990 was for general factory use
3. Factory labor used, $716,780, of which $136,190 was indirect
4. Other costs incurred on account for factory overhead, $167,020; selling expenses, $257,480; and administrative expenses, $153,100
5. Prepaid expenses expired for factory overhead, $32,010; for selling expenses, $27,140; and for administrative expenses, $19,490
6. Depreciation of office building was $93,250; of office equipment, $47,320; and of factory equipment, $32,010
7. Factory overhead costs applied to jobs, $396,660
8. Jobs completed, $918,590
9. Cost of goods sold, $890,750

Required:

Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank.

a. Materials purchased on account, $695,900.

Entry	Description	Debit	Credit
a.		fill in the blank	fill in the blank
		fill in the blank	fill in the blank

b. Materials requisitioned, $584,560, of which $75,990 was for general factory use.

Entry	Description	Debit	Credit
b.		fill in the blank	fill in the blank
		fill in the blank	fill in the blank
		fill in the blank	fill in the blank

c. Factory labor used, $716,780, of which $136,190 was indirect.

Entry	Description	Debit	Credit
c.		fill in the blank	fill in the blank
		fill in the blank	fill in the blank
		fill in the blank	fill in the blank

d. Other costs incurred on account for factory overhead, $167,020; selling expenses, $257,480; and administrative expenses, $153,100.

Entry	Description	Debit	Credit
d.		fill in the blank	fill in the blank
		fill in the blank	fill in the blank
		fill in the blank	fill in the blank
		fill in the blank	fill in the blank

e. Prepaid expenses expired for factory overhead, $32,010; for selling expenses, $27,140; and for administrative expenses, $19,490.

Entry	Description	Debit	Credit
e.		fill in the blank	fill in the blank
		fill in the blank	fill in the blank
		fill in the blank	fill in the blank
		fill in the blank	fill in the blank

f. Depreciation of office building was $93,250; of office equipment, $47,320; and of factory equipment, $32,010.

Entry	Description	Debit	Credit
f.		fill in the blank	fill in the blank
		fill in the blank	fill in the blank
		fill in the blank	fill in the blank
		fill in the blank	fill in the blank
		fill in the blank	fill in the blank
		fill in the blank	fill in the blank

g. Factory overhead costs applied to jobs, $396,660.

Entry	Description	Debit	Credit
g.		fill in the blank	fill in the blank
		fill in the blank	fill in the blank

h. Jobs completed, $918,590.

Entry	Description	Debit	Credit
h.		fill in the blank	fill in the blank
		fill in the blank	fill in the blank

i. Cost of goods sold, $890,750.

Entry	Description	Debit	Credit
i.		fill in the blank	fill in the blank
		fill in the blank	fill in the blank

Answer rating: 100% (QA)

Journalize the entries to record the summarized operations If an amount box does not require an entr... View the full answer