Question: What is the proper solution for this accounting problem? see the attached photo for reference Journal Entries for the Cost Accounting Cycle. On October 1.

What is the proper solution for this accounting problem?

see the attached photo for reference

What is the proper solution for this accounting
Journal Entries for the Cost Accounting Cycle. On October 1. the trial balance of the Durable Gompan'yr showed Accounts Dr. Cr. Cash on Hand and in Bank 25.800 Accounts Receivable 47.740 Materials 44.880 Work in Process 85.400 Finished Goods 78.?00 Plant and Machinery 237.240 Accounts Payable 54.2?0 Accrued Payroll 6.600 Accumulated Depreciation Plant 8: Machinery 1 15.21 0 Allowance for Doubtful Accounts 2.825 Capital Stock 80.000 Retained Earnings 250 855 519 750 519 750 During October these transactions took place (a) Materials purchased (on account) 40.000 (b) Materials issued (direct) 55,000 and {indirect} 3.500 (c) Total payroll for month (direct) 80.000 and (indirect) 9.500 (d) Wages paid during October 75.000 (e) Manufacturing expenses incurred and paid during October was 12.000 {t} Marketing and administrative expenses incurred and paid during October 8.500 (9) Accounts receivable collected 300.000 (I1) Accounts payable paid 85.000 (i) Depreciation to be provided for October on plant and machinery at the rate of 10% per annum ? (i) Factory overhead applied to production 14.200 (k) Work in process. October 31 75.000 (I) Cost of nished goods sold during October 205.000 (m) Sales made on account 285.0% Required: Prepare journal entries. statentent of Comprehensive Income. Cost of goods Sold Statement and Stemment of Financial Position for the above transactions

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