Prepare journal entries to record transactions a through h. a. Raw materials purchased on credit, $90,000. b.
Question:
Prepare journal entries to record transactions a through h.
a. Raw materials purchased on credit, $90,000.
b. Direct materials used, $36,500. Indirect materials used, $19,200.
c. Direct labor used, $38,000. Indirect labor used, $12,000. (Record using Factory Wages Payable.)
d. Paid cash for other actual overhead costs, $11,475.
e. Applied overhead at the rate of 125% of direct labor cost.
f. Transferred cost of jobs completed to finished goods, $56,800.
g. Sales of jobs on credit was $82,000.
h. Cost of jobs sold was $56,800.
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Transaction General Journal Debit Credit a Raw material...View the full answer
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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