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.
Step by Step Answer:
Transaction General Journal Debit Credit a Raw material...View the full answer
Related Video
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
Students also viewed these Business questions
-
Prepare journal entries to record these transactions: (a) Morrell Corporation disposed of two computers at the end of their useful lives. The computers had cost $ 4,800 and their Accumulated...
-
Prepare the journal entries to record the following transactions on Derrick Companys books using a perpetual inventory system. (a) On March 2, Derrick Company sold $900,000 of merchandise to Rose...
-
Using the information in RE8-4, prepare journal entries to record Stevens Companys purchases if it pays on August 8. In RE8-4, On July 10, Stevens Company purchases $50,000 of inventory on credit...
-
Beginning from rest, an object of mass 200 kg slides down a 10-m-long ramp, the ramp is inclined at an angle of 40 from the horizontal. If air resistance and friction between the object and the ramp...
-
Water at 1000 kPa, 250C is brought to saturated vapor in a piston/cylinder with an isobaric process. Find the specific work and heat transfer. Estimate the specific heat transfer from the area in the...
-
Compute the following items for the statement of cash flows: 1. The beginning and ending Retained Earnings balances are \($47,000\) and \($71,000,\) respectively. Net income for the period is...
-
Both trading and available-for-sale accounting methods are considered mark-to-market accounting for investments. Describe their similarities and differences. Which of the two methods do you think...
-
A job order cost card for Hal's Computer Services appears at the top of the next page. Complete the missing information. The profit factor in the organization's cost-plus contract is 30 percent of...
-
Anticipating auditory needs is not necessary as courts already have a variety of options for the hearing impaired
-
You want to park your bicycle in a bicycle parking area where bike racks are aligned in a row. There are already N bikes parked there (each bike is attached to exactly one rack, but a rack can have...
-
Lorenzo Company applies overhead to jobs on the basis of direct materials cost. At year-end, the Work in Process Inventory account shows the following. 1. Determine the predetermined overhead rate...
-
Shire Companys predetermined overhead rate is based on direct labor cost. Management estimates the company will incur $747,500 of overhead costs and $575,000 of direct labor cost for the period....
-
Every year, Antoni hosts a holiday party for his friends. His party budget is $200. Antoni spends his budget on food platters that cost $25 each and on entertainment, which costs $50 per hour. a....
-
QUESTION 1 71/76 Sam Hill has just won the state lottery, paying $250,000 a year for the next 30 years. Sam will receive his first payment today. If the interest rate is 8%, what is the present value...
-
A. Look at the capital structures of eBay and Google. Can you identify any reasons for the difference? Can you think of any comments or recommendations? Does any of the capital structure theories fit...
-
An apartment building owner has a mortgage balance of $2,465,000. He also owes $22,575 in back-owed property taxes (plus penalties of 10%) and a foreclosure trustee's sale has been set - so he is...
-
Number of items Unit price (5 $5.00, 7 $8.00, 8 $6.00, 12 $3.00) Purchases of an inventory item during last month are summarized in the brackets. What was the weighted average price per item?
-
EPS = $3 ROE = 25% Beta = 3 plowback = 90% R(f) = 2% R(m) = 9% MRP = 7% ( R(m) - R(f) ) Intrinsic Value = $73.50 Today's Closing Price = $60 Trailing P/E Multiples = 24.50 Forward P/E Multiples = 20...
-
What type of sampling best describes the way in which the 717 subjects were chosen: simple random sample, systematic sample, convenience sample, stratified sample, cluster sample? Does the method of...
-
Describe a job you have had in the past or a job you are very familiar with. Indicate the negative aspects of the job and how it could be improved with current human resource management techniques.
-
Complete the following for a traditional two-stage allocation system: In the first stage, service department costs are assigned to _____ departments. In the second stage, a predetermined overhead...
-
Complete the following for a traditional two-stage allocation system: In the first stage, service department costs are assigned to _____ departments. In the second stage, a predetermined overhead...
-
What is activity-based costing? What is its goal?
-
Martin Enterprises needs someone to supply it with 147,000 cartons of machine screws per year to support its manufacturing needs over the next five years, and you've decided to bid on the contract....
-
An unlevered firm has a value of $ 8 0 0 million. An otherwise identical but levered firm has $ 1 5 0 million in debt. Under the MM zero - tax model, what is the value of the levered firm? Enter your...
-
39 (1 point) When a sales return or a sales allowance is being recorded, why is it preferable to debit the Sales Returns and Allowances account instead of the Sales account? Because all firms use a...
Study smarter with the SolutionInn App