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Below is a list of transactions for Bison Co., a manufacturing entity. Prepare summary journal entries to record each of the transactions for Bison Co.
Below is a list of transactions for Bison Co., a manufacturing entity. Prepare summary journal entries to record each of the transactions for Bison Co. in its first month of operations. a. Raw materials purchased on account, $92,000. b. Direct materials used in production, $40,000. Indirect materials used in production, $25,000. c. Paid cash for factory payroll, $65,000. Of this total, $45,000 is for direct labor and $20,000 is for indirect labor. d. Paid cash for other actual overhead costs, $7,750. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $69,000. g1. Jobs that had a cost of $69,000 were sold. g2. Sold jobs on account for $98,000. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 > Record raw materials purchased on account. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal Record other actual overhead costs, paid in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit d. Record entry Clear entry View general journal Record other actual overhead costs, paid in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit d. Record entry Clear entry View general journal 1 2 3 4 5 6 7 8 9 > Record the entry to apply overhead at a rate of 120% of direct labor cost. Note: Enter debits before credits. Transaction General Journal Debit Credit e. Record entry Clear entry View general journal
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