Calculator Print Item Chart of Accounts General Journal Final Answer Instruction General Journal a. Prepare the journal entries to record (1) the application of factory overhead to production during July in Page (1) and (2) the jobs completed during July in Page (2). Refer to the e of accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or creditent- Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered For grading purposes, use 31 for entries that would have been made during July PAGE 1 PAGE 2 JOURNAL DATE DESCRIPTION POST DEBIT CREDIT Previous FI Instruction Chart of Accounts General Journal Final Answer Instruction General Journal a. Chart of Accounts he jobs completed d of Avery line on a jouma ASSETS Do REVENUE a credit amount is en 110 Cash 31 410 Sales 121 Accounts Receivable 610 Interest Revenue 131 Materials 133 Work in Process EXPENSES 510 Cost of Goods Sold A 135 Factory Overhead 137 Finished Goods 141 Supplies 142 Prepaid Expenses 181 Land 190 Factory Equipment 191 Accumulated Depreciation 520 Wages Expense 531 Insurance Expense 532 Utilities Expense 533 Office Supplies Expense 560 Depreciation Expense 590 Miscellaneous Expense 71 Loterest Evnens akeAssignment/takeAssignment Main.do?invoker=&takeAssignmentSessionLocator=&inprogress=false CengageNOWV2 Online teachinx + Calculator Print Item Instruction Chart of Accounts General Journal Final Answer Instruction The following account appears in the ledger after only part of the postings have been completed for July, the first month of the current fiscal year July 1. Work in Process Balance 60,200 Direct materials 147 000 Direct labor 120 000 Factory overhead is applied to jobs at the rate of 60% of direct labor cost. The actual factory overhead incurred for July was 575.000 Jobs completed during the month totaled S301.200 Required: Us General Journal Final Answer ruction Hory overhead is applied to jobs at the rate of 60% of direct labor cost. The actual factory overhead incurred for July was $75,000. Jobs completed during the me 1,200 Required: a. Prepare the journal entries to record (1) the application of factory overhead to production during July and (2) the jobs completed during July Refer to the chart of accounts for the exact wording of the account titles CNOW journals do not use lines for spaces or journal explanations Every line on a journal page is used for debit or credit entries Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered For grading purposes, use July 31 for entries that would have been made during July b. What is the balance of the factory overhead account on July 317 c. Was factory overhead overapplied or underapplied on July 317 d. Determine the balance of Work in Process on July 31 o Chart of Accounts General Journal Final Answer Instruction Factory overhead is applied to jobs at the rate of 60% of direct labor cost. The actual factory overhead incurred for July was 5 $3 Final Answer X b. What is the balance of the factory overhead account on July 312 Ftion during July and (2) the jobs nals do not use lines for spaces of Ins or skip a line between journaler c. Was factory overhead overappli N Debit ferapplied on July 31? Credit burposes, use Jaly 31 for entes the
