CHART OF ACCOUNTS

Sweeties, Inc.

General Ledger

	ASSETS
110	Cash
121	Accounts Receivable
125	Notes Receivable
126	Interest Receivable
131	Materials
141	Work in Process-Refining Department
142	Work in Process-Sifting Department
143	Work in Process-Packing Department
151	Factory Overhead-Refining Department
152	Factory Overhead-Sifting Department
153	Factory Overhead-Packing Department
161	Finished Goods
171	Supplies
172	Prepaid Insurance
173	Prepaid Expenses
181	Land
191	Factory
192	Accumulated Depreciation-Factory

	LIABILITIES
210	Accounts Payable
221	Utilities Payable
231	Notes Payable
236	Interest Payable
251	Wages Payable

	EQUITY
311	Common Stock
340	Retained Earnings
351	Dividends

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Goods Sold
520	Wages Expense
531	Selling Expense
532	Insurance Expense
533	Utilities Expense
534	Supplies Expense
540	Administrative Expense
561	Depreciation Expense-Factory
590	Miscellaneous Expense
710	Interest Expense

Sweeties, Inc., manufactures a sugar product by a continuous process involving three production departments-Refining, Sifting, and Packing. Assume that records indicate that direct materials, direct labor, and applied factory overhead for the first department, Refining, were $385,000, $143,000, and $99,000, respectively. Also, work in process in the Refining Department at the beginning of the period totaled $29,600, and work in process at the end of the period totaled $29,800. A(1). On September 30, journalize the entry to record the flow of costs into the Refining Department during the period for direct materials. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 A(2). On September 30, journalize the entry to record the flow of costs into the Refining Department during the period for direct labor. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 A(3). On September 30, journalize the entry to record the flow of costs into the Refining Department during the period for factory overhead. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 B. On September 30, journalize the entry to record the transfer of production costs to the second department, Sifting. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2