Question
Create journal entries for each transaction: 1. Raw materials purchased on account, $100,000 2. Raw materials were used in production (direct materials, 200,000; indirect materials,
Create journal entries for each transaction:
1. Raw materials purchased on account, $100,000 2. Raw materials were used in production (direct materials, 200,000; indirect materials, $10,000). 3. Accrued wages (direct labor, $200,000; indirect labor, $95,000) 4. Manufacturing overhead was applied to jobs, $400,000. 5. Other manufacturing overhead costs incurred on account: Utility bills in the factory, $60,000; Maintenance costs in factory, $50,000; Depreciation on factory equipment, $120,750; Rent on factory, $100,000 6. Prepare a journal entry to close any balance in the Manufacturing Overhead account.
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