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During the first year of operations, Sharpin Tool accumulated the following manufacturing costs: Accounting Transactions NO. Transactions Amount 1. Raw materials purchased on account $12,000

During the first year of operations, Sharpin Tool accumulated the following manufacturing costs:

Accounting Transactions

NO. Transactions Amount
1. Raw materials purchased on account $12,000
2. Factory labor accrued $6,000
3. Incurred manufacturing overhead on account $4,000

Prepare separate journal entries for each manufacturing cost using the chart of accounts provided.

Chart of Accounts

Assets Liabilities Stockholders' Equity
cash accounts payable common stock
accounts receivable unearned revenue retained earnings
raw materials inventory factory wages payable sales revenue
work in process inventory notes payable cost of goods sold
factory labor taxes payable utility expense
manufacturing overhead interest payable supplies expense
finished goods inventory employer payroll taxes payable selling expense
supplies employer fringe benefits payable insurance expense
prepaid insurance depreciation expense
equipment
building
land
accumulated depreciation

list debit transactions first and then list credit transactions.

use account provided in the chart of accounts above. do not create your own account.

when typing your responses, do not include a dollar sign. for example, if your answer is $10,000, you should be typing 10,000 or 10,000.00 without any dollar sign.

General Journals

No. Account titles and explanation debit ($) credit ($)
1.
to record raw materials purchased on account
2.
to record factory labor accrued
3.
to record manufacturing overhead on account

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