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g. Wages paid in June include the balance in the Wages Payable account at May 31 plus $35,000 of wages incurred in June. - X
g. Wages paid in June include the balance in the Wages Payable account at May 31 plus $35,000 of wages incurred in June. - X - X Date Accounts Debit Credit Data Table More Info g. Sneeches Stars Trial Balance June 1, 2024 Raw Materials Inventory subsidiary ledger: Paper, $4,100; indirect materials, $1,600 Work-in-Process Inventory subsidiary ledger: Job 120, $39,500; Job 121, 50 Finished Goods Inventory subsidiary ledger: Large Stars, $8,900; Small Stars, $13,900 h. Depreciation on plant and equipment, $2,900 Balance Date Accounts Debit Credit Account Title Debit Credit h. $ 15,000 Print Cash Accounts Receivable Done 170,000 Inventories: Raw Materials Work-in-Process 5.700 i. Manufacturing overhead was allocated at the predetermined overhead allocation rate of 80% of direct labor costs. 39,500 More Info Date Accounts 22,800 Debit Credit Finished Goods 210.000 i. $ Property, Plant, and Equipment Accumulated Depreciation Accounts Payable Wages Payable Common Stock Retained Earnings Sales Revenue 76,000 126,000 1,800 a. Collections on account, $153,000. b. Selling and administrative expenses incurred and paid, $27,000. c. Payments on account, $43,000. d. Materials purchased on account: Paper, $20,000; indirect materials, $5,000. e. Materials requisitioned and used in production: 144,000 j. Jobs completed during the month: Job 120, 200,000 Large Stars at total cost of $48,200 $ 115.200 Date Accounts Debit Credit 0 j. 0 Cost of Goods Sold Manufacturing Overhead Selling and Administrative Expenses 0 Job 120: Paper, 600 Job 121: Paper, $ 7,600 Indirect materials, $ 1,700 f. Wages incurred during June, $38,000. Labor time records for the month: Job 120, $4,500; Job 121, $19,000; indirect labor, $14,500 g. Wages paid in June include the balance in the Wages Payable at May 31 plus $35,000 of wages incurred during June. h. Depreciation on plant and equipment, $2,900 i. Manufacturing overhead allocated at the predetermined overhead allocation rate of 80% of direct labor costs. completed during the month: Job 120 with 200,000 Large Stars at a total cost of $48,200. k. Sales on account: all of Job 120 for $100,000. I. Adjusted for overallocated or underallocated manufacturing overhead. 0 Total 463,000 $ 463,000 k. Sales on account: all of Job 120 for $100.000 j. Jobs Begin by recording the revenue from the sales on account. Do not record the expense related to the sale in this journal entry. We will do that in the next step. Date Accounts Debit Credit Print Done k. Print Done Done g. Wages paid in June include the balance in the Wages Payable account at May 31 plus $35,000 of wages incurred in June. - X - X Date Accounts Debit Credit Data Table More Info g. Sneeches Stars Trial Balance June 1, 2024 Raw Materials Inventory subsidiary ledger: Paper, $4,100; indirect materials, $1,600 Work-in-Process Inventory subsidiary ledger: Job 120, $39,500; Job 121, 50 Finished Goods Inventory subsidiary ledger: Large Stars, $8,900; Small Stars, $13,900 h. Depreciation on plant and equipment, $2,900 Balance Date Accounts Debit Credit Account Title Debit Credit h. $ 15,000 Print Cash Accounts Receivable Done 170,000 Inventories: Raw Materials Work-in-Process 5.700 i. Manufacturing overhead was allocated at the predetermined overhead allocation rate of 80% of direct labor costs. 39,500 More Info Date Accounts 22,800 Debit Credit Finished Goods 210.000 i. $ Property, Plant, and Equipment Accumulated Depreciation Accounts Payable Wages Payable Common Stock Retained Earnings Sales Revenue 76,000 126,000 1,800 a. Collections on account, $153,000. b. Selling and administrative expenses incurred and paid, $27,000. c. Payments on account, $43,000. d. Materials purchased on account: Paper, $20,000; indirect materials, $5,000. e. Materials requisitioned and used in production: 144,000 j. Jobs completed during the month: Job 120, 200,000 Large Stars at total cost of $48,200 $ 115.200 Date Accounts Debit Credit 0 j. 0 Cost of Goods Sold Manufacturing Overhead Selling and Administrative Expenses 0 Job 120: Paper, 600 Job 121: Paper, $ 7,600 Indirect materials, $ 1,700 f. Wages incurred during June, $38,000. Labor time records for the month: Job 120, $4,500; Job 121, $19,000; indirect labor, $14,500 g. Wages paid in June include the balance in the Wages Payable at May 31 plus $35,000 of wages incurred during June. h. Depreciation on plant and equipment, $2,900 i. Manufacturing overhead allocated at the predetermined overhead allocation rate of 80% of direct labor costs. completed during the month: Job 120 with 200,000 Large Stars at a total cost of $48,200. k. Sales on account: all of Job 120 for $100,000. I. Adjusted for overallocated or underallocated manufacturing overhead. 0 Total 463,000 $ 463,000 k. Sales on account: all of Job 120 for $100.000 j. Jobs Begin by recording the revenue from the sales on account. Do not record the expense related to the sale in this journal entry. We will do that in the next step. Date Accounts Debit Credit Print Done k. Print Done Done
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