Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I dont sure if i have right F, G. Also i need a hand with j,k and l. thank you Sect For each of the

I dont sure if i have right F, G. Also i need a hand with j,k and l. thank you image text in transcribed
image text in transcribed
image text in transcribed
Sect For each of the transactions for the month below, journalize the necessary entry. The first entry has been completed for y a Materials purchased on account, $412,000. Description Raw materials inventory Accounts payable Credit Debit $ 412,000.00 $ 412,000.00 b. Materials requisitioned for use in production, $398,000 $18,000 of this was for general factory use. Description Debit Credit Work in process $ 380,000.00 Factory overhead $ 18,000.00 Raw materials inventory $ 398,000.00 4 Credit c. Factory labor during the period was $550,000 $30,000 of this was indirect Description Work in process Factory overhead Wages payable Debit $ 520,000.00 $ 30,000.00 $ 550,000.00 - 30 d. Depreciation of the factory equipment, $26.000 Description Description expense Factory equipment Accumulated Depreciation Equipment Sheets Credit Debit $ 26,000.00 11 $ 20,000.00 - Type here to search o PE Scer 3 $ 4 9% 5 8 2 6 B 0 W E R T Y U o A S D F G . K Z V B N M D E e. Depreciation of the office equipment, $15,000 Description Description expense Office equipment Accumulated Depreciation Office Equipment Debit Credit $ 15,000.00 $ 15,000.00 1. Factory prepaid rent that expired during the period, $6,000 Description Rent Factory Prepaid rent Debit 6,000.00 Credit $ $ 6,000.00 g Office prepaid rent that expired during the period, $2,000 Description Rent Prepaid rent-Olice! Debit 2,000.00 Credit $ $ 2,000.00 7 B 19 50 53 S2 h. Other costs incurred on account for factory overhead included $40,000 Description Factory overhead Accounts payable Credit Debit $ 40,000.00 $ 40,000.00 34 Estimated factory overhead cost for the period was $120,000 and estimated direct labor hours for the period were 40,000 hours A is applied based on direct labor hours and that the company used 42,000 direct labor hours during the period, apply factory overhea Description Debit Credit Work in process inventory $ 120,000.00 Factory overhead $ 120,000.00 Sheet Type bere to search C EN 2 5 4 3 % 5 Bu 7 E 6 e N E R C S S D F G H Z X C V B M $ 40,000.00 Accounts payable $ 40,000.00 Estimated factory overhead cost for the period was $120,000 and estimated direct labor hours for the period were 40,000 is applied based on direct labor hours and that the company used 42,000 direct labor hours during the period, apply factory Description Debit Credit Work in process inventory $ 126,000.00 Factory overhead $ 126,000.00 Close out the factory overhead balance to cost of goods sold Description Debit Credit k. Jobs completed during the period. $900.000, Description Debit Credit I. Cost of goods sold, $850,000 Description Debit Credit 2 16 Sheet Type here to each O C s 96 2 3 5 E 6 7 8 9 w U E R Y 0 D F G Z X C V B B N M

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Lets go through the journal entries for the missing parts j k and l j Close out the factory overhead ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cross-Border Mergers And Acquisitions UK Dimensions

Authors: Moshfique Uddin, Agyenim Boateng

1st Edition

0415836603, 9780415836609

More Books

Students also viewed these Accounting questions

Question

Who responds to your customers complaint letters?

Answered: 1 week ago