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I just need to correct the general journal Check my werk mode: This shows what is corrector Incorrect for the work you have completed so
I just need to correct the general journal
Check my werk mode: This shows what is corrector Incorrect for the work you have completed so far. It does not indicate completion 1 GLO301 - Based on Problem 3-5A (Algo) LO P3, P4 10 Kennedy Company manufactures soccer balls in two sequential processes Cutting and Satching A direct materiales production at the beginning of the Cutting process. The following information is available reading its May inventores Bet watory materials tory 5.000 Work in proces wyting 01.10 SA work in polventory 11, . Finished inventory The following additional information describes the company's production activities for May $55,00 23.250 Baterial purchased on credit Direct water in Directeertale disting stred Tibor Director Direct 11. teral Indirect labore Other costs S. 56,20 Cuttine No Date Account Title Debit Credit May 31 Raw materials inventory Accounts payable 55.000 55,000 May 31 Work in process inventory-Cutting Raw materials inventory 23 250 23,250 May 31 3 25.200 Factory overhead Raw materials inventory 25 200 4 May 31 Work in process inventory Stitching Work in process inventory-Cutting Factory wages payable 74,400 18 600 0 93 000 May 31 56,200 Factory overhead Factory wages payable 56 200 149.200 May 31 Factory wages payable Cash 149 200 53.000 3 May 31 Factory overhead Other accounts 53.000 & 8 May 31 Work in process inventory-Stitching Work in process inventory-Cutting Factory overhead 89,280 34,875 % XO 124 155 9 May 31 125.725 Work in process inventory-Stitching Work in process inventory-Cutting 125,725 322,205 X 10 May 31 Finished goods inventory Work in process inventory-Stitching 322,205 496,000 X 11 May 31 Accounts receivable Sales 496,000 1 GLO301 - Based on Problem 3-5A (Algo) LO P3, P4 10 Kennedy Company manufactures soccerbals in two sequential processes Cutting and Staching All direct materials erter production at the beginning of the Cutting process. The following information is available regarding its may inventories Teginning ring Inventory Inventory Row materials inventory 16,000 $43.30 work in process inventory-Cutting 103,500 14.50 work in process inventory stitching 125,00 0,5 Finished gode ventory 10.100 30,2 The following additional information describes the company production activities for May Direct Raw materiais purchase $ 55,000 Direct water its used-cutting 23,250 Direct materials used-stitching P ferences Dit labor Direct labor-cutting Direct labor-stitching 3 18.00 74.400 Yatty actual Indirect materials used Indirect labore other warheadcasts $25.00 54,200 5). Yates Cutting stitching 150 Freterias used (120 of director General Journal General Ledger al Balance Cost of Cost of Goods Good Cutting Stitching Cust Goods Sold Requirement Cros Material * General General Cost of Cost of Requirement Raw Journal Trial Balance Cost of Ledger Materials Goods Mfg Goods Mfg Cutting Gross Profit Goods Sold Stitching General Journal tab. Journalize the transactions related to Kennedy Company's manufacturing of soccer balls. The General Ledger and Trial Balance will be updated based on your entries. Prepare journal entries to record the transactions of Kennedy Company during the month of May. General Ledger tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits Raw Materials tab - Calculate the total cost of direct materials used in production during May. Cost of Goods Manufactured Cutting and stitching tab. Prepare a schedule of cost of goods manufactured for Kennedy Company for the month of May, Cost of Goods Sold tab. Prepare a schedule of cost of goods sold for Kennedy Company for the month of May. Gross Profit tab - Calculate the gross profit on sales for May, General Journal > Step by Step Solution
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