Identify the accounts in which each of the following transactions for Acorn Furniture, a custom manufacturer of oak tables and chairs, would be debited and credited 1 Issued oak materials into production for Job ABC Select Dr Materials Inventory, Cr Payroll Payable Dr Materials Inventory, Cr Materials Inventory Dr Finished Goods Inventory, Cr Materials Inventory Dr Materials Inventory, Cr Overhead Dr Materials Inventory, Cr Accounts Payable Dr Work in Process Inventory, Cr Payroll Payable Dr Work in Process Inventory, Cr Materials Inventory Dr Work in Process Inventory, Cr Overhead Dr Work in Process Inventory, Cr Accounts Payable Dr Overhead, Cr Accounts Payable Dr Finished Goods Inventory, Cr Work in Process Inventory Item 1 2 Recorded direct labor time for the first week in February for Job ABC Select Dr Materials Inventory, Cr Payroll Payable Dr Materials Inventory, Cr Materials Inventory Dr Finished Goods Inventory, Cr Materials Inventory Dr Materials Inventory, Cr Overhead Dr Materials Inventory, Cr Accounts Payable Dr Work in Process Inventory, Cr Payroll Payable Dr Work in Process Inventory, Cr Materials Inventory Dr Work in Process Inventory, Cr Overhead Dr Work in Process Inventory, Cr Accounts Payable Dr Overhead, Cr Accounts Payable Dr Finished Goods Inventory, Cr Work in Process Inventory Item 2 3 Purchased indirect materials from a vendor on account Select Dr Materials Inventory, Cr Payroll Payable Dr Materials Inventory, Cr Materials Inventory Dr Finished Goods Inventory, Cr Materials Inventory Dr Materials Inventory, Cr Overhead Dr Materials Inventory, Cr Accounts Payable Dr Work in Process Inventory, Cr Payroll Payable Dr Work in Process Inventory, Cr Materials Inventory Dr Work in Process Inventory, Cr Overhead Dr Work in Process Inventory, Cr Accounts Payable Dr Overhead, Cr Accounts Payable Dr Finished Goods Inventory, Cr Work in Process Inventory Item 3 4 Received a production related electricity bill Select Dr Materials Inventory, Cr Payroll Payable Dr Materials Inventory, Cr Materials Inventory Dr Finished Goods Inventory, Cr Materials Inventory Dr Materials Inventory, Cr Overhead Dr Materials Inventory, Cr Accounts Payable Dr Work in Process Inventory, Cr Payroll Payable Dr Work in Process Inventory, Cr Materials Inventory Dr Work in Process Inventory, Cr Overhead Dr Work in Process Inventory, Cr Accounts Payable Dr Overhead, Cr Accounts Payable Dr Finished Goods Inventory, Cr Work in Process Inventory Item 4 5 Applied overhead to Job ABC Select Dr Materials Inventory, Cr Payroll Payable Dr Materials Inventory, Cr Materials Inventory Dr Finished Goods Inventory, Cr Materials Inventory Dr Materials Inventory, Cr Overhead Dr Materials Inventory, Cr Accounts Payable Dr Work in Process Inventory, Cr Payroll Payable Dr Work in Process Inventory, Cr Materials Inventory Dr Work in Process Inventory, Cr Overhead Dr Work in Process Inventory, Cr Accounts Payable Dr Overhead, Cr Accounts Payable Dr Finished Goods Inventory, Cr Work in Process Inventory Item 5 6 Completed but did not yet sell Job ABC Select Dr Materials Inventory, Cr Payroll Payable Dr Materials Inventory, Cr Materials Inventory Dr Finished Goods Inventory, Cr Materials Inventory Dr Materials Inventory, Cr Overhead Dr Materials Inventory, Cr Accounts Payable Dr Work in Process Inventory, Cr Payroll Payable Dr Work in Process Inventory, Cr Materials Inventory Dr Work in Process Inventory, Cr Overhead Dr Work in Process Inventory, Cr Accounts Payable Dr Overhead, Cr Accounts Payable Dr Finished Goods Inventory, Cr Work in Process Inventory Item 6

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Oct 01, 2024

Identify the accounts in which each of the following transactions for Acorn Furniture, a custom manufacturer of oak tables and chairs, would be debited and

Identify the accounts in which each of the following transactions for Acorn Furniture, a custom manufacturer of oak tables and chairs, would be debited and credited:

1. Issued oak materials into production for Job ABC
2. Recorded direct labor time for the first week in February for Job ABC
3. Purchased indirect materials from a vendor on account
4. Received a production-related electricity bill
5. Applied overhead to Job ABC
6. Completed but did not yet sell Job ABC