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In need of assistance on how to correctly fill in my T-account info for the following information? No. Account Titles and Explanation 1. Salaries and
In need of assistance on how to correctly fill in my T-account info for the following information?
No. Account Titles and Explanation 1. Salaries and Wag Debit Credit 436,200 Salaries Payable 436,200 (To record salaries for president, vice president, and corpoarte secretary) 2. Manufacturing Ov 113,300 Salaries Payable 113,300 (To record labor costs for factory manager, assistant factory manager, and two security gaurds) 3. Work in Process I 163,125 Manufacturing Ov 55,800 Wages Payable 218,925 (To record direct labor) 4. Depreciation Expe 17,500 Accumulated Dep 17,500 (To record depreciation on administrative office equipment) 5. Manufacturing Ov Accumulated Dep (To record depreciation on factory building and 357,500 357,500 equipment) 6. Office Supplies 4,400 Office Utilities 5,500 Cash 9,900 (To record administrative office utilities and office supplies expense) 7. Manufacturing Ov 44,300 Cash 44,300 (To reocrd factory insurance and factory utilities) 8. Raw Materials Inv 1,947,000 Accounts Payable 1,947,000 (To record raw materials purchases) 9. Work in Process I 1,581,000 Manufacturing Ov 279,000 Raw Materials Inv 1,860,000 (To record direct materials and indrect materials used in production) 10. Work in Process I Manufacturing Ov 1,151,759 1,151,759 (To apply overhead to work in process) 11. Finished Goods In 3,450,000 Work in Process I 3,450,000 (To record transfer of completed airplanes) 12. Cost of Goods So 3,650,000 Finished Goods In 3,650,000 (To record cost of airplanes sold) 13. Accounts Receiv Sales Revenue 6,570,000 6,570,000 (To record sale of airplanes to customers) (c) Prepare the appropriate T-accounts for Raw Materials Inventory, Work-in-Process Inventory, Finished Goods Inventory, Manufacturing Overhead Control, Cost of Goods Sold, and Sales, and record Maverick's transactions for 2014. (Post entries in order presented in the problem. Round answers to 0 decimal places, e.g. 345,000.) Raw Materials Work in Process Inventory Finished Goods Inventory Manufacturing Overhead Cost of Goods Sold Sales RevenueStep by Step Solution
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