Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Instruction Chart of Accounts General Journal VAN Instruction 1. March 10:600 units of raw materials were purchased on account at $6.50 per unt. 2. March

image text in transcribed
image text in transcribed
image text in transcribed
Instruction Chart of Accounts General Journal VAN Instruction 1. March 10:600 units of raw materials were purchased on account at $6.50 per unt. 2. March 15: 500 units of raw materials were requisitioned at 87 per unit for production, Job 872 3. March 25: 400 units of raw materials were requisitioned at $8.50 per unit for production, Job 879. Required: . Record the journal entries for the above transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journas do not use lines for spaces or fournal explanations. Every line on a journal page is used for debitor credit entries. Do not add explanations or skipa line between journal entries. CNOW Joumals will automatically indent a credit entry when a credit amount is entered General Ledger ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue 121 Accounts Receivable 131 Materials 133 Work in Process 135 Factory Overhead 137 Finished Goods 141 Supplies 142 Prepaid Expenses 181 Land 190 Factory Equipment 191 Accumulated Depreciation EXPENSES 510 Cost of Goods Sold 520 Wages Expense 531 Insurance Expense 532 Utilities Expense 533 Office Supplies Expense 560 Depreciation Expense 590 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 221 Utilities Payable 251 Wages Payable EQUITY 311 Common Stock 340 Retained Eamings 351 Dividends 390 Income Summary General Journal Record the joumal entre for the month of March Pater to the chart of accounts for the exact wording of the account te. CNOW foumal do not use free for spaces or journal explanations. Every ine on a journal poe used for debitor credt entries. Do not mod cuplaration or skies a ing between joumal entries Chow Jumals we automatically indent a cred! by an acreditamount is entered POEL JOURNAL PORTAL CROT

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

More Books

Students also viewed these Accounting questions