Journal Entries, T-Accounts

Kapoor Company uses job-order costing. During January, the following data were reported:

1. Materials purchased on account: direct materials, $97,500; indirect materials, $14,800.
2. Materials issued: direct materials, $83,500; indirect materials, $ 8,800.
3. Labor cost incurred: direct labor, $67,000; indirect labor, $18,760.
4. Other manufacturing costs incurred (all payables), $46,200.
5. Overhead is applied on the basis of 110 percent of direct labor cost.
6. Work finished and transferred to Finished Goods Inventory cost $237,700.
7. (1) Finished goods costing $212,000 were (2) sold on account for 150 percent of cost. Make the entry to record the cost of the jobs first, followed by the entry to record the revenue from their sale.
8. Any over- or underapplied overhead is closed to Cost of Goods Sold.

Required:

Question Content Area

1. Prepare journal entries to record these transactions. For a compound transaction, if an amount box does not require an entry, leave it blank.

a.	Accounts ReceivableCashCost of Goods SoldFinished GoodsMaterials	- Select -
	Accounts PayableAccounts ReceivableCost of Goods SoldFinished GoodsMaterials		- Select -
b.	CashCost of Goods SoldFinished GoodsMaterialsWork in Process	- Select -	- Select -
	CashCost of Goods SoldFinished GoodsMaterialsOverhead Control	- Select -	- Select -
	CashCost of Goods SoldFinished GoodsMaterialsOverhead Control	- Select -	- Select -
c.	Cost of Goods SoldFinished GoodsMaterialsWages PayableWork in Process	- Select -	- Select -
	Cost of Goods SoldFinished GoodsMaterialsOverhead ControlWages Payable	- Select -	- Select -
	Finished GoodsMaterialsOverhead ControlWages PayableWork in Process	- Select -	- Select -
d.	Cost of Goods SoldFinished GoodsMaterialsOverhead ControlWork in Process	- Select -
	Cost of Goods SoldFinished GoodsMaterialsOverhead ControlVarious Payables		- Select -
e.	Cost of Goods SoldFinished GoodsMaterialsOverhead ControlWork in Process	- Select -
	Cost of Goods SoldFinished GoodsMaterialsOverhead ControlWork in Process		- Select -
f.	CashCost of Goods SoldFinished GoodsMaterialsOverhead Control	- Select -
	Cost of Goods SoldFinished GoodsMaterialsOverhead ControlWork in Process		- Select -
g (1).	Accounts PayableCashCost of Goods SoldFinished GoodsMaterials	- Select -
	CashCost of Goods SoldFinished GoodsMaterialsOverhead Control		- Select -
g (2).	Accounts ReceivableFinished GoodsOverhead ControlSales RevenueWork in Process	- Select -
	CashFinished GoodsOverhead ControlSales RevenueWork in Process		- Select -
h.	CashCost of Goods SoldFinished GoodsMaterialsOverhead Control	- Select -
	CashCost of Goods SoldFinished GoodsMaterialsOverhead Control		- Select -

Question Content Area

2. Prepare a T-account for Overhead Control. Post the entries to the T-account in the same order in which they were journalized. If an amount is zero, enter "0". What is the ending balance in this account?

Overhead Control
abcdefgh	fill in the blank a6f081043fb1fe7_2	abcdefgh	fill in the blank a6f081043fb1fe7_4
abcdefgh	fill in the blank a6f081043fb1fe7_6
abcdefgh	fill in the blank a6f081043fb1fe7_8
Balance	fill in the blank a6f081043fb1fe7_9	abcdefgh	fill in the blank a6f081043fb1fe7_11
		Balance	fill in the blank a6f081043fb1fe7_12

Question Content Area

3. Prepare a T-account for Work-in-Process Inventory. Assume a beginning balance of $10,000, and post the entries to the T-account in the same order in which they were journalized.

Work in Process Inventory
Beginning Balanceabcdefgh	fill in the blank 285aac0d3f94fae_2	Beginning Balanceabcdefgh	fill in the blank 285aac0d3f94fae_4
Beginning Balanceabcdefgh	fill in the blank 285aac0d3f94fae_6
Beginning Balanceabcdefgh	fill in the blank 285aac0d3f94fae_8
Beginning Balanceabcdefgh	fill in the blank 285aac0d3f94fae_10
Balance	fill in the blank 285aac0d3f94fae_11