Journal entry worksheet 234567 Record the purchase of raw materials for $21,600 on account. Note: Enter debits before credits. Journal entry worksheet Record Floyd's Auto Repair Shop's payroll costs. Note: Enter debits before credits. - Because an auto shop does not manufacture a product, the overhead cost would include all of the indirect costs that are incurred in the garage or shop that cannot be traced to a speciflc repair job. The following transactions occurred during the most recent month: a. Purchased raw materials (parts and supplies) on account $21,600. b. Used $15,200 in raw materials (parts and supplies) Of this, $13,500 was for major parts that were traceable to individual repair jobs, and the remainder was for incidental supplies such as lubricants, rags, fuel, and so on. c. Recorded a total of $7,200 in direct labor cost (for 360 hours) that are owed but not yet paid: d. Applied overhead to repair jobs at a rate of $26.00 per direct labor hour. e. Perneriert the foilowina actual overhead costs 1. Completed repair jobs costing $48,000 and charged customers at cost plus an odditional 28 percent. (Note: You can bypass the Finished Goods Inventory account, which would not be used in this context) Journal entry worksheet Record the service revenue on account. Note: Enter debits before credits. Floyd's Auto Repair Shop uses a job order cost system to track the cost of each repair. Floyd's applies its garage or shop overhead at rate of $20 per direct labor hour spent on each repair. Floyd's uses the following accounts to track the cost of all repairs: - Because an auto shop does not manufacture a product, the overhead cost would include all of the indirect costs that are incurred in Journal entry worksheet Record the issuance of raw materials to repair jobs. Note: Enter debits before credits. Journal entry worksheet Record the application of manufacturing overhead to repair jobs. Note: Enter debits before credits. Journal entry worksheet Record the cost of actual overhead cost incurred. Note: Enter debits before credits. Journal entry worksheet Record the transfer of repair jobs in process to cost of repairs completed and sold. Note: Enter debits before credits. Required: Prepare journal entries for transactions (a) through (f) using the account names shown and other appropriate accounts such as Cash. Payables, Accumulated Depreciation, Prepaids, and Sales Revenue. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field
