Question
Not sure if I answered these correctly, I am not sure how to do the T-accounts. Journal Entries Paulson Manufacturing Company uses the perpetual inventory
Not sure if I answered these correctly, I am not sure how to do the T-accounts.
Journal Entries
Paulson Manufacturing Company uses the perpetual inventory system to account for its manufacturing inventories. The following are Paulson's transactions during July 2016
July 5Received material costing $6,000 from a supplier. The material was purchased on account.9Requisitioned $18,000 of material for use in the factory, consisting of $15,000 of direct material and $3,000 of indirect material.11Recorded the factory payroll: $40,500 of direct labor and $4,500 of indirect labor.17Incurred various overhead costs totaling $42,000. (Credit Accounts Payable.)20Applied $60,000 of manufacturing overhead to the products being manufactured.23Completed product costing $48,000 and moved it to the warehouse.26Sold goods with a product cost of $9,000 on account for $15,000.
a. and b. Record the transactions listed above in general journal form, post relevant portions to the four Taccounts set-up below, and balance the four accounts.
General JournalDateDescriptionDebitCreditJuly 5Answer
Accounts payable
Accounts receivable
Cost of goods sold
Finished goods inventory
Manufacturing overhead
Materials inventory
Sales
Wages payable
Work in process inventory
Answer
Answer
Answer
Accounts payable
Accounts receivable
Cost of goods sold
Finished goods inventory
Manufacturing overhead
Materials inventory
Sales
Wages payable
Work in process inventory
Answer
Answer
July 9Work in process inventoryAnswer
Answer
Answer
Accounts payable
Accounts receivable
Cost of goods sold
Finished goods inventory
Manufacturing overhead
Materials inventory
Sales
Wages payable
Work in process inventory
Answer
Answer
Answer
Accounts payable
Accounts receivable
Cost of goods sold
Finished goods inventory
Manufacturing overhead
Materials inventory
Sales
Wages payable
Work in process inventory
Answer
Answer
July 11Work in process inventoryAnswer
Answer
Answer
Accounts payable
Accounts receivable
Cost of goods sold
Finished goods inventory
Manufacturing overhead
Materials inventory
Sales
Wages payable
Work in process inventory
Answer
Answer
Answer
Accounts payable
Accounts receivable
Cost of goods sold
Finished goods inventory
Manufacturing overhead
Materials inventory
Sales
Wages payable
Work in process inventory
Answer
Answer
July 17Answer
Accounts payable
Accounts receivable
Cost of goods sold
Finished goods inventory
Manufacturing overhead
Materials inventory
Sales
Wages payable
Work in process inventory
Answer
Answer
Answer
Accounts payable
Accounts receivable
Cost of goods sold
Finished goods inventory
Manufacturing overhead
Materials inventory
Sales
Wages payable
Work in process inventory
Answer
Answer
July 20Answer
Accounts payable
Accounts receivable
Cost of goods sold
Finished goods inventory
Manufacturing overhead
Materials inventory
Sales
Wages payable
Work in process inventory
Answer
Answer
Answer
Accounts payable
Accounts receivable
Cost of goods sold
Finished goods inventory
Manufacturing overhead
Materials inventory
Sales
Wages payable
Work in process inventory
Answer
Answer
July 23Answer
Accounts payable
Accounts receivable
Cost of goods sold
Finished goods inventory
Manufacturing overhead
Materials inventory
Sales
Wages payable
Work in process inventory
Answer
Answer
Answer
Accounts payable
Accounts receivable
Cost of goods sold
Finished goods inventory
Manufacturing overhead
Materials inventory
Sales
Wages payable
Work in process inventory
Answer
Answer
July 26Answer
Accounts payable
Accounts receivable
Cost of goods sold
Finished goods inventory
Manufacturing overhead
Materials inventory
Sales
Wages payable
Work in process inventory
Answer
Answer
Answer
Accounts payable
Accounts receivable
Cost of goods sold
Finished goods inventory
Manufacturing overhead
Materials inventory
Sales
Wages payable
Work in process inventory
Answer
Answer
To record cost of goods sold.July 26Answer
Accounts payable
Accounts receivable
Cost of goods sold
Finished goods inventory
Manufacturing overhead
Materials inventory
Sales
Wages payable
Work in process inventory
Answer
Answer
Answer
Accounts payable
Accounts receivable
Cost of goods sold
Finished goods inventory
Manufacturing overhead
Materials inventory
Sales
Wages payable
Work in process inventory
Answer
Answer
To record sale of product.
For T-accounts, enter transactions in order of occurrence using the first available answer box in the appropriate debit or credit column.
Materials InventoryBal.21,000
Answer
Answer
Answer
Bal.Answer
Answer
Work in Process InventoryBal.75,000
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Bal.Answer
Answer
Finished Goods InventoryBal.30,000
Answer
Answer
Answer
Bal.Answer
Answer
Cost of Goods SoldBal.90,000
Answer
Answer
Mark 0.00 out of 1.00
Answer
Bal.Answer
Answer
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Accounting What The Numbers Mean
Authors: David Marshall, Wayne McManus, Daniel Viele
10th Edition
77729870, 9780077729875
