Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On August 1st, Custom Car Co's work in process inventory was $24900; its raw materials inventory was $6000; manufacturing overhead had a $1800 debit

 

On August 1st, Custom Car Co's work in process inventory was $24900; its raw materials inventory was $6000; manufacturing overhead had a $1800 debit balance. Work in Process Subsidiary Data 8/1: Direct Materials Mercedes $4,800 Corvette $3,600 Murcielago $3,000 $11,400 Direct Labor Man Overhead $1,200 $1,500 $3,000 $3,750 $1,800 $2,250 $6,000 $7,500 A. Journalize the following transactions: 8/5 Raw materials of $10800 are purchased on account from Wholesaler Co. 8/8 $2400 is paid to repair factory equipment (ck#522). 8/11 Factory rent of $3600 is paid (ck #523). 8/15 Depreciation on factory equipment totals $4800 for the month. 8/30 Property taxes for the factory total $1200. They're due next month. Date 5-Aug Account (Purchase RM-Wholesaler) 8-Aug (Repairs Ck #522) 11-Aug (Rent -Ck #523) 15-Aug 30-Aug (Depreciation factory equip) (Property taxes) B. Record journal entries given the following information for August. Material Job Requisitions Time Tickets Mercedes $2,400 $1,800 Corvette $1,800 $3,000 Murcielago $6,000 $4,800 Land Rover $4,200 $2,400 $14,400 $12,000 General use $600 $1,200 $15,000 $13,200 *Idle time, cleaning & maintenance, indirect materials, etc.) Date 31-Aug Account Dr. Cr. XX XX XX XX X X XX XX XX XX X X Dr. Cr. XX XX

Step by Step Solution

There are 3 Steps involved in it

Step: 1

The image you sent is a solved problem on journal entries for a manufacturing company specifically Custom Car Co The information provided includes Work in process subsidiary data on August 1st which s... 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

Managerial Accounting Tools for Business Decision Making

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly

3rd Canadian edition

978-1118727737, 1118727738, 978-1118033890

More Books

Students also viewed these Accounting questions

Question

=+a) How long do you expect to wait for your turn to get tickets?

Answered: 1 week ago