Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please don't forget to do i. Journalize the following transactions for Lake's Seats. Explanations are not required. (Click the icon to view the transactions.) (Record
please don't forget to do i.
Journalize the following transactions for Lake's Seats. Explanations are not required. (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from any journal entries.) More Info - X a. Incurred and paid Web site expenses, $2,800 Date Accounts Debit Credit a. a. Incurred and paid Web site expenses, $2,800. b. Incurred manufacturing wages of $13,000,55% of which was direct labor and 45% of which was indirect labor. c. Purchased raw materials on account, $18,000. d. Used in production: direct materials, $8,000; indirect materials, $4,000. e. Recorded manufacturing overhead: depreciation on plant, $14,000; plant insurance (previously paid), $1,400; plant property tax, $3,400 (credit Property Tax Payable) f. Allocated manufacturing overhead to jobs, 220% of direct labor costs. g. Completed production on jobs with costs of $32,000. h. Sold inventory on account, $24,000; cost of goods sold, $14,000. i. Adjusted for overallocated or underallocated overhead. b. Incurred manufacturing wages of $13,000, 55% of which was direct labor and 45% of which was indirect labor. Date Accounts Debit Credit b. Print Done c. Purchased raw materials on account, $18,000. Date Accounts Debit Credit C. d. Used in production: direct materials, $8,000; indirect materials, $4,000. Date Accounts Debit Credit d. e. Recorded manufacturing overhead: depreciation on plant, $14,000; plant insurance (previously paid), 51,400; plant property tax, $3,400 (credit Property Tax Payable). (Prepare a compound entry) Date Accounts Debit Credit e. f. Allocated manufacturing overhead to jobs, 220% of direct labor costs. Date Accounts Debit Credit f. g. Completed production on jobs with costs of $32,000 Date Accounts Debit Credit g. h. Sold inventory on account, $24,000; cost of goods sold, $14,000. Begin by recording the revenue from the sales on account. Do not record the expense related to the sale in this journal entry. We will do that in the next step. Date Accounts Debit Credit h. Now record the expense related to the sale. Date Accounts Debit Credit h. i. Adjusted for overallocated or underallocated overhead. Date Accounts Debit CreditStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started