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Prepare summary journal entries to record the following transactions for a company in its first month of operations a. Raw materials purchased on account, $90,000
Prepare summary journal entries to record the following transactions for a company in its first month of operations a. Raw materials purchased on account, $90,000 b. Direct materials used in production, $36,500. Indirect materials used in production, $19,200 c. Paid cash for factory payroll, $50,000. Of this total, $38,000 is for direct labor and $12,000 is for indirect labor d. Paid cash for other actual overhead costs, $11,475 e. Applied overhead at the rate of 125% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $56,800 g. Sold jobs on account for $82,000 g(2). The jobs had a cost of $56,800 g(1) View transaction list Journal entry worksheet 2 3 4 5 6 7 8 9 Record raw materials purchased on account. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 2 3 4 5 6 7 8 9 Record the entry to assign costs of direct materials used. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Record the entry for indirect materials. Note: Enter debits before credits. Transaction General Journal Debit Credit b(2) Record entry Clear entry View general journal Journal entry worksheet 2 3 4 6 8 9 Record the usage of direct and indirect labor, paid in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit C. Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 Record other actual overhead costs, paid in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit d. Record entry Clear entry View general journal Journal entry worksheet Record the entry to apply overhead at a rate of 125% of direct labor cost. Note: Enter debits before credits. Transaction General Journal Debit Credit e. Record entry Clear entry View general journal Journal entry worksheet 4 6 7 8 Record costs of jobs completed Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Record the cost of the jobs sold. Note: Enter debits before credits Transaction General Journa Debit Credit Record entry Clear entry View general journal Journal entry worksheet Record the sale of jobs on account. Note: Enter debits before credits. Transaction General Journal Debit Credit g(2) Record entry Clear entry View general journal
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