Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $84,000.

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $84,000. b. Direct materials used in production, $38,000. Indirect materials used in production, $13,500. C. Paid cash for factory payroll, $45.000. Of this total, $31,000 is for direct labor and $14.000 is for indirect labor. d. Paid cash for other actual overhead costs, $7,250. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods. $58,500. 91. Jobs that had a cost of $58,500 were sold. 92. Sold jobs on account for $84.000. View transaction ist Journal entry worksheet 2 3 4 5 78 9 Record raw materials purchased on account. Note: Enter debits before credits Transaction General Journal Debit Credit a. Raw materials purchased on account, $84,000. b. Direct materials used in production, $38,000. Indirect materials used in production, $13,500. c. Paid cash for factory payroll, $45,000. Of this total, $31,000 is for direct labor and $14,000 is for indirect labor. d. Paid cash for other actual overhead costs, $7,250. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $58,500. 91. Jobs that had a cost of $58,500 were sold. g2. Sold jobs on account for $84.000. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 Record the entry to assign costs of direct materials used. Note: Enter debits before credits General Journal Debit Credit Transaction b(1) Journal entry worksheet 1 2 3 4 5 6 7 8 9 > Record the entry for indirect materials. Note: Enter debits before credits. Transaction b(2) General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 3 5 6 7 8 9 > Record the usage of direct and indirect labor, paid in cash. Note: Enter debits before credits. General Journal Debit Credit Transaction C. Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 9 Record other actual overhead costs, paid in cash. Note: Enter debits before credits. Transaction d. General Journal Debit Credit Record entry Clear entry View general Journal Journal entry worksheet Record the entry to apply overhead at a rate of 120% of direct labor cost. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 9 > Record costs of jobs completed. Note: Enter debits before credits. General Journal Debit Credit Transaction f. Record entry Clear entry View general journal Journal entry worksheet Record the cost of the jobs sold. Note: Enter debits before credits. Transaction 9(1). General Journal Debit Credit Record entry Clear entry View general Journal Journal entry worksheet 1 2 3 4 5 6 7 8 9 9 Record sales on account. Note: Enter debits before credits. General Journal Debit Credit Transaction 9(2) Record entry Clear entry View general journal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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_2

Step: 3

blur-text-image_3

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

Risky Business Principles Of Auditing Property And Casualty Insurance

Authors: Seth A. Davis, CIA, CPA, CPCU, CFA, CISA

1st Edition

0894139711, 978-0894139710

More Books

Students also viewed these Accounting questions