Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Q52-7 Your company use Job Costing to record manufacturing costs. Prepare Journal Entries for the following transactions occurred in this month: A) Rawa Materials amount

image text in transcribed

Q52-7 Your company use Job Costing to record manufacturing costs. Prepare Journal Entries for the following transactions occurred in this month: A) Rawa Materials amount to $64,700 were withdrawn for use 85% were for Direct Material 15% were for Indirect Material B) Employee salaries amount to $5,600 were paid by cash 70% of the salaries paid were for factory assembly line workers 5% of the salaries paid were for factory maintenance workers 25% of the salaries paid were for admin and sales workers C) Prepaid insurance $6,200 had consumed 65% of the insurance related to the factory building 35% of the insurance related to the office building D) Property tax of $84,520 related to the factory was recorded as payable

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

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

Accounting In Emerging Economies

Authors: Mathew Tsamenyi

1st Edition

1849506256, 9781849506250

More Books

Students also viewed these Accounting questions