Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: Mar. 1 Materials purchased on

Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March:

Mar. 1 Materials purchased on account, $770,000.
2 Materials requisitioned, $680,000, of which $75,800 was for general factory use.
31 Factory labor used, $756,000, of which $182,000 was indirect.
31 Other costs incurred on account for factory overhead, $245,000; selling expenses, $171,500; and administrative expenses, $110,600.
31 Prepaid expenses expired for factory overhead were $24,500; for selling expenses, $28,420; and for administrative expenses, $16,660.
31 Depreciation of factory equipment was $49,500; of office equipment, $61,800; and of office building, $14,900.
31 Factory overhead costs applied to jobs, $568,500.
31 Jobs completed, $1,500,000.
31 Cost of goods sold, $1,375,000.

Journalize the entries to record the summarized operations. Refer to the Chart of Accounts for exact wording of account titles.

none

X

Chart of Accounts

CHART OF ACCOUNTS
Royal Technology Company
General Ledger
ASSETS
110 Cash
121 Accounts Receivable
125 Notes Receivable
126 Interest Receivable
131 Materials
132 Work in Process
133 Factory Overhead
134 Finished Goods
141 Supplies
142 Prepaid Insurance
143 Prepaid Expenses
181 Office Building
191 Office Equipment
192 Accumulated Depreciation-Buildings and Equipment
LIABILITIES
210 Accounts Payable
221 Utilities Payable
231 Notes Payable
236 Interest Payable
241 Lease Payable
251 Wages Payable
252 Consultant Fees Payable
EQUITY
311 Common Stock
340 Retained Earnings
351 Dividends
390 Income Summary
REVENUE
410 Sales
610 Interest Revenue
EXPENSES
510 Cost of Goods Sold
520 Wages Expense
531 Selling Expenses
532 Insurance Expense
533 Utilities Expense
534 Office Supplies Expense
540 Administrative Expenses
561 Depreciation Expense-Office Building
562 Depreciation Expense-Office Equipment
590 Miscellaneous Expense
710 Interest Expense

none

X

Journal

Journalize the entries to record the summarized operations. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 10

JOURNAL

DATE DESCRIPTION POST. REF. DEBIT CREDIT

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

Solution

DATE DESCRIPTION POST. REF. DEBIT CREDIT

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

Points:

Feedback

Check My Work

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 Principles

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

10th Edition

1119491630, 978-1119491637, 978-0470534793

More Books

Students also viewed these Accounting questions