Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Step 4 The following is a list of transactions that need to be recorded for the company for activity in the month of December. Record
Step 4 | The following is a list of transactions that need to be recorded for the company for activity in the month of December. Record those in the "General Journal" tab of the excel file using the proper format. Please use the following accounts: Accounts Receivables, Raw materials, Work in process, Finished goods, Accumulated depreciation, Accounts payable, Salaries and wages payable, Sales revenue, Manufacturing overhead, Cost of goods sold, Salaries and wages expense, Advertising expenses, and Depreciation expense. | |||
1-Dec | Raw Materials purchased on account, $10,000. | |||
5-Dec | All Raw Materials needed for Job #1 were requisitioned from the material storage for use during the month. Assume all materials are direct. (After you journalize this entry please enter the information into Job #1 Cost Sheet) | |||
10-Dec | The following employee costs were incurred but not paid during the month: | |||
There are three assembly employees that spend 2 hours each, $20 per hour to make the table for Job #1. (After you journalize this entry please enter the information into Job #1 Cost Sheet) | ||||
Salary for supervisor of the factory $3,000. | ||||
Administrative Salary $2,000. | ||||
15-Dec | All Raw Materials needed for Job #2 were requisitioned from the material storage for use during the month. Assume all materials are direct. (After you journalize this entry please enter the information into Job #2 Cost Sheet) | |||
16-Dec | Rent for the month of December for the factory building incurred but not paid $500. | |||
17-Dec | Advertising costs incurred but not paid for the month was $1,200. | |||
20-Dec | Depreciation for the month of December was recorded on equipment was $750 ($150 for equipment used in the factory and the remainder for equipment used in selling and administrative activities). | |||
22-Dec | Manufacturing overhead cost was applied based on direct labor hours to Job #1 based on the POHR determined on the "Job Cost Sheet". (After you journalize this entry please enter the information into Job #1 Cost Sheet) | |||
26-Dec | Job #1 was completed and transferred to Finished Goods during the month. | |||
28-Dec | The completed table from Job #1 was sold on account to the customer for $15,000 during the month. (Hint: Make sure to account for the cost of the table that was sold using the cost from the job cost sheet.) | |||
31-Dec | Direct labor cost incurred but not paid for three employees to start manufacturing Job #2. The employees only worked one hour each, three hours total, $20 per hour during the month and they did not complete their work on the job. (After you journalize this entry please enter the information into Job #2 Cost Sheet) | |||
31-Dec | Manufacturing overhead cost was applied based on direct labor hours to Job #2 based on the POHR. Only three direct labor hours were worked on Job #2 during the month. (After you journalize this entry please enter the information into Job #2 Cost Sheet) | |||
31-Dec | Any underapplied or overapplied overhead for the month was closed out to Cost of Goods Sold |
Step 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