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Thank you your awesome! If you do this problem for me I give you a fifteen dollar tip!!! I attached it with word, it's not
Thank you your awesome! If you do this problem for me I give you a fifteen dollar tip!!!
I attached it with word, it's not as long.
Entry for factory labor costs Instructions Chart of Accounts Journal Final Question Instructions The weekly time tickets indicate the following distribution of labor hours for three direct labor employees: Hours Process Job 301 Job 302 Job 303 Improvement Tom Couro 12 15 15 1 David Clanc 11 11 14 1 y Jose Cano 13 11 15 3 The direct labor rate earned per hour by the three employees is as follows: Tom Couro $32 David Clanc 35 y Jose Cano 27 The process improvement category includes training, quality improvement, and other indirect tasks. Required: A. Journalize the entry on July 15 to record the factory labor costs for the week. B. Assume that Jobs 301 and 302 were completed but not sold during the week and that Job 303 remained incomplete at the end of the week. How would the direct labor costs for all three jobs be reflected on the financial statements at the end of the week? Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS REVENUE 110 Cash 410 Sales 121 Accounts Receivable 610 Interest Revenue 125 Notes Receivable EXPENSES ASSETS REVENUE 110 Cash 410 Sales 126 Interest Receivable 510 Cost of Goods Sold 131 Materials 520 Wages Expense 132 Work in Process 531 Selling Expenses 133 Factory Overhead 532 Insurance Expense 134 Finished Goods 533 Utilities Expense 141 Supplies 534 Office Supplies Expense 142 Prepaid Insurance 540 Administrative Expenses 143 Prepaid Expenses 560 Depreciation Expense-Factory 181 Land 590 Miscellaneous Expense 191 Factory 710 Interest Expense 192 Accumulated Depreciation-Factory 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 Journal A. Journalize the entry on July 15 to record the factory labor costs for the week. PAGE 10 JOURNAL DATE 1 2 DESCRIPTION POST. REF. DEBIT CREDIT DATE DESCRIPTION POST. REF. DEBIT CREDIT 3 Final Question B. Assume that Jobs 301 and 302 were completed but not sold during the week and that Job 303 remained incomplete at the end of the week. How would the direct labor costs for all three jobs be reflected on the financial statements at the end of the week? Cost of Goods Sold Job 301 Job 302 Job 303 Work In Process Finished Goods Factoy OverheadStep by Step Solution
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