Question
The Journal entries are complete and 100% correct, I just need the steps/requirements after the entries (starting with T accounts). Also when making the T-accounts,
The Journal entries are complete and 100% correct, I just need the steps/requirements after the entries (starting with T accounts). Also when making the T-accounts, keep in mind that there are beginning balances in part "A". The entries are:
b.) Debit Raw materials inventory 200,000
Credit Accounts payable 200,000
c.) Debit Work In Process 173,000
Debit Manufacturing Overheard 12,000
Credit Raw Materials Inventory 185,000
D.) Debit Work In Process Inventory 155,000
Debit Manufacturing Overhead 52,500
Credit Cash 207,500
E.) Debit Manufacturing Overhead 61,500
Credit Accumulated Depreciation 26,000
Credit Cash 35,500
F.) Debit Advertising Expense 55,000
Debit Sales Commissions Expense 58,000
Credit Cash 113,000
G.) Debit Work In Process Inventory 132,750
Credit Manufacturing Overhead 132,750
H.) Debit Finished Goods Inventory 457,000
Credit Work In Process Inventory 457,000
I.) Debit Accounts Receivables 735,000
Credit Sales Revenue 735,000
I.) Debit Cost of Goods Sold 441,000
Credit Finished Goods Inventory 441,000
J.) Debit Manufacturing Overhead 6,750
Credit Cost of Goods Sold 6,750
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