Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The transactions listed below occurred during the current month. Prepare the journal entries for each transaction and match the correct amount, account, debit or credit
The transactions listed below occurred during the current month. Prepare the journal entries for each transaction and match the correct amount, account, debit or credit that follows. A. Total materials issued to production, $145,000 of which $115,000 was traceable to specific jobs. B. Labor costs incurred during the period totaled $280,000, of which $80,000 related to factory supervisors and factory custodians. C. Depreciation recorded on equipment was $52,000. $45,000 of this amount was on equipment used in factory operations, and the remaining $7,000 was for equipment used in the corporate office. D. Manufacturing overhead is applied to production at the rate of $6.00 per machine hour. Planned machine hours were 70,000 but due to greater demand, the company worked 80,000 machine hours during the year. E. Goods costing $900,000 were completed during the year. v Transaction A: Which account(s) debited? A. Work in Process and Manufacturing Overhead v Transaction B: Which account(s) credited? B. Manufacturing Overhead v Transaction C: Which account(s) debited? Q Wages Payable v Transaction D: Which account(s) credited? D. Manufacturing Overhead and Depreciation Expense v Transaction E: Which account(s) debited? E. Finished Goods Inventon/
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