Question
Transfar this to a general ledger. Account cash beginning balance Debit $18428,, Accounts Receivable Debit $17085.60, Acct Materials Debit $12349.00, Acct WIP Debit$2650, Finished Goods
Transfar this to a general ledger.
Account cash beginning balance Debit $18428,, Accounts Receivable Debit $17085.60, Acct Materials Debit $12349.00, Acct WIP Debit$2650, Finished Goods Debit $22948.00, Accts Payable Credit $8949, Federal Income tax payable Credit $3744, FICA TAX payable Credit 1909.44, FUTA Tax credit 149.76, Suta Payable Credit 2995.20, Salaries Payable
Jan 2:
Debit Rent Expense - Manufacturing Space: $3,400
Debit Rent Expense - Office Space: $600
Credit Cash: $4,000
Jan 2:
Debit Hardware For All: $879
Credit Accounts Payable: $879
Jan 3:
Debit Cash: $1,230
Credit Accounts Receivable - Fun For All Backyard Games: $1,230
Jan 4:
Debit Inventory (Manufacturing Supplies): $325
Credit Accounts Payable - Local Got It All: $325
Jan 6:
Debit Cash: $546
Credit Sales Revenue: $546
Debit Cost of Goods Sold: $390
Credit Inventory: $390
Jan 6:
Debit Work in Process (WIP): $120
Credit Raw Materials Inventory: $120
Debit Factory Overhead: $48 (40% of direct materials cost)
Debit WIP: $80
Credit Employees Federal Income Tax Payable: $12 (15% of direct labor)
Credit FICA Tax Payable: $6.12 (7.65% of total direct labor)
Credit Salaries Payable: $61.88
Jan 6:
Debit Employees Federal Income Tax Payable: $3,744
Debit FICA Tax Payable: $1,909.44
Debit FUTA Tax Payable: $149.76
Debit SUTA Tax Payable: $2,995.20
Credit Cash: $8,798.40
Jan 7:
Debit Raw Materials Inventory: $9,700
Credit Accounts Payable: $9,700
Jan 8:
Debit Cash: $4,700
Credit Accounts Receivable - Utopian Backyard Fun: $4,700
Jan 10:
Debit Advertising Expense: $400
Credit Cash: $400
Jan 10:
Debit Accounts Payable - Lumber Unlimited: $6,950
Credit Cash: $6,950
Jan 14:
Debit Cash: $4,200
Credit Accounts Receivable - Backyard Game Treats: $4,200
Jan 14:
Debit Cash: $532
Credit Sales Revenue: $532
Debit Cost of Goods Sold: $380
Credit Inventory: $380
Jan 14:
Debit Cash: $5,755.40
Credit Sales Revenue: $5,755.40
Debit Cost of Goods Sold: $4,111.00
Credit Inventory: $4,111.00
Jan 14:
Debit Work in Process (WIP): $80
Credit Raw Materials Inventory: $80
Debit Factory Overhead: $32 (40% of direct materials cost)
Debit WIP: $120
Credit Employees Federal Income Tax Payable: $18 (15% of direct labor)
Credit FICA Tax Payable: $9.6 (7.65% of total direct labor)
Credit Salaries Payable: $92.4
Debit Finished Goods: $250 (Total cost of job 126)
Jan 15:
Debit Accounts Receivable - Cash Customer: $672
Credit Sales Revenue: $672
Debit Cost of Goods Sold: $250
Credit Finished Goods: $250
Jan 15:
Debit Utilities Expense - Manufacturing Area: $433.50
Debit Utilities Expense - Nonmanufacturing Area: $76.50
Credit Cash: $510
Jan 16:
Debit Work in Process (WIP): $1,150
Credit Raw Materials Inventory: $1,150
Debit Factory Overhead: $460 (40% of direct materials cost)
Debit WIP: $1,462
Credit Employees Federal Income Tax Payable: $219.3 (15% of direct labor)
Credit FICA Tax Payable: $111.63 (7.65% of total direct labor)
Credit Salaries Payable: $1,130.07
Debit Finished Goods: $2,612 (Total cost of job 125)
Jan 16:
Debit Accounts Receivable - Oversize Games: $8,010.80
Credit Sales Revenue: $8,010.80
Debit Cost of Goods Sold: $2,612
Credit Finished Goods: $2,612
Jan 17:
Debit Work in Process (WIP): $40
Credit Raw Materials Inventory: $40
Debit Factory Overhead: (40% of direct materials cost)
Debit WIP: $20
Credit Employees Federal Income Tax Payable: $3 (15% of direct labor)
Credit FICA Tax Payable: $1.53 (7.65% of total direct labor)
Credit Salaries Payable: $15.47
Jan 21:
Debit Cash: $1,218
Credit Sales Revenue: $1,218
Debit Cost of Goods Sold: $870
Credit Inventory: $870
Jan 21:
Debit Cash: $3,290
Credit Accounts Receivable - Oversize Games: $3,290
Jan 21:
Debit Cost of Goods Sold: $217
Credit Raw Materials Inventory: $217
Jan 23:
Debit Raw Materials Inventory: $692
Credit Accounts Payable - Paint To Go: $692
Jan 27:
Debit Salary Expense: $960
Credit Cash: $960
Debit Employees Federal Income Tax Payable: (withheld amount)
Debit FICA Tax Payable: (withheld amount)
Jan 30:
Debit Factory Overhead: $365.06
Debit Payroll Tax Expense: $167.52
Credit FICA Tax Payable: $233.48
Credit FUTA Tax Payable: $24.42
Credit SUTA Tax Payable: $274.68
Debit Cash: (total wages paid)
Jan 30:
Debit Owner's Withdrawals: $3,200
Credit Cash: $3,200
Jan 30:
Debit Accounts Receivable - Fun For All Backyard Games: $1,015.60
Credit Accounts Receivable - Fun For All Backyard Games: $1,015.60
Jan 30:
Debit Accounts Receivable - Utopian Backyard Fun: $2,650
Credit Accounts Receivable - Utopian Backyard Fun: $2,650
Jan 30:
Debit Accounts Payable - Local Got It All: $325
Credit Cash: $325
Jan 30:
Debit Accounts Payable - Lumber Unlimited: $9,700
Credit Cash: $9,700
Jan 30:
Debit Accounts Payable - Paint To Go: $1,120
Credit Cash: $1,120
Jan 30:
Debit Raw Materials Inventory: $4,300
Credit Accounts Payable - Lumber Unlimited: $4,300
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