ZuoTi.Pro
Question

Journal Entries Paulson Manufacturing Company uses the perpetual inventory system to account for its manufacturing inventories. The following are Paulsons transactions during July 2016: july Received material costing $2,000 from a supplier. The material was purchased on account. Requisitioned $6,000 of material for use in the factory, consisting of $5,000 of direct material and $1,000 of indirect 9 mrial. 11 Recorded the factory payroll: $13,500 of direct labor and $1,500 of indirect labor. 17 Incurred various overhead costs totaling $14,000. (Credit Accounts Payable.) 20 Applied $20,000 of manufacturing overhead to the poducts being manufactured. 23 Completed product costing $16,000 and moved it to the warehouse 26 Sold goods with a product cost of $3,000 on account for $5,000

a. and b. Record the transactions listed above in general journal form, post relevant portions to the four T-accounts set-up below, and balance the four accounts. General Journal Date Description Debit Credit July 5 Materials inventory 2,000 Accounts payable 2,000 July 9 Work in process inventory 5,000 Manufacturing overhead 1,000 Materials inventory 6,000 July 11 Work in process inventory 13,500 Manufacturing overhead 1,500 Wages payable 15,000 July 17 Manufacturing overhead # 14,000 Accounts payable 14,000 July 20 Manufacturing overhead 20,000 Accounts payable July 23 | Finished goods inventory # 16,000 work in process inventory 16,000 July 26 Cost of goods sold Accounts receivable To record cost of goods sold. July 26 Accounts payable Cost of goods sold To record sale of product.

For T-accounts, enter transactions in order of occurrence using the first available answer box in the appropriate debit or credit column. Materials Inventory Bal. 7,000 2,000 Bal. 9,000 X Work in Process Inventory Bal. 25,000 Bal. Finished Goods Inventory Bal. 10,000 Bal. Cost of Goods Sold Bal. 30,000 Bal.

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Date Account Name DebitCredit Material Inventory 5-Jul Raw material inventory Accounts payable 2000 Balance Account Pavable Balance 7000 2000 3000 6000 Issued To WIP AND Factory Overhead 9-Jul Work in process inventory 5000 1000 Factory overheads Raw material inventory Work In Process Inventory Balance Raw Material Inventory Factory Payrol Factory Overhead Balance 25000 Finished Goods Inventory16000 5000 13500 20000 47500 11-Jul Work in process inventory 13500 1500 Factory overheads Factory payrol Finished Goods Inventory 17-Jul Factory overheads Accounts payable 14000 Balance Work In Process Inventor Balance 10000 Cost of Goods Sold 16000 23000 3000 20-Jul Work in process inventory Factory overheads 20000 Cost Of Goods Sold 23-Jul Finished goods inventory Balance Finished Goods Inventory Balance 16000 30000 3000 33000 Work in process inventory 26-Jul Cost of goods sold 3000 Finished goods inventory 26-Jul Accounts receivable 5000 Sales

0 0
Add a comment
Know the answer?
Add Answer to:
Journal Entries Paulson Manufacturing Company uses the perpetual inventory system to account for its manufacturing inventories....
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Journal Entries Paulson Manufacturing Company uses the perpetual inventory system to account for its manufacturing inventories....

    Journal Entries Paulson Manufacturing Company uses the perpetual inventory system to account for its manufacturing inventories. The following are Paulson's transactions during July 2016 July Received material costing $4,000 from a supplier. The material was purchased on account. Requisitioned $12,000 of material for use in the factory, consisting of $10,000 of direct material and $2,000 of indirect material 11 Recorded the factory payrol: 27,000 of direct labor and $3,000 of indirect labor. 17 Incurred various overhead costs totaling $28,000. (Credit...

  • Journal Entries Paulson Manufacturing Company uses the perpetual inventory system to account for its manufacturing inventories....

    Journal Entries Paulson Manufacturing Company uses the perpetual inventory system to account for its manufacturing inventories. The following are Paulson's transactions during July 2016 July 5 Received material costing $5,000 from a supplier. The material was purchased on account. 9 Requisitioned $15,000 of material for use in the factory, consisting of $12,500 of direct material and $2,500 of indirect material. Recorded the factory payroll: $33,750 of direct labor and $3,750 of indirect labor. Incurred various overhead costs totaling $35,000. (Credit...

  • Journal Entries Paulson Manufacturing Company uses the perpetual inventory system to account for its manufacturing inventories....

    Journal Entries Paulson Manufacturing Company uses the perpetual inventory system to account for its manufacturing inventories. The following are Paulson's transactions during July 2019: July 5 9 11 Received material costing $3,000 from a supplier. The material was purchased on account. Requisitioned $9,000 of material for use in the factory, consisting of $7,500 of direct material and $1,500 of indirect material. Recorded the factory payroll: $20,250 of direct labor and $2,250 of indirect labor. Incurred various overhead costs totaling $21,000....

  • Journal Entries Paulson Manufacturing Company uses the perpetual inventory system to account for its manufacturing inventories....

    Journal Entries Paulson Manufacturing Company uses the perpetual inventory system to account for its manufacturing inventories. The following are Paulson's transactions during July 2016 July 5 Received material costing $3,000 from a supplier. The material was purchased on account. 9 Requisitioned $9,000 of material for use in the factory, consisting of $7,500 of direct material and $1,500 of indirect material. 11 Recorded the factory payroll: $20,250 of direct labor and $2,250 of indirect labor. 17 Incurred various overhead costs totaling...

  • Porter Manufacturing Company uses the perpetual inventory system to account for its manufacturing inventories. The following...

    Porter Manufacturing Company uses the perpetual inventory system to account for its manufacturing inventories. The following are Porter's transactions during September 2016 Sept. 5 Received material costing $6,000 from a supplier. The material was purchased on account. 9 Requisitioned $14,000 of material for use in the factory, consisting of $11,200 of direct material and $2,800 of indirect material. 11 Recorded the factory payroll: $28,000 of direct labor and $4,000 of indirect labor. 17 Incurred various overhead costs totaling $30,000. (Credit...

  • Job Cost Journal Entries Prior to the beginning of 2019, Lowe Company estimated that it would...

    Job Cost Journal Entries Prior to the beginning of 2019, Lowe Company estimated that it would incur $176,000 of manufacturing overhead cost during 2019, using 16,000 direct labor hours to produce the desired volume of goods. On January 1, 2019, beginning balances of Materials Inventory, Work in Process Inventory, and Finished Goods Inventory were $28,000, $-0-, and $43,000, respectively. Required Prepare general journal entries to record the following for 2019: a. Purchased materials on account, $39,000. Description Debit Credit Support...

  • adjust the manufacturing overhead account prepare the journal entry and post thr transactions to T-account Cedar...

    adjust the manufacturing overhead account prepare the journal entry and post thr transactions to T-account Cedar River Trikes manufactures three-wheeled bikes for adults. The company allocates manufacturing overhead based on machine hours. Cedar River expects to incur $250,000 of manufacturing overhead costs, and to use 10,000 machine hours during 2018. Cedar River reported the following inventory balances at May 31, 2018: Raw Materials Inventory $25,000 Work-in-Process Inventory $18,000 Finished Goods Inventory $43,000 During June, 2018, Cedar River actually used 1,100...

  • 1. The following selected ledger accounts of the Reynolds Manufacturing Company are for July. Materials Inventory...

    1. The following selected ledger accounts of the Reynolds Manufacturing Company are for July. Materials Inventory July 1 balance …………………….. 150,000 July credits ……………………. 550,000 July debits ………………………….. 475,000 Manufacturing Overhead July debits ……………………...... 638,000 July 1 balance…………………… 50,000 July credits ……………………… 608,000 Work in Process Inventory July 1 balance …………………….. 100,000 July credits …………………… 1,650,000 July debits: Direct material …………………… 488,000 Direct labor ………………………… 675,000 Manufacturing overhead ………….. ? Wages Payable July debits …………………….. 850,000 July 1 balance……………………. 188,000...

  • I started the journal entries! Need help! Thank you!! Gold Nest Company of Guandong, China, is...

    I started the journal entries! Need help! Thank you!! Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. The company sells its birdcages through an extensive network of street vendors who receive commissions on their sales. The company uses a job-order costing system in which overhead is applied to jobs on the basis of direct labor cost. Its predetermined overhead rate is based on a cost formula that estimated $85,500 of...

  • All journal entries have been recorded correctly. However on journal C the credit info is incorrect....

    All journal entries have been recorded correctly. However on journal C the credit info is incorrect. It is either cash nor accounts payable. what would the credit entry be? Given this info, is the manufacturing overhead underapplied or overapplied for the year? record the above journal entry prepare an income statement Problem 3-16 Comprehensive Problem (LO3-1, LO3-2, LO3-4) Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. The company sells its...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT