At December 31, balances in Manufacturing Overhead are Shimeca Company-debit $2,070
At December 31, balances in Manufacturing Overhead are Shimeca Company-debit $2,070, Garcia Company-credit $919.
Prepare the adjusting entry for each company at December 31, assuming the adjustment is made to cost of goods sold. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Homework Answers
Journal entry
| Date | Account title and explanation | Debit | Credit |
| Shimeca Company | |||
| Dec 31 | Cost of goods sold | 2070 | |
| Manufacturing overhead | 2070 | ||
| Garcia Company | |||
| Dec 31 | Manufacturing overhead | 919 | |
| Cost of goods sold | 919 | ||
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At December 31, balances in Manufacturing Overhead are Shimeca Company-debit $2,070
Prepare the adjusting entry for each company at December 31, assuming the adjustment is made to cost of goods sold.
At December 31, balances in Manufacturing Overhead are Shimeca Company--debit $1,850. Garcia Company-credit $1,043. Prepare the adjusting entry for each company at December 31, assuming the adjustment is made to cost of goods sold.
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Kingbird Company determined its ending inventory at cost and at
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Cost
NRV
12/31/20
$707,100
$707,100
12/31/21
807,500
741,400
12/31/22
850,600
777,300
(a)
Prepare the journal entries required at December 31, 2021, and at
December 31, 2022, assuming that a perpetual inventory system and
the cost-of-goods-sold method of adjusting to LCNRV is used.
(Credit account titles are automatically indented when
amount is entered. Do not indent...
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please help fill in blue blanks
At December 31, balanus in Manufacturing overhead are Shin company - debit $2,50 Grau company - credit & 997 te prepare the adjusting entry for each company at Dec. 31 assuming the adjustment is made to cost of goods sold - Fill in blue banks- Date Account Titles Debit and Explanation Shin company Dec. 31 credit Grace company Dec. 31 Jl 11
Ikerd Company applies manufacturing overhead to jobs on the
basis of machine hours used. Overhead costs are expected to total
$300,000 for the year, and machine usage is estimated at 125,000
hours.
For the year, $322,000 of overhead costs are incurred and 130,000
hours are used.
Manufacturing overhead rate
$
per machine hour
Manufacturing Overhead
$
repare the adjusting entry to assign the under- or overapplied
overhead for the year to cost of goods sold. (Credit
account titles are automatically...
pel Progress At December 31, 2021, Sheridan Company made an accrued expense adjusting entry of $1,870 for salaries. On January 4 2022, it paid salaries of $3,140: $1,870 for December salaries and $1,270 for January salaries. port Your answer is correct. Prepare the December 31 adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account...
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On December 21, 2017, Bucky Katt Company provided you with the following information regarding its equity investments. December 31, 2017 Fair Value Unrealized Gain (Loss) Investments (Trading) Cost (1,000) (1,000 ) 600 (1,400) Clemson Corp. stock Colorado Co. stock Buffaloes Co. stock Total of portfolio Previous fair value adjustment balance Fair value adjustment-Cr. $20,000 $19,000 9,000 20,000 20,600 $50,000 $48,600 10,000 0 $ (1,400) During 2018, Colorado Company stock was sold for $9,400. The fair value of the stock on...
Kingbird Company determined its ending inventory at cost and at
LCNRV at December 31, 2020, December 31, 2021, and December 31,
2022, as shown below.
Cost
NRV
12/31/20
$707,100
$707,100
12/31/21
807,500
741,400
12/31/22
850,600
777,300
(a)
Prepare the journal entries required at December 31, 2021, and at
December 31, 2022, assuming that a perpetual inventory system and
the cost-of-goods-sold method of adjusting to LCNRV is used.
(Credit account titles are automatically indented when
amount is entered. Do not indent...
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