Which of the following entries would not be found on the books of a service provider?...
Which of the following entries would not be found on the books of a service provider?
a.a debit to Cost of Services and a credit to Work in Process
b.a debit to Work in Process and a credit to Materials
c.a debit to Work in Process and a credit to Wages Payable
d.a debit to Work in Process and a credit to Overhead
Homework Answers
b.a debit to Work in Process and a credit to Materials
In-Service industries or service providers there is no material cost involved, so material entry can't be made.
Add Answer to:
Which of the following entries would not be found on the books
of a service provider?...
1.Which of the following is not an error that would cause the trial balance to become...
1.Which of the following is not an error that would cause the trial balance to become unequal? a. Balance entered in wrong column of account b. Column incorrectly added c. The debit part of an entry posted to the wrong account as a debit d. Debit is posted as a credit, or vice versa 2. If a fee of $2,850 earned from a client was debited to Accounts Receivable for $2,580 and credited to Fees Earned for $2,850, which of...
39. Which of the following would not be found in the accounting system of a service...
39. Which of the following would not be found in the accounting system of a service provider? a cost ledger b. finished goods ledger c. deferred revenue account d job cost sheets 40. When a job is completed in a service organization, the job costs are transferred to the a work in process account b. cost of services account 6. finished goods account d. cost of goods sold account
5.) Which of the following is an example of a direct cost? A.) Raw materials applied...
5.) Which of the following is an example of a direct cost? A.) Raw materials applied to a house during construction. B.) Labor for the sales department, trying to specifically sale house 1. C.) Labor for the cleanup crew. D.) Materials in the warehouse that is divided into the different projects (i.e. house 1, house 2, etc.) 6.) Which of the following accounts represents the costs associated with goods that were completed and sold? A.) Cost of Goods Sold. B.)...
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...
Which of the following entries would you likely see in the records of a firm using...
Which of the following entries would you likely see in the records of a firm using a process costing system but NOT in the records of a firm using a job-order costing system? XXX Work in Process Raw Materials XXX XXX Manufacturing Overhead Wages Payable XXX Work in Process - Department A XXX Work in Process - Department B XXX XXX Finished Goods Work in Process XXX
Polo T117-2 (similar to) Record the following joumal entries for Young Company: (Click the icon to...
Polo T117-2 (similar to) Record the following joumal entries for Young Company: (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from any joumal entries.) 6. Purchased raw materials on account, $11,000. Date Accounts Debit Credit Raw Materials Inventory Accounts Payable 11,000 11,000 7. Used $6.000 in direct materials and $300 in indirect materials in production Accoun Credit Debit 6,000 Work-in-Process Inventory Manufacturing Overhead Raw Materials Inventory 300 6,300 3. Incurred $11,000 in labor costs,...
Cost of materials purchases on account Cost of materials requisitioned (includes $2,300 of indirect) Direct labor...
Cost of materials purchases on account Cost of materials requisitioned (includes $2,300 of indirect) Direct labor costs incurred Manufacturing overhead costs incurred, including indirect materials Cost of goods completed Cost of goods sold Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory Predetermined manufacturing overhead rate (as % of direct labor cost) $77,900 $45,300 $80,300 $98,800 $276,900 $149,000 $19,600 $35,300 $25,700 115% The journal entry to record actual manufacturing overhead costs includes a O A. debit...
Which of the following statements regarding cost accounting systems is not true? a.A company may use...
Which of the following statements regarding cost accounting systems is not true? a.A company may use a job order cost system for some of its products and a process cost system for other products. b.A job order cost system provides product costs for each quantity of product that is manufactured. c.A company must use either a job order cost system for all of its products and services or a process cost system for all of its products and services. d.Managers...
Entries for Costs in a Job Order Cost System Munson Co. uses a job order cost...
Entries for Costs in a Job Order Cost System Munson Co. uses a job order cost system. The following data summarize the operations related to production for July: a. Materials purchased on account, $538,270 b. Materials requisitioned, $452,150, of which $58,780 was for general factory use c. Factory labor used, $554,420, of which $105,340 was indirect d. Other costs incurred on account for factory overhead, $129,180; selling expenses, $199,160; and administrative expenses, $118,420 e. Prepaid expenses expired for factory overhead,...
Verrett Corporation is a manufacturer that uses job-order costing. The company has supplied the following data...
Verrett Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: $ 475,000 $ 476,000 $ 640,000 Raw materials purchased on account Raw materials (all direct) requisitioned for use in production Direct labor cost Manufacturing overhead: Indirect labor cost Other manufacturing overhead costs incurred Cost of goods manufactured Cost of goods sold (unadjusted) What is the journal entry to record the direct and indirect labor costs incurred during the year?...
39. Which of the following would not be found in the accounting system of a service provider? a cost ledger b. finished goods ledger c. deferred revenue account d job cost sheets 40. When a job is completed in a service organization, the job costs are transferred to the a work in process account b. cost of services account 6. finished goods account d. cost of goods sold account
5.) Which of the following is an example of a direct cost? A.) Raw materials applied to a house during construction. B.) Labor for the sales department, trying to specifically sale house 1. C.) Labor for the cleanup crew. D.) Materials in the warehouse that is divided into the different projects (i.e. house 1, house 2, etc.) 6.) Which of the following accounts represents the costs associated with goods that were completed and sold? A.) Cost of Goods Sold. B.)...
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...
Which of the following entries would you likely see in the records of a firm using a process costing system but NOT in the records of a firm using a job-order costing system? XXX Work in Process Raw Materials XXX XXX Manufacturing Overhead Wages Payable XXX Work in Process - Department A XXX Work in Process - Department B XXX XXX Finished Goods Work in Process XXX
Polo T117-2 (similar to) Record the following joumal entries for Young Company: (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from any joumal entries.) 6. Purchased raw materials on account, $11,000. Date Accounts Debit Credit Raw Materials Inventory Accounts Payable 11,000 11,000 7. Used $6.000 in direct materials and $300 in indirect materials in production Accoun Credit Debit 6,000 Work-in-Process Inventory Manufacturing Overhead Raw Materials Inventory 300 6,300 3. Incurred $11,000 in labor costs,...
Cost of materials purchases on account Cost of materials requisitioned (includes $2,300 of indirect) Direct labor costs incurred Manufacturing overhead costs incurred, including indirect materials Cost of goods completed Cost of goods sold Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory Predetermined manufacturing overhead rate (as % of direct labor cost) $77,900 $45,300 $80,300 $98,800 $276,900 $149,000 $19,600 $35,300 $25,700 115% The journal entry to record actual manufacturing overhead costs includes a O A. debit...
Entries for Costs in a Job Order Cost System Munson Co. uses a job order cost system. The following data summarize the operations related to production for July: a. Materials purchased on account, $538,270 b. Materials requisitioned, $452,150, of which $58,780 was for general factory use c. Factory labor used, $554,420, of which $105,340 was indirect d. Other costs incurred on account for factory overhead, $129,180; selling expenses, $199,160; and administrative expenses, $118,420 e. Prepaid expenses expired for factory overhead,...
Verrett Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: $ 475,000 $ 476,000 $ 640,000 Raw materials purchased on account Raw materials (all direct) requisitioned for use in production Direct labor cost Manufacturing overhead: Indirect labor cost Other manufacturing overhead costs incurred Cost of goods manufactured Cost of goods sold (unadjusted) What is the journal entry to record the direct and indirect labor costs incurred during the year?...
Most questions answered within 3 hours.
-
A hot-air balloon is descending with a velocity of (−2.00m/s)y^.
A champagne bottle is opened to...
asked 3 minutes ago -
1. When a nearsighted person looks at an object that is in the
distance with their...
asked 1 hour ago -
QUESTION 8
Both of these statements will store the same value in the
variable $number
$number...
asked 1 hour ago -
The price of 1 lb of potatoes is $1.75. If all the potatoes sold
today at...
asked 2 hours ago -
Garcia Company issues 20.00%, 15-year bonds with a par value of
$470,000 and semiannual interest payments....
asked 2 hours ago -
In C++ Programming, Try using loops only.
This lab demonstrates the use of the While Loop...
asked 3 hours ago -
Effect of DCMU and sodium azide on Chlamydomonas? We did an
experiment where we had Chlamydomonas...
asked 4 hours ago -
1a) According to the ideal gas law, _______________.
a. a gas has infinite volume at absolute...
asked 5 hours ago -
Oakdale Fashions, Inc. had $245,000 in 2018 taxable income.
Using the tax schedule in Table 2.3...
asked 6 hours ago -
The marketing class at CSUS had an average score of 150. An
educational analyst determined that...
asked 7 hours ago -
Justin Case has purchased a $250 000 home by putting 20 % down
and taking out...
asked 7 hours ago -
1. In a labor market, marginal cost for a firm is
____________.
a. recruiting cost
b....
asked 8 hours ago