Homework Answers
| Transaction | General Journal | Debit | Credit |
| 1 | Work in process inventory | $23,500 | |
| Accounts payable | $23,500 | ||
| 2 | Work in process inventory | $68,500 | |
| Conversion costs | $68,500 | ||
| 3 | Conversion costs | $68,500 | |
| Various accounts | $68,500 | ||
| 4 | Accounts receivable | $130,000 | |
| Sales | $130,000 | ||
| 5 | Cost of goods sold | $100,000 | |
| Work in process inventory | $100,000 |
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Use lean accounting to prepare journal entries for the following transactions 1. Purchased $23.500 of raw...
Prepare journal entries to record the following production activities. 1. Purchased $40,000 of raw materials on...
Prepare journal entries to record the following production activities. 1. Purchased $40,000 of raw materials on credit. 2. Used $17,000 of direct materials in the Roasting department. 3. Used $21,000 of indirect materials in production. Journal entry worksheet 2 3 Record materials purchased on credit. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Record direct materials used in production. Note: Enter debits before credits. Transaction General Journal Debit...
Exercise 5-4 Prepare Journal Entries (L04) Lancaster Company recorded the following transactions for the just completed...
Exercise 5-4 Prepare Journal Entries (L04) Lancaster Company recorded the following transactions for the just completed month: a. $46,000 in raw materials was purchased on account. b. $130,000 in raw materials was requisitioned for use in production of this amount, $74,000 was for direct materials and the remainder was for indirect materials. c. Total labour wages of $218,000 were incurred. Of this amount, $187,500 was for direct labour and the remainder was for indirect labour. d. Additional manufacturing overhead costs...
1. Use lean accounting to prepare the journal entry to record the purchase on credit of...
1. Use lean accounting to prepare the journal entry to record the purchase on credit of $28.000 of raw materials. View transaction list Journal entry worksheet Record the purchase of materials on credit. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal 2 Compute and interpret (d) manufacturing cycle time and () manufacturing cycle efficiency using the following information from a manufacturing company (Round your answer "Manufacturing cycle time to 1 decimal...
Exercise 3-1 Prepare Journal Entries (L03-1) Larned Corporation recorded the following transactions for the just completed...
Exercise 3-1 Prepare Journal Entries (L03-1) Larned Corporation recorded the following transactions for the just completed month. a. $89,000 in raw materials were purchased on account. b. $87,000 in raw materials were used in production. Of this amount, $75,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $107.000 were paid in cash. Of this amount, $102,900 was for direct labor and the remainder was for indirect labor. d. Depreciation of $193,000 was...
Prepare journal entries to record the following production activities. 1. Purchased $50,000 of raw materials on...
Prepare journal entries to record the following production activities. 1. Purchased $50,000 of raw materials on credit. 2. Used $18,000 of direct materials in the Roasting department. 3. Used $21,500 of indirect materials in production. View transaction list Journal entry worksheet < 1 2 3 Record materials purchased on credit. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Prepare journal entries to record the following production activities. 1. Purchased $50,000 of raw materials on credit. 2. Used...
Prepare summary journal entries to record the following transactions for a company in its first month...
Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $116,000. b. Direct materials used in production, $46,000. Indirect materials used in production, $20,600. c. Paid cash for factory payroll, $55,000. Of this total, $41,000 is for direct labor and $14,000 is for indirect labor. d. Paid cash for other actual overhead costs, $9,250. e. Applied overhead at the rate of 120% of direct labor cost....
Prepare summary journal entries to record the following transactions for a company in its first month...
Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $80,000. b. Direct materials used in production, $37,000. Indirect materials used in production, $12,000. c. Paid cash for factory payroll, $35,000. Of this total, $25,000 is for direct labor and $10,000 is for indirect labor. d. Paid cash for other actual overhead costs, $7,000. e. Applied overhead at the rate of 120% of direct labor cost....
Prepare summary journal entries to record the following transactions for a company in its first month...
Prepare summary journal entries to record the following
transactions for a company in its first month of operations
WA E- Www Check my Www Prepare summary journal entries to record the following transactions for a company in its first month of operations. This page ware Si a. Raw materials purchased on account, $84,000. b. Direct materials used in production, $38,000. Indirect materials used in production, $13,500. c. Paid cash for factory payroll, $45,000. Of this total, $31,000 is for direct...
Prepare summary journal entries to record the following transactions for a company in its first month...
Prepare summary journal
entries to record the following transactions for a company in its
first month of operations.
a-g
a. Raw materials purchased on account $ 84,000 . b. Direct
materials used in production , $38,000. Indirect materials used in
production, $13,500 . c. Pald cash for factory payroll 45,000. Of
this total$ 31,000 is for direct labor and $14,000 is for indirect
labor . d. Paid cash for other actual overhead costs , $7,250. e.
Applied overhead at the...
Hotwax makes surfboard wax in two sequential processes. This period, Hotwax purchased $65,000 in raw materials....
Hotwax makes surfboard wax in two sequential processes. This period, Hotwax purchased $65,000 in raw materials. Its mixing department requisitioned $61,500 of those materials for use in production Prepare journal entries to record its purchase of raw materials and requisition of direct materials. View transaction list Journal entry worksheet < 1 2 Record purchase of raw materials inventory on account. Note: Enter debits before credits Transaction General Journal Debit Credit 1 Record entry Clear entry View general Journal Hotwax makes...
Prepare journal entries to record the following production activities. 1. Purchased $40,000 of raw materials on credit. 2. Used $17,000 of direct materials in the Roasting department. 3. Used $21,000 of indirect materials in production. Journal entry worksheet 2 3 Record materials purchased on credit. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Record direct materials used in production. Note: Enter debits before credits. Transaction General Journal Debit...
Exercise 5-4 Prepare Journal Entries (L04) Lancaster Company recorded the following transactions for the just completed month: a. $46,000 in raw materials was purchased on account. b. $130,000 in raw materials was requisitioned for use in production of this amount, $74,000 was for direct materials and the remainder was for indirect materials. c. Total labour wages of $218,000 were incurred. Of this amount, $187,500 was for direct labour and the remainder was for indirect labour. d. Additional manufacturing overhead costs...
1. Use lean accounting to prepare the journal entry to record the purchase on credit of $28.000 of raw materials. View transaction list Journal entry worksheet Record the purchase of materials on credit. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal 2 Compute and interpret (d) manufacturing cycle time and () manufacturing cycle efficiency using the following information from a manufacturing company (Round your answer "Manufacturing cycle time to 1 decimal...
Exercise 3-1 Prepare Journal Entries (L03-1) Larned Corporation recorded the following transactions for the just completed month. a. $89,000 in raw materials were purchased on account. b. $87,000 in raw materials were used in production. Of this amount, $75,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $107.000 were paid in cash. Of this amount, $102,900 was for direct labor and the remainder was for indirect labor. d. Depreciation of $193,000 was...
Prepare journal entries to record the following production activities. 1. Purchased $50,000 of raw materials on credit. 2. Used $18,000 of direct materials in the Roasting department. 3. Used $21,500 of indirect materials in production. View transaction list Journal entry worksheet < 1 2 3 Record materials purchased on credit. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Prepare journal entries to record the following production activities. 1. Purchased $50,000 of raw materials on credit. 2. Used...
Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $116,000. b. Direct materials used in production, $46,000. Indirect materials used in production, $20,600. c. Paid cash for factory payroll, $55,000. Of this total, $41,000 is for direct labor and $14,000 is for indirect labor. d. Paid cash for other actual overhead costs, $9,250. e. Applied overhead at the rate of 120% of direct labor cost....
Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $80,000. b. Direct materials used in production, $37,000. Indirect materials used in production, $12,000. c. Paid cash for factory payroll, $35,000. Of this total, $25,000 is for direct labor and $10,000 is for indirect labor. d. Paid cash for other actual overhead costs, $7,000. e. Applied overhead at the rate of 120% of direct labor cost....
Prepare summary journal entries to record the following
transactions for a company in its first month of operations
WA E- Www Check my Www Prepare summary journal entries to record the following transactions for a company in its first month of operations. This page ware Si a. Raw materials purchased on account, $84,000. b. Direct materials used in production, $38,000. Indirect materials used in production, $13,500. c. Paid cash for factory payroll, $45,000. Of this total, $31,000 is for direct...
Prepare summary journal
entries to record the following transactions for a company in its
first month of operations.
a-g
a. Raw materials purchased on account $ 84,000 . b. Direct
materials used in production , $38,000. Indirect materials used in
production, $13,500 . c. Pald cash for factory payroll 45,000. Of
this total$ 31,000 is for direct labor and $14,000 is for indirect
labor . d. Paid cash for other actual overhead costs , $7,250. e.
Applied overhead at the...
Hotwax makes surfboard wax in two sequential processes. This period, Hotwax purchased $65,000 in raw materials. Its mixing department requisitioned $61,500 of those materials for use in production Prepare journal entries to record its purchase of raw materials and requisition of direct materials. View transaction list Journal entry worksheet < 1 2 Record purchase of raw materials inventory on account. Note: Enter debits before credits Transaction General Journal Debit Credit 1 Record entry Clear entry View general Journal Hotwax makes...
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