Question

There's 26 Journal Entries total and label if debit or credit

Ingrons Murson Co. uses a job order cost system. The following data summarize the operations related to production for July July 1 2 31 31 Materials purchased on account $225,750. Materials requisitioned. $217.800, of which $17,000 was for general factory use. Factory labor used, $480,000, of which $72,300 was indirect. Other contes incurred on account for factory overhead. $330,000, seling expenses, 5180,000: and administrative expenses. $126.000. Prepaid expenses expired for factory overhead were $27.500 for selling expenses, S8, 100, and for administrative expenses. 55.250. Depreciation of office building was $44.500 of office equipment, 316.800: and of factory equipment, 555.100 Factory overhead costs applied to jobs. $548,000. Jobs completed. 51.140.000 cost of goods soid. 51.128.000. 31 31 31 Required: Joumalize the entries to record the summanzed operations Refer to the Chart of Accounts for exact wording of account titles

Answer 1

Answer- Journal Entries

Date	Account Title And Explanation	Debit	Credit
1-Jul	Raw material inventory A/c	$225,750
	Account payable A/c		$225,750
	(Being purchase of raw material recorded)
2	Work in process A/c	$200,000
	Factory overheads A/c	$17,600
	Raw material inventory A/c		$217,600
	(Being material issued recorded)
31	Work in process A/c	$607,700
	Factory overheads A/c	$72,300
	Wages payable A/c		$680,000
	(Being labor charges recorded)
31	Factory overheads A/c	$330,000
	Selling expenses A/c	$180,000
	Administrative expenses A/c	$126,000
	Account payable A/c		$636,000
	(Being factory overheads, selling and administrative expenses incurred on account recorded)
31	Factory overheads A/c	$27,500
	Selling expenses A/c	$8,100
	Administrative expenses A/c	$5,250
	Prepaid expenses A/c		$40,850
	Being prepaid expenses expired for factory overheads, selling and administrative expenses)
31	Depreciation Expense-office building	$44,500
	Depreciation Expense-Office Equipment	$16,800
	Factory Overhead	$55,100
	Accumulated depreciation-Building ang Equipment		$116,400
	(Being depreciation charged recorded)
31	Work in process A/c	$548,000
	Factory overheads A/c		$548,000
	(Being overhead cost applied to job recorded)
31	Finished goods A/c	$1,140,000
	Work in process		$1,140,000
	Being job completed recorded)
31	Cost of goods sold A/c	$1,128,000
	Finished goods A/c		$1,128,000
	(Being cost of finished jobs transferred to finished goods recorded)