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Question 6
Journalize the following transactions for Marigold, Inc.
(a)
Incurred direct labor costs of $23,700 for 3,000 hours. The
standard labor cost was $24,150.
(b)
Assigned 3,000 direct labor hours costing $23,700 to
production. Standard hours were 3,120.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. Round per unit values to
2 decimal places, e.g. 52.75 and final answers to 0 decimal places,
e.g. 52.)
No.
Account Titles and Explanation
Debit
Credit
(a)...
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CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Brief Exercise 24-09 Journalize the following transactions for Shelton, Inc. (a) (b) Incurred direct labor costs of $24,380 for 4,600 hours. The standard labor cost was $25,990. Assigned 4,600 direct labor hours costing $24,380 to production. Standard hours were 4,780. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round per unit values to 2 decimal places, e.g. 52.75 and final answers to o decimal places, e.g. 52.)...
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Brief Exercise 23-9
Journalize the following transactions for Shelton, Inc
(a)
Incurred direct labor costs of $24,300 for 4,590 hours. The
standard labor cost was $25,888.
(b)
Assigned 4,590 direct labor hours costing $24,300 to
production. Standard hours were 4,770.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. Round answers to 0
decimal places, e.g. 125.)
No.
Account Titles and Explanation
Debit
Credit
(a)
(b)
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Cheyenne is unable to reconcile the bank balance at January 31. Cheyenne's reconciliation is as follows. Cash balance per bank Add: NSF check Less: Bank service charge Adjusted balance per bank $4,300.20 320.00 34.00 $4,586.20 Cash balance per books $4,615.20 Less: Deposits in transit 900.00 Add: Outstanding checks 939.00 Adjusted balance per books $4,654.20 Prepare a correct bank reconciliation. (List items that increase cash balance first. Reconcile cash balance per bank first. Round answers to 2 decimal places, e.g. 52.75.)...
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Cheyenne Construction Company began work on a $424,000
construction contract in 2020. During 2020, Cheyenne incurred costs
of $279,500, billed its customer for $204,500, and collected
$170,500. At December 31, 2020, the estimated additional costs to
complete the project total $150,500.
Prepare Cheyenne’s journal entry to record profit or loss, if any,
using (a) the percentage-of-completion method and (b) the
completed-contract method.
Cheyenne Construction Company began work on a $424.000 construction contract in 2020. During 2020, Cheyenne incurred costs of...
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Cheyenne Corporation purchased a computer on December 31, 2019, for $140,700, paying $40,200 down and agreeing to pay the balance in five equal installments of $20,100 payable each December 31 beginning in 2020. An assumed interest rate of 9% is implicit in the purchase price. (a) Prepare the journal entry at the date of purchase. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when...
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Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2017, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $20,400, direct labor $12,240, and manufacturing overhead $16,320. As of January 1, Job No. 49 had been completed at a cost of $91,800 and was part of finished goods inventory. There was...
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Problem 21-3 Cheyenne Industries and Ayayai Inc. enter into an agreement that requires Ayayai Inc. to build three diesel-electric engines to Cheyenne's specifications. Upon completion of the engines, Cheyenne has agreed to lease them for a period of 10 years and to assume all costs and risks of ownership. The lease is noncancelable, becomes effective on January 1, 2017, and requires annual rental payments of $445,159 each January 1, starting January 1, 2017. Cheyenne's incremental borrowing rate is 10%. The...
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Exercise 15-07 Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $46,600. 2. Raw Materials of $40,800 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,000 was classified as indirect materials. 3. Factory labor costs incurred were $60,300, of which $50,100 pertained to factory wages payable and $10,200 pertained to employer payroll taxes payable. 4. Time tickets indicated that $55,700 was direct labor and $4,600 was indirect labor. 5. Manufacturing overhead...
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Journalize the June transactions: (1) for purchase of raw materials, factory labor costs incurred, and manufacturing ovErhead costs incurred: (2) assignment of direct materials, labor, and overhead to production; and (3) completion of jobs and sale of goods. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to O decimal places, eg. 2,500.) No. Account Titles and Explanation Debit Credit 1) Raw Materlals Inventory Accounts Payable To record purchase of raw materials) To...
Question 6
Journalize the following transactions for Marigold, Inc.
(a)
Incurred direct labor costs of $23,700 for 3,000 hours. The
standard labor cost was $24,150.
(b)
Assigned 3,000 direct labor hours costing $23,700 to
production. Standard hours were 3,120.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. Round per unit values to
2 decimal places, e.g. 52.75 and final answers to 0 decimal places,
e.g. 52.)
No.
Account Titles and Explanation
Debit
Credit
(a)...
CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Brief Exercise 24-09 Journalize the following transactions for Shelton, Inc. (a) (b) Incurred direct labor costs of $24,380 for 4,600 hours. The standard labor cost was $25,990. Assigned 4,600 direct labor hours costing $24,380 to production. Standard hours were 4,780. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round per unit values to 2 decimal places, e.g. 52.75 and final answers to o decimal places, e.g. 52.)...
Brief Exercise 23-9
Journalize the following transactions for Shelton, Inc
(a)
Incurred direct labor costs of $24,300 for 4,590 hours. The
standard labor cost was $25,888.
(b)
Assigned 4,590 direct labor hours costing $24,300 to
production. Standard hours were 4,770.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. Round answers to 0
decimal places, e.g. 125.)
No.
Account Titles and Explanation
Debit
Credit
(a)
(b)
We were unable to transcribe this imageWe were unable...
Cheyenne is unable to reconcile the bank balance at January 31. Cheyenne's reconciliation is as follows. Cash balance per bank Add: NSF check Less: Bank service charge Adjusted balance per bank $4,300.20 320.00 34.00 $4,586.20 Cash balance per books $4,615.20 Less: Deposits in transit 900.00 Add: Outstanding checks 939.00 Adjusted balance per books $4,654.20 Prepare a correct bank reconciliation. (List items that increase cash balance first. Reconcile cash balance per bank first. Round answers to 2 decimal places, e.g. 52.75.)...
Cheyenne Construction Company began work on a $424,000
construction contract in 2020. During 2020, Cheyenne incurred costs
of $279,500, billed its customer for $204,500, and collected
$170,500. At December 31, 2020, the estimated additional costs to
complete the project total $150,500.
Prepare Cheyenne’s journal entry to record profit or loss, if any,
using (a) the percentage-of-completion method and (b) the
completed-contract method.
Cheyenne Construction Company began work on a $424.000 construction contract in 2020. During 2020, Cheyenne incurred costs of...
Cheyenne Corporation purchased a computer on December 31, 2019, for $140,700, paying $40,200 down and agreeing to pay the balance in five equal installments of $20,100 payable each December 31 beginning in 2020. An assumed interest rate of 9% is implicit in the purchase price. (a) Prepare the journal entry at the date of purchase. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when...
Problem 21-3 Cheyenne Industries and Ayayai Inc. enter into an agreement that requires Ayayai Inc. to build three diesel-electric engines to Cheyenne's specifications. Upon completion of the engines, Cheyenne has agreed to lease them for a period of 10 years and to assume all costs and risks of ownership. The lease is noncancelable, becomes effective on January 1, 2017, and requires annual rental payments of $445,159 each January 1, starting January 1, 2017. Cheyenne's incremental borrowing rate is 10%. The...
Exercise 15-07 Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $46,600. 2. Raw Materials of $40,800 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,000 was classified as indirect materials. 3. Factory labor costs incurred were $60,300, of which $50,100 pertained to factory wages payable and $10,200 pertained to employer payroll taxes payable. 4. Time tickets indicated that $55,700 was direct labor and $4,600 was indirect labor. 5. Manufacturing overhead...
Journalize the June transactions: (1) for purchase of raw materials, factory labor costs incurred, and manufacturing ovErhead costs incurred: (2) assignment of direct materials, labor, and overhead to production; and (3) completion of jobs and sale of goods. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to O decimal places, eg. 2,500.) No. Account Titles and Explanation Debit Credit 1) Raw Materlals Inventory Accounts Payable To record purchase of raw materials) To...