Question

Exercise 2 Record journal entries for the following transactions: 7/1 Paid $200 to repair factory equipment (Ck #512). 7/12 Purchased $400 raw materials on account from Distributor Co. 7/18 Paid factory property taxes of $120 (Ck #513). 7/31 Recorded $160 depreciation on factory machinery. Dr. 200 Date Account / Explanation 7/1 Manufacturing overhead Cash (Repair equipment ck#512) 200 400 7/12 Raw materials inventory Accounts payable (RM purchases - Distributor Co) 100 120 7/18 Manufacturing overhead Cash (Property taxes - Ck#513) 160 7/31 Manufacturing overhead Accumulated depreciation (Depreciation factory machinery) Exercise 3 Record journal entries to assign the following costs: 7/31 $252 raw materials were issued to the mixing department, $72 to the packaging |dept, and $36 of indirect materials were used by various departments. 7/31 Mixing department employees earned $960, baking department employees $480, packaging dept. employees $320, and indirect labor totaled $160. 7/31 Predetermined overhead rate is 20% of direct labor. Date Dr. 36 Account / Explanation 7/31 Manufacturing overhead W inventory - packaging WIP inventory - mixing Raw materials inventory (Assign raw materials) 252 360 7/31 WIP inventory - mixing WIP inventory - baking W inventory - packaging Manufacturing overhead Factory payroll (Assign payroll costs) 960 480 320 160 ,920 7/31 WIP inventory - baking WIP inventory - mixing W inventory - packaging Manufacturing overhead (Assign overhead) Exercise 4 Record journal entries for the following events: 7/31 Transferred $1120 from mixing dept to baking dept. 7/31 Transferred $1480 from baking to packaging. 7/33 Transferred $1840 from packaging to finished goods. Date Account / Explanation Dr.

Answer 1

Exercise-3 1 credit Date 7/31 od Ñ 360 Account (explanation Desit manufacturing overhead w inventory -pakaging WIP inventory - Mixing Raw materials inventory Cassing raw materials ] INIP Inventorp-mixing 960 WIP inventory- baking 480 Winventory-porkaging manufacturing overhead factory papoli (Assign payroll cost) Al31 320 1.60 1920 7/31 192 64 WIP inventory -mixing w inventory - packaging Manufacturing of 256 Tas Scanned wh Assign overhead) EatScatter

Exercise-46 Albit credit Account explanation Date 7/31 1120 mixing dept 1120 baking dept (Transfer to baking) 7/31 1480 Baking dept packaging (Transfer to packaging] 1480 7/311 , ISHO Packaging dept finished goods ISHO (Transfer to finished goods) Scanned with CamScanner

Exercise-5:- Date Account lexplanation Desit I credit 731 3680 Accounts receivables cost of goods sold profit 18H0 1840 (sale on account) Hoi frai 1840 cost of goods sold finished goods Cinventory ( cost of goods sold) ISHO Scanned with CamScanner