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Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $98,000. b. Direct materials used in production, $41,500. Indirect materials used in production, $18,800. c. Paid cash for factory payroll, $45,000. Of this total, $33,000 is for direct labor and $12,000 is for indirect labor. d. Paid cash for other actual overhead costs. $8.125. e. Applied overhead at the rate of 125% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $63,000. g. Sold jobs on account for $90,000. The jobs had a cost of $63,000. View transaction list Journal entry worksheet < 1 2 J 4 4 5 6 7 8 9 Record the entry to assign costs of direct materials used. Note: Enter debits before credits General Journal Debit Credit Transaction (1).

Answer 1

Answer
	Account Title	Debit	Credit
a	Raw materials inventory	$     98,000
	Accounts payable		$     98,000
b1	Work in process inventory	$     41,500
	Raw materials inventory		$     41,500
b2	Factory overhead	$     18,800
	Raw materials inventory		$     18,800
c	Work in process inventory	$     33,000
	Factory overhead	$     12,000
	Cash		$     45,000
d	Factory overhead	$       8,125
	Cash		$       8,125
e	Work in process inventory	$     41,250		33000*125%
	Factory overhead		$     41,250
f	Finished goods inventory	$     63,000
	Work in process inventory		$     63,000
g1	Cost of goods sold	$     63,000
	Finished goods inventory		$     63,000
g2	Accounts receivable	$     90,000
	Sales		$     90,000