Question

Exercise 15-07

Crawford Corporation incurred the following transactions.

1.		Purchased raw materials on account $46,800.
2.		Raw Materials of $40,900 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,600 was classified as indirect materials.
3.		Factory labor costs incurred were $63,800, of which $51,500 pertained to factory wages payable and $12,300 pertained to employer payroll taxes payable.
4.		Time tickets indicated that $54,300 was direct labor and $9,500 was indirect labor.
5.		Manufacturing overhead costs incurred on account were $82,300.
6.		Depreciation on the company’s office building was $8,600.
7.		Manufacturing overhead was applied at the rate of 150% of direct labor cost.
8.		Goods costing $93,700 were completed and transferred to finished goods.
9.		Finished goods costing $78,000 to manufacture were sold on account for $111,300.

Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Account Titles and Explanation	Debit	Credit
(1)	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
(2)	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
(3)	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
(4)	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
(5)	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
(6)	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
(7)	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
(8)	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
(9)	enter an account title to record the sale	enter a debit amount	enter a credit amount
	enter an account title to record the sale	enter a debit amount	enter a credit amount
	(To record the sale)
	enter an account title to record the cost of the sale	enter a debit amount	enter a credit amount
	enter an account title to record the cost of the sale	enter a debit amount	enter a credit amount
	(To record the cost of the sale)

Answer 1

Ans:

No.	Account Titles and Explanation	Debit	Credit
1	Raw Materials Inventory	46800
	Accounts Payable		46800
2	Work in Process Inventory	32300
	Manufacturing Overhead	8600
	Raw Materials Inventory		40900
3	Factory Labor	63800
	Factory Wages Payable		51500
	Employer payroll taxes payable		12300
4	Work in Process Inventory	54300
	Manufacturing Overhead	9500
	Factory Labor		63800
5	Manufacturing Overhead	82300
	Accounts Payable		82300
6	Depreciation expense	8600
	Accumulated depreciation-Buidling		8600
7	Work in Process Inventory	81450
	Manufacturing Overhead		81450
8	Finished goods inventory	93700
	Work in Process Inventory		93700
9	Accounts Receivable	111300
	Sales revenue		111300
	Cost of goods sold	78000
	Finished goods inventory		78000