Question

Instructions Barnes Company uses a job order cost system. The following data summarize the operations related to production for October: October 1 2 31 31 31 Materials purchased on account, $645,190. Materials requisitioned, $642,250, of which $72,680 was for general factory use. Factory labor used, $631,920, of which $91,350 was indirect. Other costs incurred on account for factory overhead, $153,030; selling expenses, $228,490; and administrative expenses, $150,890. Prepaid expenses expired for factory overhead were $29,630; for selling expenses, $26,950; and for administrative expenses, $17,150. Depreciation of office building was $88,610; of office equipment, $42,970; and of factory equipment, $31,120. Factory overhead costs applied to jobs, $373,200. Jobs completed, $966,650. Cost of goods sold, $848,470. 31 31 31 31

Answer 1

	Date	Description	Post Ref.	Debit	Credit	Assets	Liabilities	Equity
1	Oct 1	Materials	131	645,190		↑
2		Accounts payable	210		645,190		↑
3	Oct 2	Work in process	132	569,570		↑
4		Factory overhead	133	72,680		↑
5		Materials	131		642,250	↓
6	Oct 31	Work in process	132	540,570		↑
7		Factory overhead	133	91,350		↑
8		Wages payable	251		631,920		↑
9	Oct 31	Factory overhead	133	153,030		↑
10		Selling expense	531	228,490				↓
11		Administrative expense	540	150,890				↓
12		Accounts payable	210		532,410		↑
13	Oct 31	Factory overhead	133	29,630		↑
14		Selling expense	531	26,950				↓
15		Administrative expense	540	17,150				↓
16		Prepaid expense	143		73,730	↓
17	Oct 31	Depreciation expense - Office Building	561	88,610				↓
18		Depreciation expense - Office Equipment	562	42,970				↓
19		Factory overhead	133	31,120		↑
20		Accumulated depreciation- Buildings and equipment	192		162,700	↓
21	Oct 31	Work in process	132	373,200		↑
22		Factory overhead	133		373,200	↓
23	Oct 31	Finished goods	134	966,650		↑
24		Work in process	132		966,650	↓
25	Oct 31	Cost of goods sold	510	848,470				↓
26		Finished goods	134		848,470	↓