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The company had the following costs during the fiscal year. Depreciation on Factory Equipment 7,000 Rent...

  1. The company had the following costs during the fiscal year.

    Depreciation on Factory Equipment 7,000
    Rent for Sales Office 47,000
    Factory Insurance 1,300
    Utilities for Factory 5,000
    Depreciation on Office Computers 5,500

    What is (are) the journal entry (entries) for recording the utility cost and the rent cost?

    Utility Expense 5,000
    Utility Payable 5,000
    Rent Expense 47,000
    Rent Payable 47,000
    Manufacturing Overhead 5,000
    Utility Payable 5,000
    Rent Expense 47,000
    Rent Payable 47,000
    Manufacturing Overhead 52,000
    Utility Payable 5,000
    Rent Payable 47,000
    Utility Expense 5,000
    Utility Payable 5,000
    Manufacturing Overhead 47,000
    Rent Payable 47,000
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Answer #1

Journal entries for following transactions :

1.Rent for sale of office

Rent expenses a/c DR $47,000

To Rent payable a/c CR $47,000

2. Utilities for factory  

Manufacturing overhead a/c DR $5000

TO Utilities cost a/c CR $5000

Option B Is correct

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