Homework Answers
Solution
| Transaction | General Journal | Debit | Credit |
| 1 | Work in process inventory | $ 14,500 | |
| Raw material inventory | $ 14,500 | ||
| (To record issue of material for use) |
.
| Transaction | General Journal | Debit | Credit |
| 2 | Manufacturing overhead | $ 184,000 | |
| Other account | $ 184,000 | ||
| (To record manufacturing overhead incurred) |
.
| Transaction | General Journal | Debit | Credit |
| 3 | Work in process inventory | $ 336,000 | |
| Manufacturing overhead | $ 336,000 | ||
| (To record application of overhead) |
Alternate solution for Transaction 3
| Transaction | General Journal | Debit | Credit |
| 3 | Work in process inventory-Mixing department | $ 203,000 | |
| Work in process inventory-Shaping department | $ 133,000 | ||
| Manufacturing overhead | $ 336,000 | ||
| (To record application of overhead) |
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Chapter 16 Homework Saved 4 Prepare journal entries to record the following production activities for Hotwax....
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Prepare journal entries to record the following production activities for Hotwax. 16 1. Requisitioned $9,000 of indirect materials for use in production of surfboard wax. 2. Incurred $156.000 overhead costs (credit Other Accounts). 3. Applied overhead at the rate of 140% of direct labor costs. Direct labor costs were $125,000. 0.25 points View transaction list References Journal entry worksheet 2 3 Requisitioned $9,000 of indirect materials for use in production of surfboard Note: Enter debits before credits Transaction General Journal...
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Prepare journal entries to record the following production activities for Hotwax 1. Incurred $100,000 of direct labor in its Mixing department and $90,000 of direct labor in its Shaping department (credit Factory Wages Payable) 2. Incurred indirect labor of $13,500 (credit Factory Wages Payable). 3. Total factory payroll of $203,500 was paid in cash View transaction list Journal entry worksheet 1 2 3 > Record direct labor used, but not yet pald. Note: Enter debits before credits Transaction General Journal...
Prepare journal entries to record the following production activities for Hotwax. 1. Incurred $85,000 of direct...
Prepare journal entries to record the following production activities for Hotwax. 1. Incurred $85,000 of direct labor in its Mixing department and $85,000 of direct labor in its Shaping department (credit Factory Wages Payable) 2. incurred indirect labor of $20,500 (credit Factory Wages Payable) 3. Total factory payroll of $190,500 was paid in cash. View transaction list Journal entry worksheet > Record direct labor used, but not yet paid. Note: Enter debits before credits General Journal Transaction 1 Debit Credit...
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Prepare journal entries to record the following production activities. 1. Paid overhead costs (other than indirect...
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Prepare journal entries to record the following production activities. 1. Incurred $50,000 of direct labor in the Roasting department and $31,000 of direct labor in the Blending department of direct labor in production (credit Factory Wages Payable). 2. Incurred $20,000 of Indirect labor in production (credit Factory Wages Payable). 3. Paid factory payroll. View transaction list Journal entry worksheet 1 2 3 Record direct labor incurred, but not yet paid. Note: Enter debits before credits General Journal Debit Transaction 1...
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