Prepare summary journal entries to record the following
transactions for a company in its first month of
operations.
a. Raw materials purchased on account,
$90,000.
b. Direct materials used in production, $39,500.
Indirect materials used in production, $18,000.
c. Paid cash for factory payroll, $60,000. Of this
total, $40,000 is for direct labor and $20,000 is for indirect
labor.
d. Paid cash for other actual overhead costs,
$7,625.
e. Applied overhead at the rate of 125% of direct
labor cost.
f. Transferred cost of jobs completed to finished
goods, $65,000.
g1. Jobs that had a cost of $65,000 were
sold.
g2. Sold jobs on account for $92,800.
Answer | |||
Journal entry | |||
No. | Account Titles and Explanations | Debit | Credit |
1 | Raw Materials Inventory Dr | $ 90,000 | |
To Accounts payable | $ 90,000 | ||
2 | Work in process Inventory Dr | $ 39,500 | |
To Raw Materials Inventory | $ 39,500 | ||
3 | Manufacturing overhead Dr | $ 18,000 | |
To Raw Materials Inventory | $ 18,000 | ||
4 | Factory payroll | $ 60,000 | |
To Cash | $ 60,000 | ||
5 | Factory overhead | $ 7,625 | |
To Cash | $ 7,625 | ||
6 | Work in process | $ 50,000 | |
To Factory overhead | $ 50,000 | ||
7 | Finished Goods inventory | $ 65,000 | |
To Finished Goods inventory | $ 65,000 | ||
8 | Cost of goods sold | $ 65,000 | |
To, Finished Goods inventory | $ 65,000 | ||
9 | Accounts receivable | $ 92,800 | |
To Sales | $ 92,800 | ||
Prepare summary journal entries to record the following transactions for a company in its first month...
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