Question

11:15 Done Wonderama Playgrounds F20 (6 of 69) Chart of Accts Beg. Trial Balance T-Acc CHART OF ACCOUNTS Cash Accounts Receivable Allowance for Doubtful Accounts Prepaid Insurance Office Supplies Inventory: Raw Materials Inventory: Work in Process Inventory: Finished Goods Inventory: Factory Overhead Office Equipment Accumulated Depreciation Office Equip Factory Equipment Accumulated Depreciation Factory Equip Patients Accounts Payable Income Tax Payable Wages Payable Common Stock PIC in Excess of Par - Common Stock Retained Earnings Sales Sales Discounts Cost of Goods Sold Advertising Expense Depreciation Expense-Office Equip Utility Expense Insurance Expense Office Supplies Expense Rent Expense III

Journalize

Answer 1

Solution

Journal entries

1. Prepaid insurance

Date     Particular Debit Credit

January 31 Prepaid insurance - 75%

Factory

Prepaid insurance - 25%

General

Cash 100%

2. The inventory of office supplies were on hand

Date Particular Debit Credit

January 31 Supplies Expense $ 1670.00

Supplies on hand $1670.00

3. Depreciation of Factory Equipment and Office Equipment

Date Particular Debit Credit

January 31 Depreciation expense - $ 1120.00  

Factory equipment

Depreciation expense - $ 380.00

Office equipment

Accumulated depreciation $ 1500.00

4. Amortization of the pattents

Date Particular Debit Credit

January 31 Factory overhead $390.00

Accumulated Amortization

Pattent account $390.00

5. Close over applied or under applied factory overhead to Cost of goods sold

Over applied

Date Particular Debit Credit

January 31 Factory overhead xxx

Cost Of Goods Sold xxx

Under applied

  Date Particular Debit Credit

  January 31 Cost Of Goods Sold xxx

Factory overhead xxx