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Assembly to be assembled and painted. From Assembly, the chairs are transferred to Finished Goods Inventory...
ing the month, a company enters into the folowing transactions Buys $8,750 of supplies on account...
ing the month, a company enters into the folowing transactions Buys $8,750 of supplies on account Pays $0,000 cash for new equipment Pays off $4.800 of accounts payable. Pays off $2.450 of notes payable. quired: Show the effect of these transactions account balances with a minus sign) on the basic accounting equation. (Enter any decreases to Liabilitie S Stockholders Equity b. b. Prepare the joumal entries that would be used to record the transactions (if no entry is required for...
Fortune Apple Shoe Buyers (FASB) engaged in the transactions below. 1. Purchased $9,500 of inventory on...
Fortune Apple Shoe Buyers (FASB) engaged in the transactions below. 1. Purchased $9,500 of inventory on account 2. Paid weekly salaries, $1,050. 3. Recorded sales for the first week: Cash: $8,400; On account: $6,600. 4. Paid for inventory purchased in event (1). 5. Placed an order for $7,500 of inventory. Required: Prepare the appropriate journal entry for each transaction (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May. 1. John's purchased merchandise on account for $5,500. Freight charges of $550 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $850 and John's account was credited by the supplier. 3. Merchandise costing $3,050 was sold for $5,700 in cash. Required: Prepare the necessary journal entries to record these transactions....
8. value 0.22 points E12-3 Part 1 Required 1. Prepare the journal entries to record these...
8. value 0.22 points E12-3 Part 1 Required 1. Prepare the journal entries to record these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 Record the service revenue of $325 for cash. Note: Enter debits before credits nsaction General Journal Debit Credit Record entry Clear entry View gener O Type here to search Required: 1. Prepare the journal entries to record these...
Rocky Mountain Leatherworks, which manufactures saddles and other leather goods has three departments. The Assembly Department...
Rocky Mountain Leatherworks, which manufactures saddles and other leather goods has three departments. The Assembly Department manufactures various leather products, such as belts, purses, and saddlebags, using an automated production process. The Saddle Department produces handmade saddles and uses very little machinery. The Tanning Department produces leather. The tanning process requires little in the way of labor or machinery, but it does require space and process time. Due to the different production processes in the three departments, the company uses...
Exercise 3-5 Journal Entries and T-accounts [LO3-1, LO3-2] The Polaris Company uses a job-order costing system....
Exercise 3-5 Journal Entries and T-accounts [LO3-1, LO3-2] The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $210,000. . Raw materials used in production, $190,000 ($178,000 direct materials and $12,000 indirect materials). c. Accrued direct labor cost of $90,000 and indirect labor cost of $110,000. H. Depreciation recorded on factory equipment, $40,000. e. Other manufacturing overhead costs accrued during October, $70,000. f. The company applies manufacturing overhead cost to...
Check my work Fairfield Company's raw materials inventory transactions for the most recent month are summarized...
Check my work Fairfield Company's raw materials inventory transactions for the most recent month are summarized here: $ 10,500 111,000 Beginning raw materials Purchases of raw materials 0.8 points Raw materials issued Materials requisition 1445 Materials requisition 1446 Materials requisition 1447 47,500 For Job 101 38,000 For Job 102 11,500 Used on multiple jobs eBook Print 1. & 2. Prepare the journal entries for materials. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the...
Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms...
Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 2/10, 1/60 and an invoice price of $22,500. The merchandise had cost Mesa $15,345. Assume that both buyer and seller use a perpetual inventory system and the gross method. 1. Prepare entries that the buyer records for the (a) purchase. (b) cash payment within the discount period, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for...
The Polaris Company uses a job-order costing system. The following transactions occurred in October a. Raw...
The Polaris Company uses a job-order costing system. The following transactions occurred in October a. Raw materials purchased on account, $209,000. b. Raw materials used in production, $188,000 ($150,400 direct materials and $37600 indirect materials). c. Accrued direct labor cost of $49.000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $104,000. e. Other manufacturing overhead costs accrued during October, $130,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $7 per...
Hi could someone help me with this question? Thank you! 11.11 points Jayco Inc. started its...
Hi could someone help me with this question? Thank you!
11.11 points Jayco Inc. started its operations in 2016. Its sales, all on account, totalled $700,000. The company collected $500,000 in cash from customers during the year and wrote off $8,000 in uncollectible accounts. The company set up an allowance for doubtful accpunts at December 31, 2016, its fiscal year end, and determined the account balance to be $14,000. The unadjusted balances of selected accounts at December 31, 2017, are...
ing the month, a company enters into the folowing transactions Buys $8,750 of supplies on account Pays $0,000 cash for new equipment Pays off $4.800 of accounts payable. Pays off $2.450 of notes payable. quired: Show the effect of these transactions account balances with a minus sign) on the basic accounting equation. (Enter any decreases to Liabilitie S Stockholders Equity b. b. Prepare the joumal entries that would be used to record the transactions (if no entry is required for...
Fortune Apple Shoe Buyers (FASB) engaged in the transactions below. 1. Purchased $9,500 of inventory on account 2. Paid weekly salaries, $1,050. 3. Recorded sales for the first week: Cash: $8,400; On account: $6,600. 4. Paid for inventory purchased in event (1). 5. Placed an order for $7,500 of inventory. Required: Prepare the appropriate journal entry for each transaction (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May. 1. John's purchased merchandise on account for $5,500. Freight charges of $550 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $850 and John's account was credited by the supplier. 3. Merchandise costing $3,050 was sold for $5,700 in cash. Required: Prepare the necessary journal entries to record these transactions....
8. value 0.22 points E12-3 Part 1 Required 1. Prepare the journal entries to record these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 Record the service revenue of $325 for cash. Note: Enter debits before credits nsaction General Journal Debit Credit Record entry Clear entry View gener O Type here to search Required: 1. Prepare the journal entries to record these...
Rocky Mountain Leatherworks, which manufactures saddles and other leather goods has three departments. The Assembly Department manufactures various leather products, such as belts, purses, and saddlebags, using an automated production process. The Saddle Department produces handmade saddles and uses very little machinery. The Tanning Department produces leather. The tanning process requires little in the way of labor or machinery, but it does require space and process time. Due to the different production processes in the three departments, the company uses...
Exercise 3-5 Journal Entries and T-accounts [LO3-1, LO3-2] The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $210,000. . Raw materials used in production, $190,000 ($178,000 direct materials and $12,000 indirect materials). c. Accrued direct labor cost of $90,000 and indirect labor cost of $110,000. H. Depreciation recorded on factory equipment, $40,000. e. Other manufacturing overhead costs accrued during October, $70,000. f. The company applies manufacturing overhead cost to...
Check my work Fairfield Company's raw materials inventory transactions for the most recent month are summarized here: $ 10,500 111,000 Beginning raw materials Purchases of raw materials 0.8 points Raw materials issued Materials requisition 1445 Materials requisition 1446 Materials requisition 1447 47,500 For Job 101 38,000 For Job 102 11,500 Used on multiple jobs eBook Print 1. & 2. Prepare the journal entries for materials. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the...
Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 2/10, 1/60 and an invoice price of $22,500. The merchandise had cost Mesa $15,345. Assume that both buyer and seller use a perpetual inventory system and the gross method. 1. Prepare entries that the buyer records for the (a) purchase. (b) cash payment within the discount period, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for...
The Polaris Company uses a job-order costing system. The following transactions occurred in October a. Raw materials purchased on account, $209,000. b. Raw materials used in production, $188,000 ($150,400 direct materials and $37600 indirect materials). c. Accrued direct labor cost of $49.000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $104,000. e. Other manufacturing overhead costs accrued during October, $130,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $7 per...
Hi could someone help me with this question? Thank you!
11.11 points Jayco Inc. started its operations in 2016. Its sales, all on account, totalled $700,000. The company collected $500,000 in cash from customers during the year and wrote off $8,000 in uncollectible accounts. The company set up an allowance for doubtful accpunts at December 31, 2016, its fiscal year end, and determined the account balance to be $14,000. The unadjusted balances of selected accounts at December 31, 2017, are...
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