Use the provided chart of accounts below to prepare the general journal entries in the space provided for the following transactions and events that occurred in November for ABC Manufacturing Company who uses a job order costing system. (Do not abbreviate when writing journal entries.)
Chart of Accounts |
Cash |
Raw Materials Inventory |
Goods in Process Inventory |
Finished Goods Inventory |
Accumulated Depreciation |
Accounts Payable |
Factory Payroll |
Factory Overhead |
Sales |
Cost of Goods Sold |
Rent Expense |
Salaries Expense |
Utilities Expense |
(Write journal entries in proper journal entry format. Do not abbreviate when writing journal entries and make sure you identify which line is the Debit (DR) and which line is a Credit (CR) using one of the following two examples.)
Example 1: DR Cash 4,000
CR Revenue 4,000
OR
Debit Credit
Example 2: Cash 4,000
Revenue 4,000
OR
Example 3: Debit Cash 4,000 and Credit Revenue 4,000
a. Direct materials totaling $26,000 were requisitioned from the raw materials inventory to be used on jobs during the month.
b. Direct labor with a cost of $15,400 was used on jobs during the month.
c. Overhead was applied to jobs based on a predetermined overhead rate of 50% of direct labor cost.
d. Three jobs with a total cost of $463,000 were completed and transferred to finished goods.
Solution:
Journal Entries | |||
Date | Particulars | Debit | Credit |
a. | Goods in process | $26,000 | |
Raw Material Inventory | $26,000 | ||
b. | Goods in process | $15,400 | |
Factory Payroll | $15,400 | ||
c. | Goods in process ($15400*50%) | $7,700 | |
Factory Overhead | $7,700 | ||
d. | Finished Goods Inventory | $4,63,000 | |
Goods in process | $4,63,000 |
Use the provided chart of accounts below to prepare the general journal entries in the space...
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