Question

used by Houston is as The chart of accounts and account numbers # b order cost sytem to record data events. Houston Enterprises uses a CHART OF ACCOUNTS Acct Name t Name 71 Sales 10 Cash 11 Accounts recelvable 52 Factory wages payable 12 Raw materials inventory Cost of goods sold Wages expense 3 Work in process inventory 14 Finished goods inventory 2Depreciation expense 15 Accumulated depreciation100 Factory labor 101 Manufacturing overhead 51 Accounts payable 101 Manufacturing ovethead payable the purchase of an Rem from your store The answer should be>>>1. JE-Debit 10, Credt 11, Amount-S700 1. Purchased raw materials on account $96,000 2 Incurred factory labor, $75,000 3. Charged direct labor to job X55, 568000 1 Charged direct materials to job X55, $82,000 5 Incurred manuflacturing overhead on account, $38000 6 Recorded the REMAINING factory labor as inidirect labor 7 Recognized depreciation on factory equipment, $11.000 charged overhead to job X55 at 80% of direct labor cost 9 Recorded completion of job X55 10 Recorded cost of sales fo job X55 11 Recorded revenue from sale of job X55 on accocunt, $330,000 2 Assume tocal actual overhead was $560,000 and total applies overhead was $547,000 for the year Record the entry to close the manufacturing overhead account

Answer 1

Answer

Prepare journal entries to record the transactions given above General Journal Credit S.no Debit Raw Material Invento 96,000 Accounts Payable 96,000 raw materials purchased Factory Labor 2 75,000 Factory wages Payable 75,000 3 & 6 Work-in Process Invento 68,000 Manufacturing Overhead 7,000 Factory Labor 75,000 Salaries and wages incurred Work-in Process Invento 4 82,000 Raw Material Invento 82,000 raw materials issued to production Manufacturing Overhead 5 38,000 Accounts Payable 38,000 Manufacturing Overhead 11,000 Accumulated Depreciation 11,000 Work-in Process Invento 54,400 Manufacturing Overhead 54,400 overhead applied 80% of DLC Finished Goods Invento 9 204,400 Work-in Process Invento 204,400 transferred to the finished goods Cost of Goods Sold 10 204,400 Finished Goods Invento 204,400 he total cost to produce the goods that were sold Accounts Receivable 330,000 Sales 330,000 Sales for the vear Cost of Goods Sold 12 13,000 Manufacturing Overhead 13,000 Under applied overhead (560,000 547,000) $13,000