Question

lournalizing Materials Transactions Sydney Cycles Corp, uses a job order cost system. A partial list of the accounts being maintained by the company, with their balances as of September 1, follows $64,250 23,500 31,000 29,000 none Materials Factory overhead.... Required: 1. Prepare general journal entries for each of the transactions. If an amount box does not require an The following transactions were completed during September: entry, leave it blank or enter "0. Hide a. Materials purchases on account during the month, $58,000.

Answer 1

Journal entries:
S.no.	Accounts title and explanations				Debit $	Credit $
a.	Material Inventory Account				58000
	Accounts payable					58000
b.	Work in process Inventory				45000
	Factory overheads				8000
	Material inventoy					53000
c.	Material inventory				900
	Work in process inventory					900
d.	Accounts payable				1500
	Material inventory					1500
e.	Accounts payable				51500
	Cash account					51500
Cash Account							Accounts Payable							Material inventory
Balance		64,250	Accounts payable		51,500		Materiall inventory		1,500	Balance		29,000		balance		23,500	Work in process		45,000
							Cash account		51,500	Material inventory		58,000		Accounts payable		58,000	factory overheads		8,000
														Work in inventory		900	Accounts payable		1500
Balance		12,750								Balance		34000
														Balance		27,900
Factory Overheads							Work in process inventory
Balance		0					Balance		31,000	Material inventory		900
Material Inventory		8,000					Material inventory		45,000
Balance		8,000					Balance		75,100