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Exercise 7-37 (Algo) Prorate Over- or Underapplied Overhead (LO 7-3) Marian Manufacturing (2M) applies manufacturing overhead to jobs based on direct labor costs, For Year 2, 2M estimates its manufacturing overhead to be $422,760 and its direct labor costs to be $813,000. 2M worked on three jobs for the year. Job 2M-1, which was sold during Year 2, had actual direct labor costs of $536,250. Job 2M-2, which was completed but not sold at the end of the year, had actual direct labor costs of $360,750. Job 2M-3, which is still in work-in-process inventory, had actual direct labor costs of $78,000. Actual manufacturing overhead for Year 2 was $540,400. Required: Prepare an entry to allocate over- or underapplied overhead to Work in Process, Finished Goods and Cost of Goods Sold. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

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Hello Please provide the journal entry for I.

ACCT 102 - Please Do Subparts A1, A2, and B Please and Thank You!

1. Enter the transactions in a general journal. Enter transactions from April 1-5 on page 1, April 7-18 on page 2, April 21-29 and the first two entries for April 30 on page 3, and the remaining entries for April 30 on page 4. 2. Post the entries to the general ledger.

3 ces Prepare journal entries to record the transactions reflected in items a through g. View transaction list Journal entry worksheet 1 2 Record materials purchases. Transaction 3 Note: Enter debits before credits. Record entry 4 5 General Journal Clear entry 6 7 8 Debit 9 10 Credit View general journal

X S D.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launch cel-Extra Credit i Question 1 - Ch 02 Excel-Extra Cr x D+Z 32 33 34 35 36 37 38 39 40 41 42 43 ^^ Trial Balance A B C D 20 1. Prepare an Income Statement for the month ended January 31, 20X1. Use cell references 21 to select account titles and amounts to be included on the income statement. 22 Note: List revenues and expenses in order of largest to smallest dollar amounts. 23 READING READINESS Company Income Statement For the Month Ended January 31, 20X1 Revenues: Test Prep Revenue Tutoring Revenue Other Revenues Total Revenues Expenses: Operating Expense Salaries Expense Rent Expense Other Expenses Insurance Expense Total Expenses 24 2. After entering the formula in cell C42, use the Excel IF function to label cell B42 as either "Net Income" or 25 "Net Loss" as appropriate based on the value calculated in cell C42. 26 27 28 29 30 31 $ $ O Saved Prev Url=https%253A%252F%252Fnewconnect.mheducation.com%25 O…

Linzee Liners estimates that its manufacturing overhead will be $1,761,800 in Year 1. It further estimates that direct labor costs will amount to $766,000. During March, Linzee worked on four jobs with actual direct labor costs of $36,600 for Job 0301, $24,100 for Job 0302, $33,600 for Job 0303, and $17,600 for Job 0304. Actual manufacturing overhead costs for the year were $1,750,000. Actual direct labor costs for the year were $751,000. Manufacturing overhead is applied to jobs based on direct labor costs using predetermined rates. The amount of overhead applied in each of the inventory accounts at the end of Year 1 is as follows Work-in-process inventory Finished goods Inventory Cost of goods sold $ 34,546 $ 276,368 $ 1,416,386 Required: Prepare an entry to allocate the over-or underapplied overhead. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list

ITS-The Political S A M7: Assignment No.1 10201Ox/aMzlzNzk 1NTQxNDg2/details ВА.. e Home | Edmodo O Spoliarium by Juan.. w You searched for Re.. W Operating Performa... 1 Otn.docxlo. Open with Activity No.: Topic : The Worksheet Problems The following are all the steps in the accounting cycle. List them they should be done. 1. the order in which Closing entries are journalized and posted to the ledger. - An unadjusted trial balance is prepared. - An optional end-of-period spreadsheet (worksheet) is prepared. -A post-closing trial balance is prepared. - Adjusting entries are journalized and posted to the ledger. - Transactions are analyzed and recorded in the journal. Adjustment data are assembled and analyzed. -Financial statements are prepared An adjusted trial balance is prepared Transactions are posted to the ledger 2. 7. 8. 6. 10 The balances for the accounts listed below appeared in the Adjusted Tral Balance columns of the work the Income Statement columns or iobtndicato ther cach…

Question Completion Status: QUESTION 2 Posting: transfers journal entries to ledger accounts. a. transfers ledger transaction data to the journal. Ob. is an optional step in the recording process. c. normally occurs before journalizing. d. QUESTION 3 Q5. All statement are limitations of trial balance Except: Click Save and Submit to save and submit. Click Save AlZ Answers to save all answers.

← 8:45 a. Trial balance b. General journal c. General ledger Accounting Records Label each of the examples below with the appropriate accounting record title and describe what each is used for: Date Date Totals Description Explanation HA2-1 a Debit P.R. DEBIT Debit Name CREDIT e Credit Credit ACCOUNT NO. BALANCE Done 3 A

Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system and applies overhead cost to jobs on the basis of machine-hours. At the beginning of the year, the company used a cost formula to estimate that it would incur $4,252,500 in manufacturing overhead cost at an activity level of 567,000 machine-hours. The company spent the entire month of January working on a large order for 12,800 custom-made machined parts. The company had no work in process at the beginning of January. Cost data relating to January follow. a. Raw materials purchased on account, $325,000. b. Raw materials used in production, $265,000 (80% direct materials and 20% indirect materials). c. Labor cost accrued in the factory, $156,000 (one-third direct labor and two-thirds indirect labor). d. Depreciation recorded on factory equipment, $63,500. e. Other manufacturing overhead costs incurred on account, $85,700. f. Manufacturing overhead cost was applied…

Subject : Accounting

How do I complete the journal entries for the attached problem? Specifically OCI?

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Don't use AI

During the current year ended December 31, Rank Company disposed of three different assets. On January 1 of the current year, prior to their disposal, the asset accounts reflected the following: Asset Machine A Machine B Machine C a. Machine A. b. Machine B. c. Machine C. The machines were disposed of during the current year in the following ways: a. Machine A: Sold on January 1 for $6,750 cash. b. Machine B: Sold on December 31 for $8,000; received cash, $2,000, and a $6,000 interest-bearing (10 percent) note receivable due at the end of 12 months. c. Machine C: On January 1, this machine suffered irreparable damage from an accident and was scrapped. Required A Required: 1. Give all journal entries related to the disposal of each machine in the current year. Original Cost Residual Value $24,000 16,500 59,200 Complete the following questions by preparing worksheet and journal entries given below. View transaction list Required B Required C 1 Journal entry worksheet Give all journal…

! Required information [The following information applies to the questions displayed below.] Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted-average method of process costing. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June): June 1 balance Materials Direct labor Overhead June 30 balance Debit Work in Process-Mixing Department View transaction list Credit 27,000 Completed and transferred to Finished Goods 151, 100 95,500 113,000 The June 1 work in process inventory consisted of 4,400 units with $14,100 in materials cost and $12,900 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 60% complete with respect to conversion. During June, 36,900 units were started into production. The June 30 work in process…

[The following information applies to the questions displayed below.] The following information pertains to Trenton Glass Works for the year just ended. Budgeted direct-labor cost: 75,000 hours (practical capacity) at $16 per hour Actual direct-labor cost: 80,000 hours at $17.50 per hour Budgeted manufacturing overhead: $997,500 Actual selling and administrative expenses: 435,000 Actual manufacturing overhead: Depreciation Property taxes Indirect labor $234,000 21,000 82,000 201,000 58, 000 33,000 301,000 78,000 Supervisory salaries Utilities Insurance Rental of space Indirect material (see data below) Indirect material: Beginning inventory, January 1 Purchases during the year Ending inventory, December 31 47,000 94,000 63,000 3. Prepare a journal entry to close out the Manufacturing Overhead account into Cost of Goods Sold. (Round intermediate calculations to 2 decimal places. If no entry is required for a transaction/event, select "No journal entry required" in the first account…

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IM-MODULE-3-Account X + -> file:///C:/Users/user/Documents/QUIJANO,%20JAN%20CLEO%20C/ACCOUNTING/IM-MODULE-3-Accounting-Fundamentals-P1-M.Chan%20(1).pdf ... IMIƆ - EXercises I Debits and Credits Innovative Designs, owned by Bartolome Pozon, has been operating for two years. Below is a series of transactions. For each transaction, indicate the accounts that should be debited and credited. If no journal entry is required, write "n/a" in the columns. Use the following account titles: Cash; Accounts Receivable; Supplies; Prepaid Expenses; Equipment; Patents; Accounts Payable; Notes Payable; Salaries Payable; Pozon, Capital; Pozon, Withdrawals; Service Revenues and Operating Expenses. Transactions Debit Credit Purchased equipment for use in the business; paid one- third cash and gave a note payable for the balance. b. Paid cash for salaries. C. Collected cash for services performed this period. Collected cash for services performed last period. Performed services this period on credit. f.…

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REQUIRED A. EQUATION B JOURNAL ENTRY C POST TO T-ACCTS