#2.1

The company uses a job-order costing system in which overhead is applied to jobs on the basis of direct labor cost. Its predetermined overhead rate is based on a cost formula that estimated $85,500 of manufacturing overhead for an estimated activity level of $45,000 direct labor dollars. At the beginning of the year, the inventory balances were as follows: Raw materials Work in process Finished goods During the year, the following transactions were completed: $ 10,100 $ 4,100 $ 8,700 a. Raw materials purchased on account, $169,000. b. Raw materials used in production, $142,000 (materials costing $122,000 were charged directly to jobs; the remaining materials were indirect). c. Costs for employee services were incurred as follows: Direct labor Indirect labor Sales commissions Administrative salaries $ 178,000 $ 262,200 e. Utility costs incurred in the factory, $12,000. f. Advertising costs incurred, $14,000. $ 25,000 $ 47,000 d. Rent for the year was $19,000 ($13,600 of this amount…

The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable! Deferred Revenue Common Stock Retained Earnings Totals Debits $25,500 16,300 13,800 157,000 $212,600 Credits $7,600 6,700 Pay property taxes, $9,400. Pay on accounts payable, $12,300. 152,000 46,300 $212,600 The following is a summary of the transactions for the year: 1. January 9 2. February 12 3. April 25 4. May 6 5. July 15 6. September 10 7. October 31 8. November 20 9. December 30 Provide storage services for cash, $143,100, and on account, $56,700. Collect on accounts receivable, $52,400. Receive cash in advance from customers, $13,800.. Purchase supplies on account, $11,000. Pay salaries, $132,600. Issue shares of common stock in exchange for $36,000 cash. Pay $3,700 cash dividends to stockholders. Insurance expired during the year is $7,900. Supplies remaining on hand at the end of the year equal $3,800.…

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.

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…

NWP Assessment Player Ul Application /ui/v2/assessment-player/index.html?launchld-d55f655f-06ae-4234-a... A Question 1 of 8 View Policies Show Attempt History Current Attempt in Progress Your answer is incorrect. Transactions for the Oleg Thorn Company for the month of June are presented as follows. June 1 2 3 12 June 1 Identify the accounts to be debited and credited for each transaction. 2 3 12 Oleg Thorn invests $5,000 cash in a small welding business of which he is the sole proprietor. Purchases equipment on account for $3,600. $800 cash is paid to landlord for June rent. Sends a bill to K. Johnsen for $400 after completing welding work done on account. Cash (5,000) Equipment (3,600) Save for Later Rent Expense (800) e Textbook and Media Account Debited Accounts Receivable (400) List of Accounts H Capital (5,000) Account Credited Accounts Payable (3,600) Cash (800) Service Revenue (400) 0/5 ill Assistance Used Attempts: 2 of 3 used Submit Answer Q

A ezto.mheducation.com estion-1-73A - Connect Data Sales.xlsx: fa21cob204 Computer Information Systems Saved Не Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate com The following account balances come from the records of Ourso Company. Accounts receivable Allowance for doubtful accounts Beginning Balance $ 2,914 104 Ending Balance $ 3,805 208 During the accounting period, Ourso recorded $12,500 of sales revenue on account. The company also wrote off a $177 account receivable, Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. * Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Determine the amount of uncollectible accounts expense recognized during the period. Uncollectible accounts expense 104 X MacBook Pro @ 2# % & 3 4 6 8…

← 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

How do I record the current transaction?

Subject : Accounting

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

HD2.

Multiple choice

Prepare journal entries to record the transactions reflected in items a through g.

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…

* CENGAGE MINDTAP Test 4A 510 Advertising Expense ACCOUNT NO. ACCOUNT 1 POST. BALANCE DATE ITEM DEBIT CREDIT REF DEBIT CREDIT Refer to the locations identified in the previous image of a blank general ledger account. Use the numbers to answer the questions about opening the general ledger accounts. In what location will the account title be entered? In what location will the account number be entered? Post all the entries in the general journal to the general ledger. PAGE 1 DELL esc 2 51

How do I record the current transaction?

! 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…

ACCT 102 - Please Do Both Subparts.

Please do question 2

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.…