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18 Oxford Company uses a job order costing system. In the last month, the system accumulated labor time tickets totaling $26,600 for direct labor and $6,300 for indirect labor. The journal entry to record indirect labor consists of a: Multiple Choice Debit Factory Overhead $6,300; credit Factory Wages Payable $6,300. Debit Factory Overhead $6,300; credit Work in Process Inventory $6,300. Debit Work in Process Inventory $6,300; credit Factory Wages Payable $6,300. Debit Work in Process Inventory $26,600, credit Factory Wages Payable $26,600. Debit Factory Wages Payable $6,300; credit Cash $6,300. < Prev Search 23 of 39 hp Help Save & Exit Next >

18 Oxford Company uses a job order costing system. In the last month, the system accumulated labor time tickets totaling $26,600 for direct labor and $6,300 for indirect labor. The journal entry to record indirect labor consists of a: Multiple Choice Debit Factory Overhead $6,300; credit Factory Wages Payable $6,300. Debit Factory Overhead $6,300; credit Work in Process Inventory $6,300. Debit Work in Process Inventory $6,300; credit Factory Wages Payable $6,300. Debit Work in Process Inventory $26,600, credit Factory Wages Payable $26,600. Debit Factory Wages Payable $6,300; credit Cash $6,300. < Prev Search 23 of 39 hp Help Save & Exit Next >

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter5: Product And Service Costing: Job-order System
Section: Chapter Questions
Problem 21E: Lorrimer Company has a job-order cost system. The following debits (credits) appeared in the...
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1- Chapters 1,2, & 4 i 18 113 26 # Oxford Company uses a job order costing system. In the last month, the system accumulated labor time tickets totaling $26,600 for direct labor and $6,300 for indirect labor. The journal entry to record indirect labor consists of a 3 Multiple Choice E L D C O Debit Factory Overhead $6,300; credit Factory Wages Payable $6,300. $ Debit Factory Overhead $6,300; credit Work in Process Inventory $6,300. Debit Work in Process Inventory $6,300; credit Factory Wages Payable $6,300. Debit Work in Process Inventory $26,600, credit Factory Wages Payable $26,600. Debit Factory Wages Payable $6,300; credit Cash $6,300. (4 101 4 R F e % 5 2 T G 16 40° 6 Y H & CH + 7 V B N < Prev Q Search U Saved J . + 8 M 23 of 39 fo T 144 ( K 9 fio O Next > ► 11 O alt in P an [ 1 prt sc 1 Help pause delete Save & Exit backspace home num
Transcribed Image Text:1- Chapters 1,2, & 4 i 18 113 26 # Oxford Company uses a job order costing system. In the last month, the system accumulated labor time tickets totaling $26,600 for direct labor and $6,300 for indirect labor. The journal entry to record indirect labor consists of a 3 Multiple Choice E L D C O Debit Factory Overhead $6,300; credit Factory Wages Payable $6,300. $ Debit Factory Overhead $6,300; credit Work in Process Inventory $6,300. Debit Work in Process Inventory $6,300; credit Factory Wages Payable $6,300. Debit Work in Process Inventory $26,600, credit Factory Wages Payable $26,600. Debit Factory Wages Payable $6,300; credit Cash $6,300. (4 101 4 R F e % 5 2 T G 16 40° 6 Y H & CH + 7 V B N < Prev Q Search U Saved J . + 8 M 23 of 39 fo T 144 ( K 9 fio O Next > ► 11 O alt in P an [ 1 prt sc 1 Help pause delete Save & Exit backspace home num
Expert Solution
Step 1 Introduction

Journal Entry :— It is an act of recording transaction in books of account when transaction occurred. 

 

General Rule :— 

  • Debit the receiver, credit the giver.
  • Debit what comes in, credit what goes out.
  • Debit all expenses & losses, credit all incomes & gains. 
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