# Time Ticket and Journal Entry ExerciseA weekly time ticket for Joyce Caldwell is detailed below:**Labor Time Ticket**- **Ticket Number**: TT 338- **Employee**: Joyce Caldwell- **Dates**: Monday 8/13 – Friday 8/17| Date | Time Started | Time Ended | Total Hours | Job Number ||------------|--------------|------------|-------------|---------------|| Monday, 8/12 | 7:00 AM | 3:00 PM | 8 hours | Job 271 || Tuesday, 8/13 | 7:00 AM | 3:00 PM | 8 hours | Job 271 || Wednesday, 8/14 | 7:00 AM | 3:00 PM | 8 hours | Job 272 || Thursday, 8/15 | 7:00 AM | 11:00 AM | 4 hours | Job 272 || | 12:00 PM | 4:00 PM | 4 hours | Maintenance || Friday, 8/16 | 7:00 AM | 3:00 PM | 8 hours | Job 273 |**Summary**- **Weekly Totals**: 40 hours- **Hourly Labor Rate**: $24- **Total Wages Earned**: $960**Required Task**Prepare a journal entry to record Joyce’s wages. > **Note**: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.---**Journal Entry Worksheet**1. Record Joyce’s wages to be paid at a later date.| Transaction | General Journal | Debit | Credit ||-------------|------------------|-------|--------|| a | | | || | | | || | | | || | | | |> **Note**: Enter debits before credits.Buttons for interaction include:- **Record entry**- **Clear entry**- **View general journal**

A weekly time ticket for Joyce Caldwell follows: Labor Time Ticket Ticket Number: TT 338 Employee: Joyce Caldwell Date Monday, 8/12 Tuesday, 8/13 Wednesday, 8/14 Thursday, 8/15 Friday, 8/16 Time Started 7:00 AM 7:00 AM 7:00 AM 7:00 AM 12:00 PM 7:00 AM Dates: Monday 8/13 - Friday 8/17 Time Ended 3:00 PM 3:00 PM 3:00 PM 11:00 AM 4:00 PM 3:00 PM Weekly Totals Hourly Labor Rate Total Wages Earned Total Hours 8 hours 8 hours 8 hours 4 hours 4 hours 8 hours 40 hours × $24 $960 Job Number Job 271 Job 271 Job 272 Job 272 Maintenance Job 273 Required: Prepare a journal entry to record Joyce's wages. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.

A weekly time ticket for Joyce Caldwell follows: Labor Time Ticket Ticket Number: TT 338 Employee: Joyce Caldwell Date Monday, 8/12 Tuesday, 8/13 Wednesday, 8/14 Thursday, 8/15 Friday, 8/16 Time Started 7:00 AM 7:00 AM 7:00 AM 7:00 AM 12:00 PM 7:00 AM Dates: Monday 8/13 - Friday 8/17 Time Ended 3:00 PM 3:00 PM 3:00 PM 11:00 AM 4:00 PM 3:00 PM Weekly Totals Hourly Labor Rate Total Wages Earned Total Hours 8 hours 8 hours 8 hours 4 hours 4 hours 8 hours 40 hours × $24 $960 Job Number Job 271 Job 271 Job 272 Job 272 Maintenance Job 273 Required: Prepare a journal entry to record Joyce's wages. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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es E2-3 (Algo) Analyzing Labor Time Tickets and Recording Labor Costs [LO 2-2, 2-4] A weekly time ticket for Joyce Caldwell follows: Labor Time Ticket Ticket Number: TT 338 Employee: Joyce Caldwell Date Monday, 8/12 Tuesday, 8/13 Wednesday, 8/14 Thursday, 8/15 Friday, 8/16 Time Started Job 271 Job 272 Job 273 7:00 AM 7:00 AM 7:00 AM 7:00 AM 12:00 PM 7:00 AM Dates: Monday 8/13 - Friday 8/17 Time Ended 3:00 PM 3:00 PM 3:00 PM 11:00 AM 4:00 PM 3:00 PM Weekly Totals Hourly Labor Rate Total Wages Earned Total Hours 8 hours 8 hours 8 hours 4 hours 4 hours 8 hours 40 hours × $21 $ 840 Job Number Job 271 Job 271 Job 272 Job 272 Maintenance Job 273 Required: 1. Determine how much of the $840 that Joyce earned during this week would be charged to Job 271, Job 272, and
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