a. Incurred and paid Web site expenses, $2,700. b. Incurred manufacturing wages of $18,000, 55% of which was direct labor and 45% of which was indirect labor. c. Purchased raw materials on account, $16,000. d. Used in production: direct materials, $9,500; indirect materials, $4,000. e. Recorded manufacturing overhead: depreciation on plant, $19,000; plant insurance (previously paid), $1,300; plant property tax, $3,400 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 170% of direct labor costs. g. Completed production on jobs with costs of $34,000. h. Sold inventory on account, $24,000; cost of goods sold, $10,000. i. Adjusted for overallocated or underallocated overhead.

a. Incurred and paid Web site expenses, $2,700. b. Incurred manufacturing wages of $18,000, 55% of which was direct labor and 45% of which was indirect labor. c. Purchased raw materials on account, $16,000. d. Used in production: direct materials, $9,500; indirect materials, $4,000. e. Recorded manufacturing overhead: depreciation on plant, $19,000; plant insurance (previously paid), $1,300; plant property tax, $3,400 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 170% of direct labor costs. g. Completed production on jobs with costs of $34,000. h. Sold inventory on account, $24,000; cost of goods sold, $10,000. i. Adjusted for overallocated or underallocated overhead.

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Description: journalize the following transactions please with explanations a. Incurred and paid Web site expenses, $2,700.b. Incurred manufacturing wages of $18,000, 55% of which was direct labor and 45% of which wasindirect labor.c. Purchased raw materials on a

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

journalize the following transactions please with explanations

a. Incurred and paid Web site expenses, $2,700.
b. Incurred manufacturing wages of $18,000, 55% of which was direct labor and 45% of which was
indirect labor.
c. Purchased raw materials on account, $16,000.
d. Used in production: direct materials, $9,500; indirect materials, $4,000.
e. Recorded manufacturing overhead: depreciation on plant, $19,000; plant insurance (previously
paid), $1,300; plant property tax, $3,400 (credit Property Tax Payable).
f. Allocated manufacturing overhead to jobs, 170% of direct labor costs.
g. Completed production on jobs with costs of $34,000.
h. Sold inventory on account, $24,000; cost of goods sold, $10,000.
i. Adjusted for overallocated or underallocated overhead.

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