At the end of the period, Carson Company had the following balances in selected accounts: Materials $80,000 Finished Goods 190,000 Work in Process 70,000 Cost of Goods Sold 1,000,000 Factory Overhead 30,000 Required: a. The factory overhead balance is relatively small; prepare the journal entry to close the Factory Overhead account assuming a debit balance. If an amount box does not require an entry, leave it blank. What does a debit balance mean? b. The factory overhead balance is relatively small; prepare the journal entry to close the Factory Overhead account assuming a credit balance. If an amount box does not require an entry, leave it blank. What does a credit balance mean?

At the end of the period, Carson Company had the following balances in selected accounts: Materials $80,000 Finished Goods 190,000 Work in Process 70,000 Cost of Goods Sold 1,000,000 Factory Overhead 30,000 Required: a. The factory overhead balance is relatively small; prepare the journal entry to close the Factory Overhead account assuming a debit balance. If an amount box does not require an entry, leave it blank. What does a debit balance mean? b. The factory overhead balance is relatively small; prepare the journal entry to close the Factory Overhead account assuming a credit balance. If an amount box does not require an entry, leave it blank. What does a credit balance mean?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please do not give solution in image format thanku
! Required information [The following information applies to the questions displayed below.] Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Cash Accounts receivable Raw materials inventory Work in process inventory. Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Cash Accounts receivable Raw materials inventory Work in process inventory Debit $ 70,000 39,000 24,500 BERGO BAY COMPANY List of Account Balances December 31 0 6,000 2,000 Debit These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials…
This topic is about Accounting for Manufacturing Business. It is under the normal cost system. These are the things that I want to know: - accounting entries for the letter E-L - after that, make a trial balance for the month of December 31 I've been struggling for days and I still can't balance it :((( I believe it's not complex, the trial balance presented here is just additional information.
3. Job 113 was completed at a cost of $5,000, and Job 85 was completed at a cost of $3,000 and sold on account for $4,500. Work in Process Inventory Cost of Goods Sold Finished Goods Inventory Manufacturing Overhead Sales Accounts Payable Accounts Receivable Direct Materials Merchandise Inventory PLEASE NOTE #1: For similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the problem. PLEASE NOTE #2: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). Using the above accounts, prepare journal entries for the following transactions: Using the above accounts, prepare journal entries for the following transactions: Completion of Job 113: DR ? ? CR ? ? Completion of Job 85: DR ? ? CR ? ? Sale of Job 85: DR ? ? CR ? ? DR ? ? CR ? ?
Required information [The following information applies to the questions displayed below.] Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Cash Accounts receivable Raw materials inventory. Work in process inventory. Finished goods inventory Prepaid rent Accou Accounts payable Notes payable Comme Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals a. Direct materials. b. Direct labor. c. Overhead applied. d. Indirect materials. e. Indirect labor. View transaction list No Debit $ 70,000 39,000 24,500 View journal entry worksheet 0 6,000 2,000 Transaction 108,000 25,000 37,000 $ 311,500 These six documents must be processed to bring the accounting records up…
Jenniter Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of June. by drogging and dropping the oppropriate accounts: Transaction Debit Credit Purchosed raw materials for $20.000 on account $8.000 of airect materials were requisitioned by production Pala factory utilities of $2.100 Incurred $108.000 of assembly line labor wages Alocated manufacturing overhead to production based on o predeterminea overhead rate of $7 per airect labor hour woriced. Goods costing $18.000 were completed in the factory and were transferred to nished goods. Row materiais inventory Accounts payable Work in process inventory Raw materiais inventory Manufacturing overhead control Cosh Work in process inventory Wages payable Work in process inventory Activate Windows Manutacturing overhead alocated Finished goods inventory Work in process inventory Go to Settings to activate Window
At the end of 2018, Furry Balls Co. had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control, P20,000 dr. Cost of goods sold, P384,000 dr. Finished goods, P96,000 dr. Work in process, P160,000 dr. Raw materials, P160,000 dr. Case 1: any under- or over- applied overhead is considered material. What is the adjusted balance of work in process inventory after disposing the under- or over-applied overhead?
Do not give answer in image
Please avoid answering in image format..Thank you..
At the end of 2018, Furry Balls Co. had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control, PP20,000 dr. Cost of goods sold, P384,000 dr. Finished goods, P96,000 dr. Work in process, P160,000 dr. Raw materials, P160,000 dr. Case 1: any under- or over- applied overhead is considered material. What is the adjusted balance of finished goods inventory after disposing the under-or over-applied overhead?
I'm so confused - i've forgotten some of this stuff.. especially B.
Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit $ 75,000 44,000 27,000 0 12,000 4,000 106,000 25,000 54,000 $ 347,000 Credit $ 8,800 11,800 40,000 84,000 202,400 $ 347,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 53: Labor time ticket 54: $ 4,800 direct materials to Job 402 $ 7,600 direct materials to…