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Barker Products is a job shop. The following events occurred in September: 1. Purchased $13,700 of materials on account. 2. Issued $15,200 in direct materials to the production department. 3. Purchased $11,700 of materials on account. 4. Issued $935 of supplies from the materials inventory. 5. Paid for the materials purchased in transaction (1). 6. Paid $19,900 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing pla 7. Incurred direct labor costs of $23,400, which were credited to Wages Payable. 8. Issued $1,335 of supplies from the materials inventory. 9. Applied overhead on the basis of 85 percent of $23,400 direct labor costs. 10. Recognized depreciation on manufacturing property, plant, and equipment of $12,300. The following balances appeared in the accounts of Barker Products for September: Materials Inventory Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold Beginning $ 33,800 6,170 34,100 Ending ? $ 30,900 55,600 Required: a. Prepare journal entries to record the transactions. b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold.

Barker Products is a job shop. The following events occurred in September: 1. Purchased $13,700 of materials on account. 2. Issued $15,200 in direct materials to the production department. 3. Purchased $11,700 of materials on account. 4. Issued $935 of supplies from the materials inventory. 5. Paid for the materials purchased in transaction (1). 6. Paid $19,900 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing pla 7. Incurred direct labor costs of $23,400, which were credited to Wages Payable. 8. Issued $1,335 of supplies from the materials inventory. 9. Applied overhead on the basis of 85 percent of $23,400 direct labor costs. 10. Recognized depreciation on manufacturing property, plant, and equipment of $12,300. The following balances appeared in the accounts of Barker Products for September: Materials Inventory Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold Beginning $ 33,800 6,170 34,100 Ending ? $ 30,900 55,600 Required: a. Prepare journal entries to record the transactions. b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold.

FINANCIAL ACCOUNTING
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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A and B please

Required A Required B Prepare journal entries to record the transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < A B C Transaction 1 Purchased $13,700 of materials on account. Note: Enter debits before credits. D E F G H I General Journal Debit I J Credit A
Transcribed Image Text:Required A Required B Prepare journal entries to record the transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < A B C Transaction 1 Purchased $13,700 of materials on account. Note: Enter debits before credits. D E F G H I General Journal Debit I J Credit A
Barker Products is a job shop. The following events occurred in September: 1. Purchased $13,700 of materials on account. 2. Issued $15,200 in direct materials to the production department. 3. Purchased $11,700 of materials on account. 4. Issued $935 of supplies from the materials inventory. 5. Paid for the materials purchased in transaction (1). 6. Paid $19,900 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. 7. Incurred direct labor costs of $23,400, which were credited to Wages Payable. 8. Issued $1,335 of supplies from the materials inventory. 9. Applied overhead on the basis of 85 percent of $23,400 direct labor costs. 10. Recognized depreciation on manufacturing property, plant, and equipment of $12,300. The following balances appeared in the accounts of Barker Products for September: Materials Inventory Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold Beginning $33,800 6,170 34, 100 Ending ? ? $ 30,900 55,600 Required: a. Prepare journal entries to record the transactions. b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Complete this question by entering your answers in the tabs below.
Transcribed Image Text:Barker Products is a job shop. The following events occurred in September: 1. Purchased $13,700 of materials on account. 2. Issued $15,200 in direct materials to the production department. 3. Purchased $11,700 of materials on account. 4. Issued $935 of supplies from the materials inventory. 5. Paid for the materials purchased in transaction (1). 6. Paid $19,900 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. 7. Incurred direct labor costs of $23,400, which were credited to Wages Payable. 8. Issued $1,335 of supplies from the materials inventory. 9. Applied overhead on the basis of 85 percent of $23,400 direct labor costs. 10. Recognized depreciation on manufacturing property, plant, and equipment of $12,300. The following balances appeared in the accounts of Barker Products for September: Materials Inventory Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold Beginning $33,800 6,170 34, 100 Ending ? ? $ 30,900 55,600 Required: a. Prepare journal entries to record the transactions. b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Complete this question by entering your answers in the tabs below.
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