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 $ 68,000 37,000 23,500 0 9,000 3,000 Credit $ 10,800 13,800 30,000 93,000 175,900 113,000 25,000 45,000 $ 323,500 $ 323,500 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: $4,700 direct materials to Job 402 $ 7,300 direct materials to Job 404 $1,500 indirect materials $6,000 direct labor to Job 402 $ 14,000 direct labor to Job 404 $5,000 indirect labor Labor time ticket 53: Labor time ticket 54: Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 150% of direct labor cost.
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 $ 68,000 37,000 23,500 0 9,000 3,000 Credit $ 10,800 13,800 30,000 93,000 175,900 113,000 25,000 45,000 $ 323,500 $ 323,500 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: $4,700 direct materials to Job 402 $ 7,300 direct materials to Job 404 $1,500 indirect materials $6,000 direct labor to Job 402 $ 14,000 direct labor to Job 404 $5,000 indirect labor Labor time ticket 53: Labor time ticket 54: Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 150% of direct labor cost.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![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
$ 68,000
37,000
23,500
0
9,000
3,000
Credit
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:
BERGO BAY COMPANY
List of Account Balances
December 31
$ 10,800
13,800
30,000
93,000
175,900
113,000
25,000
45,000
$ 323,500 $ 323,500
$ 4,700 direct materials to Job 402
$ 7,300 direct materials to Job 404
Debit
$ 1,500 indirect materials
$ 6,000 direct labor to Job 402
$ 14,000 direct labor to Job 404
$5,000 indirect labor
Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 150% of direct labor cost.
3. Prepare a revised list of account balances as of December 31. Hint: Use the prior year's Retained Earnings balance of $93,000 in
this list.
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4e49642e-d81e-461a-a841-3d9976b8b572%2Ffc4b6af5-73c0-4f72-99c6-de3bcd0b4e6e%2Fq89b3b5_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
$ 68,000
37,000
23,500
0
9,000
3,000
Credit
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:
BERGO BAY COMPANY
List of Account Balances
December 31
$ 10,800
13,800
30,000
93,000
175,900
113,000
25,000
45,000
$ 323,500 $ 323,500
$ 4,700 direct materials to Job 402
$ 7,300 direct materials to Job 404
Debit
$ 1,500 indirect materials
$ 6,000 direct labor to Job 402
$ 14,000 direct labor to Job 404
$5,000 indirect labor
Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 150% of direct labor cost.
3. Prepare a revised list of account balances as of December 31. Hint: Use the prior year's Retained Earnings balance of $93,000 in
this list.
Credit
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