Date+++++I+ī+|||IGeneral JournalAccount/ExplanationPage G2PR Debit Credit XYZ Co. produces playing cards in two processing departments--Printing and Cutting. After processing is complete in the Printing Department, the playing cards are transferred to the Cutting Department. Thecompany uses a process costing system. The T-accounts below show the flow of costs through the two departments in April 2019:Work in Process: PrintingBalance 4/1Direct materialsDirect laborOverheadBalance 4/1Transferred inDirect laborOverhead5,000 75,000 Transferred out45,00015,00030,000Work in Process: Cutting20,000 120,000 Transferred out75,00015,00025,000Prepare journal entries showing the flow of costs through the two processing departments during April. Each department has a separate work in process inventory account and therefore requires a separate journalentry. Use the last day of the month for the the date of all the transactions. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January15 would be 15/Jan).

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Description: Date+++++I+ī+|||IGeneral JournalAccount/ExplanationPage G2PR Debit Credit XYZ Co. produces playing cards in two processing departments--Printing and Cutting. After processing is complete in the Printing Department, the playing cards are transferred

Journal Entry: Method of recording financial transactions in the book of original entry by debiting…

Business

Accounting

Co. produces playing cards two processing departments--Printing and Cutting. After processing is complete in the Printing Department, the playing cards are transferred to the Cutting Department. The company uses a process costing system. The T-accounts below show the flow of costs through the two departments in April 2019: Work in Process: Printing Balance 4/1 Direct materials Direct labor Overhead 5,000 75,000 Transferred out 45,000 Balance 4/1 Transferred in Direct labor Overhead 15,000 30,000 Work in Process: Cutting 20,000 120,000 Transferred out 75,000 15,000 25,000 Prepare journal entries showing the flow of costs through the two processing departments during April. Each department has a separate work in process inventory account and therefore requires a separate journal entry. Use the last day of the month for the the date of all the transactions. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan).

Co. produces playing cards two processing departments--Printing and Cutting. After processing is complete in the Printing Department, the playing cards are transferred to the Cutting Department. The company uses a process costing system. The T-accounts below show the flow of costs through the two departments in April 2019: Work in Process: Printing Balance 4/1 Direct materials Direct labor Overhead 5,000 75,000 Transferred out 45,000 Balance 4/1 Transferred in Direct labor Overhead 15,000 30,000 Work in Process: Cutting 20,000 120,000 Transferred out 75,000 15,000 25,000 Prepare journal entries showing the flow of costs through the two processing departments during April. Each department has a separate work in process inventory account and therefore requires a separate journal entry. Use the last day of the month for the the date of all the transactions. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan).

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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