Crawford Corporation incurred the following transactions. Accounting Transactions No. Transactions 1. Purchased raw materials on account $46,800. 2. Raw Materials of $40,900 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,600 was classified as indirect materials. (Hint: Raw materials of $40,900 are applied to production. of $40,900, $8,600 are indirect materials. Make sure to calculate the amount of direct materials.) 3. Factory labor costs incurred were $63,800, of which $51,500 pertained to factory wages payable and $12,300 pertained to employer payroll taxes payable. 4. Time tickets indicated that $54,300 was direct labor and $9,500 was indirect labor. (Hint: Factory labor including direct labor and indirect labor was assigned to production.) Journalize the transactions. List debit transactions first and then list credit transactions. Date Account Titles and Explanation Debit ($) Credit ($) 1. To record purchase of raw materials on account 2. 8,600 to assign raw materials to production 3. Employer Payroll Taxes Payable To record factory labor accrued 4. Work in Process Inventory to assign factory labor to production

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Question

Crawford Corporation incurred the following transactions.

Accounting Transactions

No.	Transactions
1.	Purchased raw materials on account $46,800.
2.	Raw Materials of $40,900 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,600 was classified as indirect materials. (Hint: Raw materials of $40,900 are applied to production. of $40,900, $8,600 are indirect materials. Make sure to calculate the amount of direct materials.)
3.	Factory labor costs incurred were $63,800, of which $51,500 pertained to factory wages payable and $12,300 pertained to employer payroll taxes payable.
4.	Time tickets indicated that $54,300 was direct labor and $9,500 was indirect labor. (Hint: Factory labor including direct labor and indirect labor was assigned to production.)

Journalize the transactions.

List debit transactions first and then list credit transactions.

Date	Account Titles and Explanation	Debit ($)	Credit ($)
1.

	To record purchase of raw materials on account
2.
		8,600
	to assign raw materials to production
3.

	Employer Payroll Taxes Payable
	To record factory labor accrued
4.	Work in Process Inventory


	to assign factory labor to production

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions