Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $ 46,300. 2. Raw Materials of $ 36,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $ 6,800 was classified as indirect materials. 3. Factory labor costs incurred were $ 59,900, of which $ 51,000 pertained to factory wages payable and $ 8,900 pertained to employer payroll taxes payable. 4. Time tickets indicated that $ 54,000 was direct labor and $ 5,900 was indirect labor. 5. Manufacturing overhead costs incurred on account were $ 80,500. 6. Depreciation on the company’s office building was $ 8,100. 7. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 8. Goods costing $ 88,000 were completed and transferred to finished goods. 9. Finished goods costing $ 75,000 to manufacture were sold on account for $ 103,000. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount (2) enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount (3) enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount (4) enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount (5) enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount (6) enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount (7) enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount (8) enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount (9) enter an account title To record the sale enter a debit amount enter a credit amount enter an account title To record the sale enter a debit amount enter a credit amount (To record the sale) enter an account title To record the cost of the sale enter a debit amount enter a credit amount enter an account title To record the cost of the sale enter a debit amount enter a credit amount (To record the cost of the sale)

Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $ 46,300. 2. Raw Materials of $ 36,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $ 6,800 was classified as indirect materials. 3. Factory labor costs incurred were $ 59,900, of which $ 51,000 pertained to factory wages payable and $ 8,900 pertained to employer payroll taxes payable. 4. Time tickets indicated that $ 54,000 was direct labor and $ 5,900 was indirect labor. 5. Manufacturing overhead costs incurred on account were $ 80,500. 6. Depreciation on the company’s office building was $ 8,100. 7. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 8. Goods costing $ 88,000 were completed and transferred to finished goods. 9. Finished goods costing $ 75,000 to manufacture were sold on account for $ 103,000. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount (2) enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount (3) enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount (4) enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount (5) enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount (6) enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount (7) enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount (8) enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount (9) enter an account title To record the sale enter a debit amount enter a credit amount enter an account title To record the sale enter a debit amount enter a credit amount (To record the sale) enter an account title To record the cost of the sale enter a debit amount enter a credit amount enter an account title To record the cost of the sale enter a debit amount enter a credit amount (To record the cost of the sale)

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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Question

Crawford Corporation incurred the following transactions.

1.		Purchased raw materials on account $ 46,300.
2.		Raw Materials of $ 36,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $ 6,800 was classified as indirect materials.
3.		Factory labor costs incurred were $ 59,900, of which $ 51,000 pertained to factory wages payable and $ 8,900 pertained to employer payroll taxes payable.
4.		Time tickets indicated that $ 54,000 was direct labor and $ 5,900 was indirect labor.
5.		Manufacturing overhead costs incurred on account were $ 80,500.
6.		Depreciation on the company’s office building was $ 8,100.
7.		Manufacturing overhead was applied at the rate of 150% of direct labor cost.
8.		Goods costing $ 88,000 were completed and transferred to finished goods.
9.		Finished goods costing $ 75,000 to manufacture were sold on account for $ 103,000.

Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Account Titles and Explanation	Debit	Credit
(1)	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
(2)	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
(3)	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
(4)	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
(5)	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
(6)	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
(7)	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
(8)	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
(9)	enter an account title To record the sale	enter a debit amount	enter a credit amount
	enter an account title To record the sale	enter a debit amount	enter a credit amount
	(To record the sale)
	enter an account title To record the cost of the sale	enter a debit amount	enter a credit amount
	enter an account title To record the cost of the sale	enter a debit amount	enter a credit amount
	(To record the cost of the sale)

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Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No. Account Titles and Explanation
Debit
Credit
(1)
(2)
(3)
(4)
(5)

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