Homework Help is Here – Start Your Trial Now!
Business
Accounting
d. Depreciation of the factory equipment, $26,000. Description Debit Cred e. Depreciation of the office equipment, $15,000. Description Debit Cred f. Factory prepaid rent that expired during the period, $6,000. Description Debit Cred Sheet1 nter

d. Depreciation of the factory equipment, $26,000. Description Debit Cred e. Depreciation of the office equipment, $15,000. Description Debit Cred f. Factory prepaid rent that expired during the period, $6,000. Description Debit Cred Sheet1 nter

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
I need subpart 2 and 3 answered of the question I posted in the 2 pictures (I have the 1st subpart done). I have answers A-C, I need the answers to D-L. Thank you!
20211 ACG2071 Module 2 JOURNAL ENTRIES - E File Home Insert Page Layout Formulas Data Review View Help O Tell me what you want to do X Cut Arial Rounded MT - 11 A A eb Wrap Text General a Copy - Paste BIU . A- Conditior Formattin V Format Painter E Merge & Center $- % Clipboard Font Alignment Number 72 v fr AB D FG g. Office prepaid rent that expired during the period, $2,000. Description Debit Credit h. Other costs incurred on account for factory overhead included $40,000. Description Debit Credit i, Estimated factory overhead cost for the period was $120,000 and estimated direct labor hours for the period were 40,000 hours. Assuming that overhead is applied based on direct labor hours and that the company used 42,000 direct labor hours during the period, apply factory overhead. Description Debit Credit j. Close out the factory overhead balance to cost of goods sold. Description Debit Credit k. Jobs completed during the period, $900,000. Description Debit Credit I. Cost of goods sold, $850,000. Description Debit Credit Sheet1 + nter P Type here to search 99+
Transcribed Image Text:20211 ACG2071 Module 2 JOURNAL ENTRIES - E File Home Insert Page Layout Formulas Data Review View Help O Tell me what you want to do X Cut Arial Rounded MT - 11 A A eb Wrap Text General a Copy - Paste BIU . A- Conditior Formattin V Format Painter E Merge & Center $- % Clipboard Font Alignment Number 72 v fr AB D FG g. Office prepaid rent that expired during the period, $2,000. Description Debit Credit h. Other costs incurred on account for factory overhead included $40,000. Description Debit Credit i, Estimated factory overhead cost for the period was $120,000 and estimated direct labor hours for the period were 40,000 hours. Assuming that overhead is applied based on direct labor hours and that the company used 42,000 direct labor hours during the period, apply factory overhead. Description Debit Credit j. Close out the factory overhead balance to cost of goods sold. Description Debit Credit k. Jobs completed during the period, $900,000. Description Debit Credit I. Cost of goods sold, $850,000. Description Debit Credit Sheet1 + nter P Type here to search 99+
20211 ACG2071 File Home Insert Page Layout Formulas Data Review View Help Tell me what you want to do X Cut Arial Rounded MT -11 A A 22 Wrap Text Gener E Copy Paste B IU E Merge & Center %24 Format Painter Clipboard Font Alignment C72 fr AB FG For each of the transactions for the month below, journalize the necessary entry. The first entry has been completed for you. a. Materials purchased on account, $412,000. 12 Materials Description Debit Credit 13 $ 412,000.00 Accounts Payable $ 412,000.00 14 75 b. Materials requisitioned for use in production, $398,000. $18,000 of this was for general factory use. 16 17 Work In Process Description Debit Credit 18 $ 380,000.00 19 Factory Overhead 2$ 18,000.00 20 Materials $ 398,000.00 21 22 23 c. Factory labor during the period was $550,000. $30,000 of this was indirect. Description Debit Credit Work In Process $ 520,000.00 24 Factory Overhead Wages Payable 26 27 25 2$ 30,000.00 $ 550,000.00 28 d. Depreciation of the factory equipment, $26,000. 29 Description Debit Credit 30 e. Depreciation of the office equipment, $15,000. Description Debit Credit f. Factory prepaid rent that expired during the period, $6,000. Description Debit Credit 40 41 Sheet1 Enter Type here to search 99
Transcribed Image Text:20211 ACG2071 File Home Insert Page Layout Formulas Data Review View Help Tell me what you want to do X Cut Arial Rounded MT -11 A A 22 Wrap Text Gener E Copy Paste B IU E Merge & Center %24 Format Painter Clipboard Font Alignment C72 fr AB FG For each of the transactions for the month below, journalize the necessary entry. The first entry has been completed for you. a. Materials purchased on account, $412,000. 12 Materials Description Debit Credit 13 $ 412,000.00 Accounts Payable $ 412,000.00 14 75 b. Materials requisitioned for use in production, $398,000. $18,000 of this was for general factory use. 16 17 Work In Process Description Debit Credit 18 $ 380,000.00 19 Factory Overhead 2$ 18,000.00 20 Materials $ 398,000.00 21 22 23 c. Factory labor during the period was $550,000. $30,000 of this was indirect. Description Debit Credit Work In Process $ 520,000.00 24 Factory Overhead Wages Payable 26 27 25 2$ 30,000.00 $ 550,000.00 28 d. Depreciation of the factory equipment, $26,000. 29 Description Debit Credit 30 e. Depreciation of the office equipment, $15,000. Description Debit Credit f. Factory prepaid rent that expired during the period, $6,000. Description Debit Credit 40 41 Sheet1 Enter Type here to search 99
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Compensation and Benefits
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
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS