During the month, Job Arch2 used specialized machinery for 350 hours and incurred $700 in utilities on account, $400 in factory depreciation expense, and $200 in property tax on the factory. Work in Process Inventory Factory Depreciation Expense Finished Goods Inventory Utilities Expense Manufacturing Overhead Accounts Payable Accounts Receivable Property Taxes Payable Accumulated Depreciation PLEASE NOTE #1: For similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the problem. PLEASE NOTE #2: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). Using the above accounts, prepare journal entries for the following transactions: Record the costs incurred: DR ? ? CR ? ? CR ? ? CR ? ?   Record the allocation of overhead at the predetermined rate of $1.50 per machine hour:

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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6. During the month, Job Arch2 used specialized machinery for 350 hours and incurred $700 in utilities on account, $400 in factory depreciation expense, and $200 in property tax on the factory.

Work in Process Inventory Factory Depreciation Expense Finished Goods Inventory

Utilities Expense

Manufacturing Overhead Accounts Payable
Accounts Receivable

Property Taxes Payable

Accumulated Depreciation

PLEASE NOTE #1: For similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the problem.

PLEASE NOTE #2: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345).

Using the above accounts, prepare journal entries for the following transactions:

  • Record the costs incurred:
  • DR ? ?
    CR ? ?
    CR ? ?
    CR ? ?
  •  
  • Record the allocation of overhead at the predetermined rate of $1.50 per machine hour:
  • DR ? ?
    CR ? ?
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