During the month of August, the following transactions took place: a. Purchased raw materials at a cost of $55,000 and general factory supplies at a cost of $18,000 on account. (NOTE: Materials account includes both materials and supplies.) b. Issued raw material to be used in production, costing $45,500, and miscellaneous factory supplies, $13,500. c. Recorded the payroll, the payment to the employees, and the distribution of the wages and salaries for the month. The distribution is as follows: selling salaries, $5,000, administrative salaries, $7,000, and factory wages (including $10,000 indirect labor), $48,000. d. Incurred other expenses on account totaling $9,000. Thirty percent of this amount is allocable to the office and selling functions. e. Recorded depreciation for the month at an annual rate of 5% on the building, 20% on the factory equipment, and 25% on the office equipment. The sales and administrative staff use approximately one-fourth of the building for its offices. f. Transferred total factory overhead to Work in Process. g. Paid $10,000 on the note that was due this month. h. Completed and transferred goods totaling $95,000 to the finished goods storeroom. i. Sold goods costing $173,000, on account. The company uses a 75% mark-on percentage. j. Received $284,000 from customers on account. k. Paid creditors $163,000.
Cash |
$ 35,000 |
|
|
65,000 |
|
Finished Goods |
120,000 |
|
Work in Process |
58,683 |
|
Materials |
14,000 |
|
Building |
580,000 |
|
Accum. Deprec.—Building |
|
$ 43,500 |
Factory Equipment |
440,000 |
|
Accum. Deprec.—Factory Equipment |
|
110,000 |
Office Equipment |
90,000 |
|
Accum. Deprec.—Office Equipment |
|
33,750 |
Accounts Payable |
|
85,000 |
Notes Payable |
|
100,000 |
Capital Stock |
|
470,000 |
|
|
560,433 |
Total |
$1,402,683 |
$1,402,683 |
During the month of August, the following transactions took place:
a. |
Purchased raw materials at a cost of $55,000 and general factory supplies at a cost of $18,000 on account. (NOTE: Materials account includes both materials and supplies.) |
b. |
Issued raw material to be used in production, costing $45,500, and miscellaneous factory supplies, $13,500. |
c. |
Recorded the payroll, the payment to the employees, and the distribution of the wages and salaries for the month. The distribution is as follows: selling salaries, $5,000, administrative salaries, $7,000, and factory wages (including $10,000 indirect labor), $48,000. |
d. |
Incurred other expenses on account totaling $9,000. Thirty percent of this amount is allocable to the office and selling functions. |
e. |
Recorded |
f. |
Transferred total factory |
g. |
Paid $10,000 on the note that was due this month. |
h. |
Completed and transferred goods totaling $95,000 to the finished goods storeroom. |
i. |
Sold goods costing $173,000, on account. The company uses a 75% mark-on percentage. |
j. |
Received $284,000 from customers on account. |
k. |
Paid creditors $163,000. |
how would i journalize these? this is the journal i was given with some information already entered:
Journal | |||||
Debit | Credit | ||||
a | Materials | ||||
Accounts Payable | |||||
b | Work in Process | ||||
Factory overhead | |||||
Materials | |||||
c | Payroll | ||||
Wages Payable | |||||
Wages Payable | |||||
Cash | |||||
Work in Process | |||||
Factory Overhead | |||||
Selling & Admin. Expense | |||||
Payroll | |||||
d | Factory Overhead | ||||
Selling & Admin. Expense | |||||
e | Factory Overhead (bldg) | ||||
Factory Overhead (f. equip) | |||||
Selling & Admin. Expense (bldg) | |||||
Selling & Admin. Expense (o. equip) | |||||
Accum. Deprec.--Building | |||||
Accum. Deprec.--Factory Equip. | |||||
Accum. Deprec.--Off. Equip. | |||||
f | |||||
g | |||||
h | |||||
i | |||||
j | |||||
k |
also, setting up T accounts for these numbers and Preparing a statement of cost of goods manufactured, and income statement, and a
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