Exercise I-Set A D 3A Corporation makes different types of hubcaps for cars. The company accumulates volumes of metal edges as scrap. At least once a month, the scrap metal is sold to a local manufacturer for further processing. This month's scrap sales on account total P15,000.00. The company is using normal cost system. Required: Prepare the appropriate journal entry to record the sale of the scrap for each of the following alternatives: 1. Scrap sale is viewed as additional revenue 2. Scrap sale is viewed as reduction of cost of goods sold 3. When scrap materials are traceable as indirect materials 4. When scrap materials are traceable as direct materials S

Exercise I-Set A D 3A Corporation makes different types of hubcaps for cars. The company accumulates volumes of metal edges as scrap. At least once a month, the scrap metal is sold to a local manufacturer for further processing. This month's scrap sales on account total P15,000.00. The company is using normal cost system. Required: Prepare the appropriate journal entry to record the sale of the scrap for each of the following alternatives: 1. Scrap sale is viewed as additional revenue 2. Scrap sale is viewed as reduction of cost of goods sold 3. When scrap materials are traceable as indirect materials 4. When scrap materials are traceable as direct materials S

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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Journalize the following transactions for Becah's Bakery: Becah's Bakery a. Incurred and paid Website expenses, $2,650. b. Incurred manufacturing wages of $9,800, of which 80% was for direct labor and 20% of which was for indirect labor. c. Purchased raw materials on account, $18,930. d. Used in production: direct materials, $7,980; indirect materials $3,600. e. Recorded manufacturing overhead: depreciation on plant, $14,740; plant insurance (previously paid), $1,430; plant property tax, $3,630 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 230% of direct labor costs. g. Completed production on jobs with costs of $35,980. h. Sold inventory on account, $25,110; cost of goods sold, $12,240. i. Adjusted for overallocated or underallocated overhead.
Question Content Area Journalize the entries to record the following transactions: Mar. 10: 600 units of raw materials were purchased on account at $5.50 per unit. Mar. 15: 500 units of raw materials were requisitioned at $6.00 per unit for production, Job 872. Mar. 25: 400 units of raw materials were requisitioned at $5.50 per unit for production, Job 879. If an amount box does not require an entry, leave it blank.
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Subject: acounting
Special-Order Decision, Services, Qualitative Aspects Jason Rogers works full-time for UPS and runs a lawn-mowing service part-time after work during the warm months of April through October. Jason has two men working with him, each of whom is paid $6.00 per lawn mowing. Jason has 26 residential customers who contract with him for once-weekly lawn mowing during the months of May through September, and twice-per-month mowings during April and October. On average, Jason charges $50 per lawn mowed. Recently, LStar Property Management Services asked Jason to mow the lawn at each of its 28 rental houses every two weeks during the months of May through September. LStar has offered to pay $28 per lawn mowing, and would forego the lawn edging that normally takes Jason's team about half of its regular mowing time. If Jason accepts the job, he can assign a one-man team to mow the rental house yards, and will have to buy an additional power lawn mower for about $375 used. Fuel to run the…
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please answer question number 2) prepare the following journal entries! plZ urgently