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Factory Overhead $ 126,000.00 j. Close out the factory overhead balance to cost of goods sold. Debit Credit Description 3. k. Jobs completed during the period, $900,000. -5 Debit Credit Description 57 58 I. Cost of goods sold, $850,000. 59 Debit Credit Description 71 72

Factory Overhead $ 126,000.00 j. Close out the factory overhead balance to cost of goods sold. Debit Credit Description 3. k. Jobs completed during the period, $900,000. -5 Debit Credit Description 57 58 I. Cost of goods sold, $850,000. 59 Debit Credit Description 71 72

FINANCIAL ACCOUNTING
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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20211 ACG2071_Module 2 JOURNAL ENTRIES - ExC 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 ab 2 Wrap Text Accounting - e Copy Paste В IU *. A - E Merge & Center- * Format Painter $ - % , +0 00 .00 +.0 Conditiona Formatting Clipboard Font Alignment Number 57 126000 F G AB g. Office prepaid rent that expired during the period, $2,000. C. D E Description Debit $ 2,000.00 Credit Rent Expenses Prepaid Rent 2$ 2,000.00 h. Other costs incurred on account for factory overhead included $40,000. Description Debit Credit $ 40,000.00 Factory Overhead Accounts Payable $ 40,000.00 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 Work in Process $ 126,000.00 Factory Overhead $ 126,000.00 . Close out the factory overhead balance to cost of goods sold. Description Debit Credit 3. k. Jobs completed during the period, $900,000. -5 Debit Сredit Description 57 58 I. Cost of goods sold, $850,000. 59 70 Debit Credit Description 71 72 73 74 75 76 77 70 Sheet1 (+) Et 99+ O Type here to search
Transcribed Image Text:20211 ACG2071_Module 2 JOURNAL ENTRIES - ExC 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 ab 2 Wrap Text Accounting - e Copy Paste В IU *. A - E Merge & Center- * Format Painter $ - % , +0 00 .00 +.0 Conditiona Formatting Clipboard Font Alignment Number 57 126000 F G AB g. Office prepaid rent that expired during the period, $2,000. C. D E Description Debit $ 2,000.00 Credit Rent Expenses Prepaid Rent 2$ 2,000.00 h. Other costs incurred on account for factory overhead included $40,000. Description Debit Credit $ 40,000.00 Factory Overhead Accounts Payable $ 40,000.00 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 Work in Process $ 126,000.00 Factory Overhead $ 126,000.00 . Close out the factory overhead balance to cost of goods sold. Description Debit Credit 3. k. Jobs completed during the period, $900,000. -5 Debit Сredit Description 57 58 I. Cost of goods sold, $850,000. 59 70 Debit Credit Description 71 72 73 74 75 76 77 70 Sheet1 (+) Et 99+ O Type here to search
X Cut Arial Rounded MT - 11 A A Wrap Text Account D Copy aste BIU 2 Merge & Center Format Painter Clipboard Font Alignment 57 fx 126000 AB FG H 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. Description Debit Credit Materials $ 412,000.00 Accounts Payable $ 412,000.00 b. Materials requisitioned for use in production, $398,000. $18,000 of this was for general factory use. Credit Description Debit Work In Process $ 380,000.00 2$ 18,000.00 Factory Overhead Materials $ 398,000.00 c. Factory labor during the period was $550,000. $30,000 of this was indirect. Description Debit Credit Work In Process $ 520,000.00 2$ 30,000.00 Factory Overhead $ 550,000.00 Wages Payable d. Depreciation of the factory equipment, $26,000. Description Debit Credit $ 26,000.00 Factory Overhead Accumulated Despreciation - Factory Equipment 2$ 26,000.00 e. Depreciation of the office equipment, $15,000. Description Debit Credit 2$ 15,000.00 Depreciation Expense Accumulated Depreciation 2$ 15,000.00 f. Factory prepaid rent that expired during the period, $6,000. Credit Debit Description 6,000.00 Factory Overhead $ 6,000.00 -1 Prepaid Rent Sheet1 +) 99+ Type here to search
Transcribed Image Text:X Cut Arial Rounded MT - 11 A A Wrap Text Account D Copy aste BIU 2 Merge & Center Format Painter Clipboard Font Alignment 57 fx 126000 AB FG H 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. Description Debit Credit Materials $ 412,000.00 Accounts Payable $ 412,000.00 b. Materials requisitioned for use in production, $398,000. $18,000 of this was for general factory use. Credit Description Debit Work In Process $ 380,000.00 2$ 18,000.00 Factory Overhead Materials $ 398,000.00 c. Factory labor during the period was $550,000. $30,000 of this was indirect. Description Debit Credit Work In Process $ 520,000.00 2$ 30,000.00 Factory Overhead $ 550,000.00 Wages Payable d. Depreciation of the factory equipment, $26,000. Description Debit Credit $ 26,000.00 Factory Overhead Accumulated Despreciation - Factory Equipment 2$ 26,000.00 e. Depreciation of the office equipment, $15,000. Description Debit Credit 2$ 15,000.00 Depreciation Expense Accumulated Depreciation 2$ 15,000.00 f. Factory prepaid rent that expired during the period, $6,000. Credit Debit Description 6,000.00 Factory Overhead $ 6,000.00 -1 Prepaid Rent Sheet1 +) 99+ Type here to search
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