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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. Description Debit Credit Work In Process $ 380,000.00 $ 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 $ 520,000.00 $ 30,000.00 Work In Process Factory Overhead Wages Payable $ 550,000.00 d. Depreciation of the factory equipment, $26,000. Description Debit Credit $ 26,000.00 Factory Overhead Accumulated Despreciation -Factory Equipment $ 26,000.00 e. Depreciation of the office equipment, $15,000. Description Debit Credit $ 15,000.00 Depreciation Expense Accumulated Depreciation $ 15,000.00 f. Factory prepaid rent that expired during the period, $6,000. Debit Credit Description 6,000.00 Factory Overhead 6,000.00

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. Description Debit Credit Work In Process $ 380,000.00 $ 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 $ 520,000.00 $ 30,000.00 Work In Process Factory Overhead Wages Payable $ 550,000.00 d. Depreciation of the factory equipment, $26,000. Description Debit Credit $ 26,000.00 Factory Overhead Accumulated Despreciation -Factory Equipment $ 26,000.00 e. Depreciation of the office equipment, $15,000. Description Debit Credit $ 15,000.00 Depreciation Expense Accumulated Depreciation $ 15,000.00 f. Factory prepaid rent that expired during the period, $6,000. Debit Credit Description 6,000.00 Factory Overhead 6,000.00

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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I have answered A-I in the pictures I posted below. I need the answers to J-L.
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 O Copy - 22 Wrap Text Accounting Paste * Format Painter BIU H O. A - € E E Merge & Center- $- % 00 .0 Condition .00 Clipboard Font Formattin Alignment Number E57 fr 126000 AB D 42 FG H. K 43 g. Office prepaid rent that expired during the period, $2,000 44 Description Debit 2,000.00 Rent Expenses Credit 45 46 Prepaid Rent 2,000.00 47 48 h. Other costs incurred on account for factory overhead included $40,000. 49 Description Debit Credit Factory Overhead Accounts Payable 50 $ 40,000.00 51 $ 40,000.00 52 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. 53 54 55 Description Debit Credit 56 Work in Process $ 126,000.00 57 Factory Overhead $ 126,000.00 58 j. Close out the factory overhead balance to cost of goods sold. Description 59 60 Debit Credit 61 62 63 64 k. Jobs completed during the period, $900,000. Description 65 Debit Сredit 66 67 68 69 I. Cost of goods sold, $850,000. Description 70 Debit Credit 71 72 73 14 75 76 Sheet1 Type here to search Et C (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 O Copy - 22 Wrap Text Accounting Paste * Format Painter BIU H O. A - € E E Merge & Center- $- % 00 .0 Condition .00 Clipboard Font Formattin Alignment Number E57 fr 126000 AB D 42 FG H. K 43 g. Office prepaid rent that expired during the period, $2,000 44 Description Debit 2,000.00 Rent Expenses Credit 45 46 Prepaid Rent 2,000.00 47 48 h. Other costs incurred on account for factory overhead included $40,000. 49 Description Debit Credit Factory Overhead Accounts Payable 50 $ 40,000.00 51 $ 40,000.00 52 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. 53 54 55 Description Debit Credit 56 Work in Process $ 126,000.00 57 Factory Overhead $ 126,000.00 58 j. Close out the factory overhead balance to cost of goods sold. Description 59 60 Debit Credit 61 62 63 64 k. Jobs completed during the period, $900,000. Description 65 Debit Сredit 66 67 68 69 I. Cost of goods sold, $850,000. Description 70 Debit Credit 71 72 73 14 75 76 Sheet1 Type here to search Et C (99+
20211 ACG2071_Mo- 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 Wrap Text Accountin e Copy - Paste V Format Painter A - Merge & Center - Clipboard Font Alignment N E57 fx 126000 AB F G H For each of the transactions for the month below, journalize the necessary entry. The first entry has been completed for you. 10 11 a. Materials purchased on account, $412,000. 12 Description Debit Credit 13 Materials $ 412,000.00 Accounts Payable $ 412,000.00 14 15 16 17 Work In Process b. Materials requisitioned for use in production, $398,000. $18,000 of this was for general factory use. Description Debit Credit 18 $ 380,000.00 19 Factory Overhead 2$ 18,000.00 Materials $ 398,000.00 20 21 22 23 Work In Process c. Factory labor during the period was $550,000. $30,000 of this was indirect. Description Debit Credit 24 $ 520,000.00 25 Factory Overhead Wages Payable $ 30,000.00 $ 550,000.00 26 27 28 d. Depreciation of the factory equipment, $26,000. 29 Factory Overhead Description Debit Credit $ 26,000.00 30 $ 26,000.00 31 Accumulated Despreciation - Factory Equipment 32 33 e. Depreciation of the office equipment, $15,000. 34 Description Debit Сredit $ 15,000.00 35 Depreciation Expense 15,000.00 36 Accumulated Depreciation 37 f. Factory prepaid rent that expired during the period, $6,000. 39 38 Description Debit Credit $ 6,000.00 Factory Overhead Prepaid Rent 40 $ 6,000.00 41 Sheet1 +) 99+ e Type here to search 出
Transcribed Image Text:20211 ACG2071_Mo- 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 Wrap Text Accountin e Copy - Paste V Format Painter A - Merge & Center - Clipboard Font Alignment N E57 fx 126000 AB F G H For each of the transactions for the month below, journalize the necessary entry. The first entry has been completed for you. 10 11 a. Materials purchased on account, $412,000. 12 Description Debit Credit 13 Materials $ 412,000.00 Accounts Payable $ 412,000.00 14 15 16 17 Work In Process b. Materials requisitioned for use in production, $398,000. $18,000 of this was for general factory use. Description Debit Credit 18 $ 380,000.00 19 Factory Overhead 2$ 18,000.00 Materials $ 398,000.00 20 21 22 23 Work In Process c. Factory labor during the period was $550,000. $30,000 of this was indirect. Description Debit Credit 24 $ 520,000.00 25 Factory Overhead Wages Payable $ 30,000.00 $ 550,000.00 26 27 28 d. Depreciation of the factory equipment, $26,000. 29 Factory Overhead Description Debit Credit $ 26,000.00 30 $ 26,000.00 31 Accumulated Despreciation - Factory Equipment 32 33 e. Depreciation of the office equipment, $15,000. 34 Description Debit Сredit $ 15,000.00 35 Depreciation Expense 15,000.00 36 Accumulated Depreciation 37 f. Factory prepaid rent that expired during the period, $6,000. 39 38 Description Debit Credit $ 6,000.00 Factory Overhead Prepaid Rent 40 $ 6,000.00 41 Sheet1 +) 99+ e Type here to search 出
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