Homework Help is Here – Start Your Trial Now!
Business
Accounting
g. Office prepaid rent that expired during the period, $2,000. Description Debit Credit h. Other costs incurred on account for factory overhead included $40,000. Description Debit Credit i. Estimated factory overhead cost for the period was $120,000 and estimated direct labor hours for the period were 40,000 hours. Asyuming 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 i. Close out the factory overhead balance to cost of goods sold.

g. Office prepaid rent that expired during the period, $2,000. Description Debit Credit h. Other costs incurred on account for factory overhead included $40,000. Description Debit Credit i. Estimated factory overhead cost for the period was $120,000 and estimated direct labor hours for the period were 40,000 hours. Asyuming 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 i. Close out the factory overhead balance to cost of goods sold.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
I have answered A-F (in the pictures I posted below) I need the answers for G-L !
20211 ACG2071_M= 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 Wrap Text Account 電Copy。 Paste * Format Painter BIU A- E E E E Merge & Center %24 Clipboard Font Alignment E41 6000 AB For each of the transactions for the month below, journalize the necessary entry. The first entry has been completed for you. E FG 9 10 11 a. Materials purchased on account, $412,000. 12 Description Debit Credit Materials $ 412,000.00 13 Accounts Payable $ 412,000.00 14 15 16 b. Materials requisitioned for use in production, $398,000. $18,000 of this was for general factory use. 17 Description Debit Credit 18 Work In Process $ 380,000.00 Factory Overhead Materials 19 $ 18,000.00 20 $ 398,000.00 21 22 c. Factory labor during the period was $550,000. $30,000 of this was indirect. Description 23 Debit Credit 24 Work In Process $ 520,000.00 Factory Overhead Wages Payable 25 $ 30,000.00 26 $ 550,000.00 27 d. Depreciation of the factory equipment, $26,000. Description 28 29 Debit Credit $ 26,000.00 Factory Overhead Accumulated Despreciation - Factory Equipment 30 $ 26,000.00 31 32 e. Depreciation of the office equipment, $15,000. Description 33 34 Debit Credit Depreciation Expense Accumulated Depreciation 35 $ 15,000.00 36 $ 15,000.00 37 f. Factory prepaid rent that expired during the period, $6,000. Description 38 39 Debit Credit Factory Overhead 6,000.00 40 41 Prepaid Rent 6,000.00 42 O6-r -----t Sheet1 e Type here to search 99+
Transcribed Image Text:20211 ACG2071_M= 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 Wrap Text Account 電Copy。 Paste * Format Painter BIU A- E E E E Merge & Center %24 Clipboard Font Alignment E41 6000 AB For each of the transactions for the month below, journalize the necessary entry. The first entry has been completed for you. E FG 9 10 11 a. Materials purchased on account, $412,000. 12 Description Debit Credit Materials $ 412,000.00 13 Accounts Payable $ 412,000.00 14 15 16 b. Materials requisitioned for use in production, $398,000. $18,000 of this was for general factory use. 17 Description Debit Credit 18 Work In Process $ 380,000.00 Factory Overhead Materials 19 $ 18,000.00 20 $ 398,000.00 21 22 c. Factory labor during the period was $550,000. $30,000 of this was indirect. Description 23 Debit Credit 24 Work In Process $ 520,000.00 Factory Overhead Wages Payable 25 $ 30,000.00 26 $ 550,000.00 27 d. Depreciation of the factory equipment, $26,000. Description 28 29 Debit Credit $ 26,000.00 Factory Overhead Accumulated Despreciation - Factory Equipment 30 $ 26,000.00 31 32 e. Depreciation of the office equipment, $15,000. Description 33 34 Debit Credit Depreciation Expense Accumulated Depreciation 35 $ 15,000.00 36 $ 15,000.00 37 f. Factory prepaid rent that expired during the period, $6,000. Description 38 39 Debit Credit Factory Overhead 6,000.00 40 41 Prepaid Rent 6,000.00 42 O6-r -----t Sheet1 e Type here to search 99+
20211 ACG2071 Module 2 JOURNAL ENTRIES File Home Insert Page Layout Formulas Data Review O Tell me what you want to do View Help X Cut Arial Rounded MT - 11 A A ab Wrap Text Accounting e Copy - Paste B IU - A E E E Merge & Center - $ - % , * Format Painter .00 +.0 Conditic 00 Formattin Clipboard Font Alignment Number E41 fr 6000 AB D E FG 42 g. Office prepaid rent that expired during the period, $2,000. 43 44 Description Debit Credit 45 46 47 h. Other costs incurred on account for factory overhead included $40,000. Description 48 Debit Credit 49 50 51 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 57 58 j. Close out the factory overhead balance to cost of goods sold. Description 59 Debit Credit 60 61 62 63 k. Jobs completed during the period, $900,000. Description 64 Debit Credit 65 66 67 68 69 1. Cost of goods sold, $850,000. Debit Credit 70 Description 71 72 73 14 75 Sheet1 (+ O Type here to search 99+
Transcribed Image Text:20211 ACG2071 Module 2 JOURNAL ENTRIES File Home Insert Page Layout Formulas Data Review O Tell me what you want to do View Help X Cut Arial Rounded MT - 11 A A ab Wrap Text Accounting e Copy - Paste B IU - A E E E Merge & Center - $ - % , * Format Painter .00 +.0 Conditic 00 Formattin Clipboard Font Alignment Number E41 fr 6000 AB D E FG 42 g. Office prepaid rent that expired during the period, $2,000. 43 44 Description Debit Credit 45 46 47 h. Other costs incurred on account for factory overhead included $40,000. Description 48 Debit Credit 49 50 51 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 57 58 j. Close out the factory overhead balance to cost of goods sold. Description 59 Debit Credit 60 61 62 63 k. Jobs completed during the period, $900,000. Description 64 Debit Credit 65 66 67 68 69 1. Cost of goods sold, $850,000. Debit Credit 70 Description 71 72 73 14 75 Sheet1 (+ O Type here to search 99+
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Personal Financial Statements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS