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GENERAL JOURNAL Date During Jan. GENERAL JOURNAL Date During Jan. During Jan. Raw Materials Inventory Accounts Payable. To record purchase of raw materials During Jan. Work in Process Inventory Salaries Payable Factory Overhead GENERAL JOURNAL Date Raw Materials Inventory Accounts. To transfer $10,000 of raw materials to production, incur $8,000 of direct labor, and apply $12,000 of overhead GENERAL JOURNAL Date Accounts Accounts Receivable Finished Goods Inventory Work in Process Inventory To transfer completed units to finished goods Sales Accounts Accounts To record sales of finished goods Debit 25,000 Debit 30,000 Debit 20,000 Debit 45,000 Credit 25,000 Credit 10,000 8,000 12,000 Credit 20,000 Credit 45,000

GENERAL JOURNAL Date During Jan. GENERAL JOURNAL Date During Jan. During Jan. Raw Materials Inventory Accounts Payable. To record purchase of raw materials During Jan. Work in Process Inventory Salaries Payable Factory Overhead GENERAL JOURNAL Date Raw Materials Inventory Accounts. To transfer $10,000 of raw materials to production, incur $8,000 of direct labor, and apply $12,000 of overhead GENERAL JOURNAL Date Accounts Accounts Receivable Finished Goods Inventory Work in Process Inventory To transfer completed units to finished goods Sales Accounts Accounts To record sales of finished goods Debit 25,000 Debit 30,000 Debit 20,000 Debit 45,000 Credit 25,000 Credit 10,000 8,000 12,000 Credit 20,000 Credit 45,000

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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1. How much is gross profit?

2.  How much is the total liability for the company in its Balance sheet?

3. How much is the total Equity for the company in its Balance sheet?

Click in the account title sections of the journal entry and select the correct account titles to be debited and credited from the pick list. Correct debit/credit selections will turn the cells green. Assume the business commenced operations on January 1, and the summary entries below are the only ones related to job costing activities. Calculate and enter the correct amounts that would appear in financial statements as of the end of January. Correct values will turn the cells green. GENERAL JOURNAL Date During Jan. GENERAL JOURNAL Date During Jan. During Jan. Raw Materials Inventory Accounts Payable To record purchase of raw materials During Jan. GENERAL JOURNAL Date Salaries Payable Factory Overhead During Jan. Work in Process Inventory Raw Materials Inventory GENERAL JOURNAL Date To transfer $10,000 of raw materials to production, incur $8,000 of direct labor, and apply $12,000 of overhead Accounts Receivable Accounts Finished Goods Inventory Work in Process Inventory To transfer completed units to finished goods Sales GENERAL JOURNAL Date Accounts Cost of Goods Sold Accounts To record sales of finished goods Accounts How much is gross profit? >>>> Accounts Finished Goods Inventory To transfer finished goods to cost of goods sold How much is in ending raw materials inventory? >>>> How much is in ending work in process inventory? >>>> How much is in ending finished goods inventory? >>>> Debit 25,000 Debit 30,000 Debit 20,000 Debit 45,000 Debit 15,000 Credit 25,000 Credit 10,000 8,000 12,000 Credit 20,000 Credit 45,000 Credit 15,000 15,000 10,000 5,000 30,000
Transcribed Image Text:Click in the account title sections of the journal entry and select the correct account titles to be debited and credited from the pick list. Correct debit/credit selections will turn the cells green. Assume the business commenced operations on January 1, and the summary entries below are the only ones related to job costing activities. Calculate and enter the correct amounts that would appear in financial statements as of the end of January. Correct values will turn the cells green. GENERAL JOURNAL Date During Jan. GENERAL JOURNAL Date During Jan. During Jan. Raw Materials Inventory Accounts Payable To record purchase of raw materials During Jan. GENERAL JOURNAL Date Salaries Payable Factory Overhead During Jan. Work in Process Inventory Raw Materials Inventory GENERAL JOURNAL Date To transfer $10,000 of raw materials to production, incur $8,000 of direct labor, and apply $12,000 of overhead Accounts Receivable Accounts Finished Goods Inventory Work in Process Inventory To transfer completed units to finished goods Sales GENERAL JOURNAL Date Accounts Cost of Goods Sold Accounts To record sales of finished goods Accounts How much is gross profit? >>>> Accounts Finished Goods Inventory To transfer finished goods to cost of goods sold How much is in ending raw materials inventory? >>>> How much is in ending work in process inventory? >>>> How much is in ending finished goods inventory? >>>> Debit 25,000 Debit 30,000 Debit 20,000 Debit 45,000 Debit 15,000 Credit 25,000 Credit 10,000 8,000 12,000 Credit 20,000 Credit 45,000 Credit 15,000 15,000 10,000 5,000 30,000
This is a new manufacturing corporation that issued $50000 common stock for cash on the first day. All overhead expenses are paid immediately by cash. To make it easy, there are no other operating expenses and no income tax. No Dividend is declared for the year. Post all journal entries in the General Ledger T-accounts and using their respective balances prepare an Income Statment and Balance Sheet for the first month of the operation. Use a blank paper for posting into General Ledger and preparation of the financial statements.
Transcribed Image Text:This is a new manufacturing corporation that issued $50000 common stock for cash on the first day. All overhead expenses are paid immediately by cash. To make it easy, there are no other operating expenses and no income tax. No Dividend is declared for the year. Post all journal entries in the General Ledger T-accounts and using their respective balances prepare an Income Statment and Balance Sheet for the first month of the operation. Use a blank paper for posting into General Ledger and preparation of the financial statements.
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