In addition, the following transactions occurred in 2022: 1. 2. 3. 4. 5. Raw materials purchased on account, $70,500. Incurred factory labor, $75,200, all is direct labor. Incurred the following overhead costs during the year: utilities $6,392, depreciation on manufacturing machinery $7,520, manufacturing machinery repairs $8,648, factory insurance $8,460 (Credit Accounts Payable and Accumulated Depreciation). Assigned $75,200 of factory labor to jobs. Applied $33,840 of overhead to jobs.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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In addition, the following transactions occurred in 2022:
1.
2.
3.
4.
5.
(a)
Raw materials purchased on account, $70,500.
Incurred factory labor, $75,200, all is direct labor.
Incurred the following overhead costs during the year: utilities $6,392, depreciation on manufacturing machinery
$7,520, manufacturing machinery repairs $8,648, factory insurance $8,460 (Credit Accounts Payable and Accumulated
Depreciation).
Assigned $75,200 of factory labor to jobs.
Applied $33,840 of overhead to jobs.
Journalize the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.
List all debit entries before credit entries.)
Transcribed Image Text:In addition, the following transactions occurred in 2022: 1. 2. 3. 4. 5. (a) Raw materials purchased on account, $70,500. Incurred factory labor, $75,200, all is direct labor. Incurred the following overhead costs during the year: utilities $6,392, depreciation on manufacturing machinery $7,520, manufacturing machinery repairs $8,648, factory insurance $8,460 (Credit Accounts Payable and Accumulated Depreciation). Assigned $75,200 of factory labor to jobs. Applied $33,840 of overhead to jobs. Journalize the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
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