In January, Carla Vista Company requisitions raw materials for production as follows: Job 1 $1.100, Job 2 $1,340, Job 3 $750, and general factory use $670. Prepare a summary journal entry to record raw materials used. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Jan. 31 Debit Credit

In January, Carla Vista Company requisitions raw materials for production as follows: Job 1 $1.100, Job 2 $1,340, Job 3 $750, and general factory use $670. Prepare a summary journal entry to record raw materials used. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Jan. 31 Debit Credit

Name: In January, Carla Vista Company requisitions raw materials for produc
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Description: In January, Carla Vista Company requisitions raw materials for production as follows: Job 1 $1,100, Job 2 $1,340, Job 3 $750, andgeneral factory use $670.Prepare a summary journal entry to record raw materials used. (List all debit entries before cr

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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Required information [The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 a. Materials purchases (on credit). b. Direct materials used. View transaction list Journal entry worksheet
were ROBLEMS selected from their chart of accounts: Code Account Name Cash Accounts receivable C Raw materials inventory Work in process inventory Finished goods inventory Accounts payable Direct labor Factory overhead Cost of goods sold Sales K Operating expense Credit for each transaction: Debit 1 Raw materials were purchased on account 2 Direct materials were requisitioned for Job 1225 3 Issued a check to vendor for repair services on factory equipment 4 Factory labor for the month was paid as incurred. 5 Direct and indirect labor used were recognized 6 Raw materials previously purchased on account were paid 7 The productilon department requisitioned indirect materials for use in the factory. 8 Overhead was applied to production based on a predetermined overhead rate of P60 per labor hour 9 Completed goods were transferred to warehouse 10 Goods costing P100,000 were sold for P135,000 on account.
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