Journal entriesSummer Shade installs awnings on residential and commercial structures. The company had the following transactions for February:Purchased $790,000 of building (raw) material on account.Issued $570,000 of building (direct) material to jobs.Issued $120,000 of building (indirect) material for use on jobs.Accrued wages payable of $874,000, of which $794,000 could be traced directly to particular jobs.Applied overhead to jobs on the basis of 55 percent of direct labor cost.Completed jobs costing $1,046,000. For these jobs, revenues of $1,342,000 were collected. Journalize the above transactions.Note: Record any multiple debits or any multiple credits in alphabetical order by account name.12345678AccountTo record raw materials purchased on accountTo record the direct materials issuedTo record the indirect materials issuedTo record labor costsTo record applied overheadTo record completed jobsTo record cost of salesTo record sales་་DebitCredit

Step 1:Journal entries are used to record transaction in chronological order under double entry…

Journalize the above transactions. Note: Record any multiple debits or any multiple credits in alphabetical order by account name. 1 2 3 4 5 6 7 8 Account To record raw materials purchased on account To record the direct materials issued To record the indirect materials issued To record labor costs To record applied overhead To record completed jobs To record cost of sales To record sales ་ ་ Debit Credit

Journalize the above transactions. Note: Record any multiple debits or any multiple credits in alphabetical order by account name. 1 2 3 4 5 6 7 8 Account To record raw materials purchased on account To record the direct materials issued To record the indirect materials issued To record labor costs To record applied overhead To record completed jobs To record cost of sales To record sales ་ ་ Debit Credit

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 21Q

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ll. Subject :- Accounting
2. Prepare journal entries to record the events and transactions 1-11 1. Record raw material purchases on credit 2. Record the requisition of direct materials 3. Record the indirect materials 4. Record the entry for direct labor, paid in cash 5. Record the entry for indirect labor, paid in cash 6. Record the entry to apply overhead to jobs 136, 138 and 139 7. Record the transfer of completed jobs 136, 138 and 139 to finished goods 8. Record the entry for sales on account for jobs 136 and 138 9. Record the entry for the cost of jobs 136 and 138 10. Record the entry for the actual overhead costs incurred 11. Record the entry to apply overhead to jobs 137 and 140 (work in process)
The following events occurred over the course of a year at Coronado Corp., which uses a job order costing system: 1. Direct materials purchases totaled $586,000. Coronado Corp tracks its direct materials separately from its indirect materials. Purchases were made on account. 2. $133,000 of indirect materials were used in production. Coronado uses a separate Supplies Inventory account for indirect materials. 3. $556,000 of direct materials were used in production. 4. The direct labor payroll was $791,000 (credit Wages Payable). 5. Other manufacturing overhead costs incurred during the year totaled $684,000. 6. Coronado applies overhead based on a predetermined overhead rate of $24 per machine hour. The company used 48,000 machine hours during the year. 7. During the year, Coronado transferred goods costing $2,430,000 into the Finished Goods Inventory account. 8. Coronado sold products with a manufacturing cost of $2,398,000 to customers during the year.
Enos Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarter's production. 1. Materials purchased on account $194,300, and factory wages incurred $91,000 2 Materials requisitioned and factory labor used by job: Job Number Materials Factory Labor A20 $36,540 $18,800 A21 45,120 22,700 A22 36,200 15,700 A23 40,470 25,400 General factory use 5,470 8,400 $163.800 $91.000 3. Manufacturing overhead costs incurred on account $54,100. 4. Depreciation on factory equipment $16,450. 5. Depreciation on the company's office building was $15,300 6. Manufacturing overhead rate is 87% of direct labor cost 7. Jobs completed during the quarter: A20, A21. and A23 Prepare a schedule showing the Individual cost elements and totalcost for each job in Item 7 Direct Direct Manufacturing Overhead Job Materials Labor Total A20 A21 A23
Weat Subject: acounting
Can you help me with the last 2 journal entries? They are recording charges to Work-In-Process and the Transfer of Job 87.
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Please help with the following question and refer to data tables to answer part a, b, c, d, e, and f: Also, Present the journal entry for (f) cost of goods sold.
Make a T-Account for the following journal entries:
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Categorize each of the following activities into the expenditure, conversion, or revenue cycles, and identify the applicable subsystem.a. preparing the weekly payroll for manufacturing personnelb. releasing raw materials for use in the manufacturing cyclec. recording the receipt of payment for goods soldd. recording the order placed by a customere. ordering raw materialsf. determining the amount of raw materials to order
INFO FOR QUESTIONS IN IMAGE 1. Compute the underapplied or overapplied overhead. [Underapplied OR Overapplied] [$ ] 2. Assume that the company closes any underapplied or overapplied overhead to Cost of Goods Sold. Prepare the appropriate journal entry. Record the entry to close the balance in the manufacturing overhead account to the cost of goods sold account. (Note: Enter debits before credits.) Event General Journal Debit Credit 1 3. Assume that the company allocates any underapplied or overapplied overhead proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the appropriate journal entry. Record the allocation of the underapplied/overapplied overhead to various accounts. (Note: Enter debits before credits.) Event General Journal Debit Credit 1 4. How much higher or lower will net operating income be if the underapplied or overapplied overhead is allocated to…