Journal entriesSummer Shade installs awnings on residential and commercial structures. The company had the following transactions for February:Purchased $1,738,000 of building (raw) material on account.Issued $1,254,000 of building (direct) material to jobs.Issued $264,000 of building (indirect) material for use on jobs.Accrued wages payable of $1,922,800, of which $1,746,800 could be traced directly to particular jobs.Applied overhead to jobs on the basis of 55 percent of direct labor cost.Completed jobs costing $2,301,200. For these jobs, revenues of $2,952,400 were collected. Journalize the above transactions.Note: Record any multiple debits or any multiple credits in alphabetical order by account name.

Journal entries records the transaction in such a way that there are 2 effects in the financial…

Answered: Journalize the above transactions

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Journal entries
Summer Shade installs awnings on residential and commercial structures. The company had the following transactions for February:

Purchased $1,738,000 of building (raw) material on account.
Issued $1,254,000 of building (direct) material to jobs.
Issued $264,000 of building (indirect) material for use on jobs.
Accrued wages payable of $1,922,800, of which $1,746,800 could be traced directly to particular jobs.
Applied overhead to jobs on the basis of 55 percent of direct labor cost.
Completed jobs costing $2,301,200. For these jobs, revenues of $2,952,400 were collected.

Journalize the above transactions.

Note: Record any multiple debits or any multiple credits in alphabetical order by account name.

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