Journalize the following labor-related transactions for Crystal Creations, Inc. at its plant in Portland, Oregon. Assume that the labor has been incurred, but not yet paid. Plant janitor's wages 24 630 Plant furnace operator's wages 950 Glass blower's wages 81,000 Journalize the transactions. (Record debits first, then credits. Exclude explanations from any journal entries. Prepare a single compound journal entry.) Date Accounts Debit Credit

Journalize the following labor-related transactions for Crystal Creations, Inc. at its plant in Portland, Oregon. Assume that the labor has been incurred, but not yet paid. Plant janitor's wages 24 630 Plant furnace operator's wages 950 Glass blower's wages 81,000 Journalize the transactions. (Record debits first, then credits. Exclude explanations from any journal entries. Prepare a single compound journal entry.) Date Accounts Debit Credit

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Description: Journalize the following labor-related transactions for Crystal Creations, Inc. at its plant in Portland, Oregon. Assume that the labor has been incurred, but not yet paid.Plant janitor's wages24630Plant furnace operator's wages950Glass blower's wag

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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Edwin Parts, a job shop, recorded the following transactions in May: Purchased $87,200 in materials on account. Issued $3,650 in supplies from the materials inventory to the production department. Issued $43,600 in direct materials to the production department. Paid for the materials purchased in transaction (1). Incurred wage costs of $67,200, which were debited to Payroll, a temporary account. Of this amount, $22,300 was withheld for payroll taxes and credited to Payroll Taxes Payable. The remaining $44,900 was paid in cash to the employees. See transactions (6) and (7) for additional information about Payroll. Recognized $34,700 in fringe benefit costs, incurred as a result of the wages paid in (5). This $34,700 was debited to Payroll and credited to Fringe Benefits Payable. Analyzed the Payroll account and determined that 65 percent represented direct labor; 15 percent, indirect manufacturing labor; and 20 percent, administrative and marketing costs. Applied overhead on the basis…
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swer is partially June transactions: (1) purchase of raw materials, factory labor costs incurred, and manufacturing overhead costs incurred; (2) assignment of direct materials, labor, and overhead and (3) completion of jobs and sale of goods. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually) Debit Credit
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Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system and applies overhead cost to jobs on the basis of machine-hours. At the beginning of the year, the company used a cost formula to estimate that it would incur $4,252,500 in manufacturing overhead cost at an activity level of 567,000 machine-hours. The company spent the entire month of January working on a large order for 12,800 custom-made machined parts. The company had no work in process at the beginning of January. Cost data relating to January follow. a. Raw materials purchased on account, $325,000. b. Raw materials used in production, $265,000 (80% direct materials and 20% indirect materials). c. Labor cost accrued in the factory, $156,000 (one-third direct labor and two-thirds indirect labor). d. Depreciation recorded on factory equipment, $63,500. e. Other manufacturing overhead costs incurred on account, $85,700. f. Manufacturing overhead cost was applied…