Journalize the following transactions for Becah's Bakery:Becah's Bakerya. Incurred and paid Website expenses, $2,790.b. Incurred manufacturing wages of $10,600, of which 60% was for direct labor and 40% of which was for indirect labor.c. Purchased raw materials on account, $18,370.d. Used in production: direct materials, $8,040; indirect materials $3,650.e. Recorded manufacturing overhead: depreciation on plant, $14,410; plant insurance (previously paid), $1,370; plant property tax, $3,750 (credit Property Tax Payable).f. Allocated manufacturing overhead to jobs, 230% of direct labor costs.g. Completed production on jobs with costs of $36,960.h. Sold inventory on account, $25,690; cost of goods sold, $11,380.i. Adjusted for overallocated or underallocated overhead. Datea.b.C.d.e.f.g.h.h.i.Website ExpenseCashWork-in-Process✓Manufacturing OverheadWages Payable✓DescriptionRaw Materials InventoryAccounts PayableWork-in-ProcessManufacturing OverheadRaw Materials InventoryManufacturing OverheadAccumulated Depreciation-Plant ✓Prepaid InsuranceProperty Tax PayableWork-in-Process✓Manufacturing OverheadFinished Goods InventoryWork-in-ProcessAccounts Receivable✓Sales RevenueCost of Goods SoldFinished Goods InventoryCost of Goods SoldManufacturing OverheadManufacturing Overhead4,240✔14,628 ✔3,650✔19,530 ✓27,420 X12,792 X27,420 XVDebit2,790✔6,360✔4,240 ✓18,370 ✓8,040 ✓3,650 ✓19,530✓14,628✓36,960✔25,690✔11,380✓12,792✔Credit2,790 ✓10,600✓✔18,370✓✔11,690✓14,4101,370✓3,750 ✓14,628 ✔36,960✔25,690 ✓11,380✔12,792 ✓

Journal entries, which are used in double-entry accounting systems, need to have both a debit and a…

Answered: Journalize the following transactions…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

Journalize the following transactions for Becah's Bakery:

Becah's Bakery

a. Incurred and paid Website expenses, $2,790.
b. Incurred manufacturing wages of $10,600, of which 60% was for direct labor and 40% of which was for indirect labor.
c. Purchased raw materials on account, $18,370.
d. Used in production: direct materials, $8,040; indirect materials $3,650.
e. Recorded manufacturing overhead: depreciation on plant, $14,410; plant insurance (previously paid), $1,370; plant property tax, $3,750 (credit Property Tax Payable).
f. Allocated manufacturing overhead to jobs, 230% of direct labor costs.
g. Completed production on jobs with costs of $36,960.
h. Sold inventory on account, $25,690; cost of goods sold, $11,380.
i. Adjusted for overallocated or underallocated overhead.

Date
a.
b.
C.
d.
e.
f.
g.
h.
h.
i.
Website Expense
Cash
Work-in-Process
✓
Manufacturing Overhead
Wages Payable
✓
Description
Raw Materials Inventory
Accounts Payable
Work-in-Process
Manufacturing Overhead
Raw Materials Inventory
Manufacturing Overhead
Accumulated Depreciation-Plant ✓
Prepaid Insurance
Property Tax Payable
Work-in-Process
✓
Manufacturing Overhead
Finished Goods Inventory
Work-in-Process
Accounts Receivable
✓
Sales Revenue
Cost of Goods Sold
Finished Goods Inventory
Cost of Goods Sold
Manufacturing Overhead
Manufacturing Overhead
4,240✔
14,628 ✔
3,650✔
19,530 ✓
27,420 X
12,792 X
27,420 X
V
Debit
2,790✔
6,360✔
4,240 ✓
18,370 ✓
8,040 ✓
3,650 ✓
19,530✓
14,628✓
36,960✔
25,690✔
11,380✓
12,792✔
Credit
2,790 ✓
10,600✓✔
18,370✓✔
11,690✓
14,410
1,370✓
3,750 ✓
14,628 ✔
36,960✔
25,690 ✓
11,380✔
12,792 ✓

Expert Solution

Step by step

Solved in 3 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions