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Journalize the following transactions:   Purchased direct materials on account, $20,000 Recognized depreciation on production plant & equipment, $4,000 Direct materials used in production, $16,000 Recognized expired plant insurance, $6,000 Direct labor used: $30,000; and indirect labor used: $10,000 Allocated overhead at the rate of 60% of direct labor cost Cost of units completed, $50,000 Sales on account, $90,000 Cost of units sold, $65,000

Journalize the following transactions:   Purchased direct materials on account, $20,000 Recognized depreciation on production plant & equipment, $4,000 Direct materials used in production, $16,000 Recognized expired plant insurance, $6,000 Direct labor used: $30,000; and indirect labor used: $10,000 Allocated overhead at the rate of 60% of direct labor cost Cost of units completed, $50,000 Sales on account, $90,000 Cost of units sold, $65,000

FINANCIAL ACCOUNTING
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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Journalize the following transactions:

 

  1. Purchased direct materials on account, $20,000
  2. Recognized depreciation on production plant & equipment, $4,000
  3. Direct materials used in production, $16,000
  4. Recognized expired plant insurance, $6,000
  5. Direct labor used: $30,000; and indirect labor used: $10,000
  6. Allocated overhead at the rate of 60% of direct labor cost
  7. Cost of units completed, $50,000
  8. Sales on account, $90,000
  9. Cost of units sold, $65,000
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