HelloPlease provide the journal entry for I. 1Kim's Asphalt does driveway and parking lot resurfacing work for large commercial clients as well as small residential clients. Aninventory of materials and equipment is on hand at all times so that work can start as quickly as possible. Special equipment is orderedas required. On May 1, the Materials and Equipment Inventory account had a balance of $44.000. The Work-in-Process Inventoryaccount is maintained to record costs of work not yet complete. There were two such jobs on May 1 with the following costs.Job 27Job 33Highlands Mal1$16,57514,3004,290Pine Ridge Estates$ 53,30026,6587,995Materials and equipmentDirect laborOverhead (applied)Overhead has been applied at 30 percent of the costs of direct labor.During May, Kim's Asphalt started two new jobs. Additional work was carried out on Jobs 27 and 33. with the latter completed andbilled to Pine Ridge Estates. Details on the costs incurred on jobs during May follow.JobMaterials and equipmentDirect labor (wages payable)27333435$3,800 $5,68e5,3007,550$5,400 $3,7006,7002,488Other May Events1. Received $13.300 payment on Job 24 delivered to customer in April.2. Purchased materials and equipment for $10,200 on account.3. Billed Pine Ridge Estates $138,000 and received payment for $115.000 of that amount.4. Determined that payroll for indirect labor personnel totaled $730.5. Issued supplies and incidental materials for current jobs costing $235.6. Recorded overhead and advertising costs for the operation as follows (all cash except equipment depreciation).Property taxesstorage area reTruck and delivery costAdvertising and promotion campaignInspectionsTelephone and other miscellaneousEquipment depreciation$630755400680280405530 Complete this question by entering your answers in the tabs below.Required ARequired BRequired CPrepare journal entries to record the flow of costs for operations during May. (If no entry is required for a transaction/event, select "Nojournal entry required" in the first account field.)View transaction listJournal entry worksheetEFRecord transfer of Job 33.Note: Enter debits before credits.TransactionGeneral JournalDebitCredit08Record entryClear entryView general journal

The question is based on the concept of Cost Accounting.

Kim's Asphalt does driveway and parking lot resurfacing work for large commercial clients as well as small residential cliets. An inventory of materials and equipment is on hand at all times so that work can start as quickly as possible. Special equipment is ordere as required. On May 1, the Materials and Equipment Inventory account had a balance of $44.000. The Work-in-Process Inventory account is maintained to record costs of work not yet complete. There were two such jobs on May 1 with the following costs. Haterials and equipment Direct labor overhead (applied) Job 27 Highlands Mall $16,575 14,300 4,290 Job 33 Pine Ridge Estates $ 53,300 26,650 7,995 Overhead has been applied at 30 percent of the costs of direct labor. During May, Kim's Asphalt started two new jobs. Additional work was carried out on Jobs 27 and 33. with the latter completed and billed to Pine Ridge Estates. Details on the costs incurred on jobs during May follow.

Kim's Asphalt does driveway and parking lot resurfacing work for large commercial clients as well as small residential cliets. An inventory of materials and equipment is on hand at all times so that work can start as quickly as possible. Special equipment is ordere as required. On May 1, the Materials and Equipment Inventory account had a balance of $44.000. The Work-in-Process Inventory account is maintained to record costs of work not yet complete. There were two such jobs on May 1 with the following costs. Haterials and equipment Direct labor overhead (applied) Job 27 Highlands Mall $16,575 14,300 4,290 Job 33 Pine Ridge Estates $ 53,300 26,650 7,995 Overhead has been applied at 30 percent of the costs of direct labor. During May, Kim's Asphalt started two new jobs. Additional work was carried out on Jobs 27 and 33. with the latter completed and billed to Pine Ridge Estates. Details on the costs incurred on jobs during May follow.

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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