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Kirkaid Company recorded the following transactions for the just completed month. a. $88,000 in raw materials were purchased on account. b. $86,000 in raw materials were requisitioned for use in production. Of this amount, $78,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $119,000 were incurred. Of this amount, $103,600 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $192,000 were incurred. Required: Record the above transactions in journal entries.

Kirkaid Company recorded the following transactions for the just completed month. a. $88,000 in raw materials were purchased on account. b. $86,000 in raw materials were requisitioned for use in production. Of this amount, $78,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $119,000 were incurred. Of this amount, $103,600 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $192,000 were incurred. Required: Record the above transactions in journal entries.

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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Kirkaid Company recorded the following transactions for the just completed month. a. $88,000 in raw materials were purchased on account. b. $86,000 in raw materials were requisitioned for use in production. Of this amount, $78,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $119,000 were incurred. Of this amount, $103,600 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $192,000 were incurred. Required: Record the above transactions in journal entries. General Journal a. b. C. d. (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) Debit Credit
Transcribed Image Text:Kirkaid Company recorded the following transactions for the just completed month. a. $88,000 in raw materials were purchased on account. b. $86,000 in raw materials were requisitioned for use in production. Of this amount, $78,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $119,000 were incurred. Of this amount, $103,600 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $192,000 were incurred. Required: Record the above transactions in journal entries. General Journal a. b. C. d. (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) Debit Credit
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