Lincoln Company completed jobs that cost $43,000 to produce. In the same period, the company sold jobs for $82,000 that cost $40,500 to produce. Prepare the journal entries for the completionand sale of the jobs. All sales are on account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)Prepare the journal entry to record the completion of jobs.Accounts and ExplanationsDateDebitPrepare the journal entry for the cost to produce the jobs that were sold.DateAccounts and ExplanationsPrepare the journal entry to record the sale of jobs. (Do not include the cost of the sale in this journal entry, it will be prepared in the next step.)Accounts and ExplanationsDebitCreditDebitCreditCreditWalle

Journal entries are the primary reporting of the business transactions in the books of accounts.…

Lincoln Company completed jobs that cost $43,000 to produce. In the same period, the company sold jobs for $82,000 that cost $40,500 to produce. Prepare the journal entries for the completion and sale of the jobs. All sales are on account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Prepare the journal entry to record the completion of jobs. Date Accounts and Explanations Prepare the journal entry for the cost to produce the jobs that were sold. Accounts and Explanations Debit Date Prepare the journal entry to record the sale of jobs. (Do not include the cost of the sale in this journal entry, it will be prepared in the next step.) Date Accounts and Explanations Debit CI Debit Credit Credit Credit

Lincoln Company completed jobs that cost $43,000 to produce. In the same period, the company sold jobs for $82,000 that cost $40,500 to produce. Prepare the journal entries for the completion and sale of the jobs. All sales are on account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Prepare the journal entry to record the completion of jobs. Date Accounts and Explanations Prepare the journal entry for the cost to produce the jobs that were sold. Accounts and Explanations Debit Date Prepare the journal entry to record the sale of jobs. (Do not include the cost of the sale in this journal entry, it will be prepared in the next step.) Date Accounts and Explanations Debit CI Debit Credit Credit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following account appears in the ledger prior to recognizing the jobs completed in August: Work in Process Balance, August 1 $ 59,050 Direct materials 335,000 Direct labor 494,700 Factory overhead 226,200 Jobs finished during August are summarized as follows: Job 210 $178,300 Job 216 232,250 Job 224 149,500 Job 230 328,250 Required: a. Journalize the entry on Aug. 31 to record the jobs completed. Refer to the Chart of Accounts for exact wording of account titles. b. Determine the cost of the unfinished jobs at August 31.
Ivanhoe Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,780 and two jobs in process: Job No. 429 $2,160, and Job No. 430 $1,620. During May, a summary of source documents reveals the following. Job Number MaterialsRequisition Slips Labor TimeTickets 429 $2,700 $2,080 430 3,780 3,240 431 4,780 $11,260 8,200 $13,520 General use 920 1,240 $12,180 $14,760 Ivanhoe Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month. Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets. (Post entries in the order of journal entries presented in the previous part.) Work in Process Inventory enter a debit amount enter a debit…
The Goods in Process Inventory account of a manufacturing company that uses an overhead rate based on direct labor cost has a $7,200 debit balance after all posting is completed. The cost sheet of the one job still in process shows direct material cost of $3,400 and direct labor cost of $1,150. What is the company's overhead application rate?
Prepare journal entries to record the transactions given .
The journal entry to record the Labor Time Tickets includes a debit to the Manufacturing Overhead account of what dollar amount? Materials Labor Requisition Time For Slips Tickets Job No. 429 $ 3,500 $ 4,400 Job No. 430 2,600 3,400 Job No. 431 3,400 4,200 Job No. 432 3,000 4,000 Sub-Total 12,500 16,000 General Use 1,000 1,500 Total Cost $ 13,500 17,500 $17,500 $1,500 $16,000 $13,500
Harper Company uses a job order cost system. Journalize the entries for materials and labor, based on the following data:Raw materials issued: Job No. 609, $850; for general use in factory, $600Labor time tickets: Job No. 609, $1,600; $400 for supervision If an amount box does not require an entry, leave it blank. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18
Please help me
Subject :- Accounting
2
Please help me with show all calculation thanku
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…
Prepare T-accounts for inventories, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journal entries to these T-accounts (don’t forget to enter the opening balances in your inventory accounts). Compute an ending balance in each account.