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Needles Manufacturing pays its direct labor employees $20 per hour. During the current period, 500 direct labor hours were recorded on employee time cards, and the company actually paid its direct labor employees $8,500. Prepare the summary journal entry to record: a. Direct labor costs applied to all jobs during the period. b. Direct labor wages paid during the period. c. What is the balance of the Direct Labor account at the end of the period?

Needles Manufacturing pays its direct labor employees $20 per hour. During the current period, 500 direct labor hours were recorded on employee time cards, and the company actually paid its direct labor employees $8,500. Prepare the summary journal entry to record: a. Direct labor costs applied to all jobs during the period. b. Direct labor wages paid during the period. c. What is the balance of the Direct Labor account at the end of the period?

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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ACCT 102 - Please Do All Subparts.

Needles Manufacturing pays its direct labor employees $20 per hour. During the current period, 500 direct labor hours were recorded on employee time cards, and the company actually paid its direct labor employees $8,500. Prepare the summary journal entry to record: a. Direct labor costs applied to all jobs during the period. b. Direct labor wages paid during the period. c. What is the balance of the Direct Labor account at the end of the period? Complete this question by entering your answers in the tabs below. Req A and B Req C a. Direct labor costs applied to all jobs during the period. b. Direct labor wages paid during the period. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the entry to apply direct labor costs to production. Note: Enter debits before credits. Debit Credit Transaction General Journal a.
Transcribed Image Text:Needles Manufacturing pays its direct labor employees $20 per hour. During the current period, 500 direct labor hours were recorded on employee time cards, and the company actually paid its direct labor employees $8,500. Prepare the summary journal entry to record: a. Direct labor costs applied to all jobs during the period. b. Direct labor wages paid during the period. c. What is the balance of the Direct Labor account at the end of the period? Complete this question by entering your answers in the tabs below. Req A and B Req C a. Direct labor costs applied to all jobs during the period. b. Direct labor wages paid during the period. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the entry to apply direct labor costs to production. Note: Enter debits before credits. Debit Credit Transaction General Journal a.
Needles Manufacturing pays its direct labor employees $20 per hour. During the current period, 500 direct labor hours were recorded on employee time cards, and the company actually paid its direct labor employees $8,500. Prepare the summary journal entry to record: a. Direct labor costs applied to all jobs during the period. b. Direct labor wages paid during the period. c. What is the balance of the Direct Labor account at the end of the period? Complete this question by entering your answers in the tabs below. Req A and B Req C What is the balance of the Direct Labor account at the end of the period? Balance < Req A and B Req C >
Transcribed Image Text:Needles Manufacturing pays its direct labor employees $20 per hour. During the current period, 500 direct labor hours were recorded on employee time cards, and the company actually paid its direct labor employees $8,500. Prepare the summary journal entry to record: a. Direct labor costs applied to all jobs during the period. b. Direct labor wages paid during the period. c. What is the balance of the Direct Labor account at the end of the period? Complete this question by entering your answers in the tabs below. Req A and B Req C What is the balance of the Direct Labor account at the end of the period? Balance < Req A and B Req C >
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