of 4 K ces Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Credit Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 53: Labor time ticket 54: a. Direct mater b. Direct labor. c. Overhead applied. d. Indirect materials. e. Indirect labor. These six documents must be processed to bring the accounting records up to date. Materials. direct materials to Job 402 requisition 10: Materials direct materials to Job 404 View transaction list Debit $ 68,000 Journal entry worksheet C < 1 3 4 5 37,000 23,500 0 12,000 4,000 Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost. 2 106,000 24,000 46,000 Transaction a. $ 11,900 14,900 40,000 78,000 175,700 Required: 1. Use the document information above to prepare journal entries for the above costs. Note: Enter debits before credits. General Journal $ $ 320,500 320,500 $ 4,700 $ 7,400 $ 1,500 indirect materials $ 5,000 direct labor to Job 402 $ direct labor to Job 15,000 404 $5,000 indirect labor Record direct materials used for Jobs 402 and 404. Debit Credit
of 4 K ces Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Credit Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 53: Labor time ticket 54: a. Direct mater b. Direct labor. c. Overhead applied. d. Indirect materials. e. Indirect labor. These six documents must be processed to bring the accounting records up to date. Materials. direct materials to Job 402 requisition 10: Materials direct materials to Job 404 View transaction list Debit $ 68,000 Journal entry worksheet C < 1 3 4 5 37,000 23,500 0 12,000 4,000 Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost. 2 106,000 24,000 46,000 Transaction a. $ 11,900 14,900 40,000 78,000 175,700 Required: 1. Use the document information above to prepare journal entries for the above costs. Note: Enter debits before credits. General Journal $ $ 320,500 320,500 $ 4,700 $ 7,400 $ 1,500 indirect materials $ 5,000 direct labor to Job 402 $ direct labor to Job 15,000 404 $5,000 indirect labor Record direct materials used for Jobs 402 and 404. Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:of 4
K
ces
Bergo Bay's accounting system generated the following account balances on December 31. The company's
manager knows something is wrong with this list of balances because it does not show any balance for
Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded.
Cash
Accounts receivable
Raw materials inventory
Work in process inventory
Finished goods inventory
Prepaid rent
Accounts payable
Notes payable
Common stock
Retained earnings (prior
year)
Sales
Cost of goods sold
Factory overhead
General and administrative
expenses
Totals
requisition 11:
Materials
requisition 12:
Labor time ticket
52:
Labor time ticket
53:
Labor time ticket
54:
a. Direct materials.
b. Direct labor.
c. Overhead applied.
d. Indirect materials.
e. Indirect labor.
These six documents must be processed to bring the accounting records up to date.
Materials
direct materials to
Job 402
requisition 10:
Materials
direct materials to
Job 404
View transaction list
Journal entry worksheet
1 2
$ 4,700
$ 7,400
Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of
direct labor cost.
3
4
Transaction
a.
Debit
$ 68,000
37,000
23,500
0
12,000
4,000
Required:
1. Use the document information above to prepare journal entries for the above costs.
106,000
24,000
46,000
Credit
5
$ 11,900
14,900
40,000
78,000
175,700
$1,500 indirect materials
$ 5,000
direct labor to Job
402
$ direct labor to Job
15,000 404
$ 5,000 indirect labor
Note: Enter debits before credits.
General Journal
$
$
320,500 320,500
Record direct materials used for Jobs 402 and 404.
Debit Credit
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