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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

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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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
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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