ournalize the transactions
Q: raw materials on account. 2. Actual manufacturing overhead costs include: a. Repairs (a/p): $2,500…
A: Journal entries refers to the systematic documentation of the financial transactions of a company in…
Q: The transactions they had for December 2020 is advanced view of what is to come for the shop in…
A: Amount ( all fig are in Php.) Transaction details for the month of Dec, 2020 is been provided…
Q: Prepare a journal entri
A: Journal entries recording is the initial step in accounting process, under which atleast one account…
Q: Oct. 05, 2022: Some tables and chairs were purchased from Deluxe Furniture Co. for P10,000 to be…
A: Tables and chairs are fixed assets for the firm which will reflect in its balance sheet as…
Q: Journalize the following transactions of Till A Lok Consultancy for the month of January: 2018 Jan.…
A: In accounting, journal entries are a record of financial transactions that a business has made. Each…
Q: Activity 4: Journalize the following transactions Received cash from owner as an investment,…
A: Answer:- Journal entry:- In a company's books, a journal entry serves as record of a business…
Q: Describe journal entries for external transactions.
A: A external transaction is a transaction which is entered by two people or two entities to exchange…
Q: entered into the following transactions in May 2010: May 1- The Western Wear Company was organized…
A: In this question we journalize the following transaction of Western wear company.
Q: on July 1. He plans to prepare a monthly financial statement. During July, the owner completed these…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Oct. 02, 2022: Mr Alberto bought 10 units of computer at P30,000 each for the shop. The computers…
A: The journal keeps the record the transactions as debit one account and credit other. The…
Q: Dec. 1 Natalie hires an assistant at an hourly wage of $8 to help with cookie making and some…
A: Journal entries are the primary reporting of the business transactions in the books of an entity.…
Q: a. Incurred and paid Web site expenses, $2,700. b. Incurred manufacturing wages of $18,000, 55% of…
A: Journal entry is the primary recording of the transactions which can be measured in the financial…
Q: Dina Fritz Corporation provided the following information on Shareholders Equity on December 31,…
A: Journal entry records the accounting transactions of a business in a journal book. All the business…
Q: The following events occur for The Turner Corporation during 2024 and 2025, its first two years of…
A: Accounts receivable is an important asset for many companies, as it represents a significant portion…
Q: August 1, 2020 - Opened an account with PNB amounting to P400,000. August 2, 2020 – Bought Laundry…
A: Journal entries are the first record of the financial transactions.
Q: d. MM purchased $3,000 worth of inventory. They paid $500 in cash and the rest on account. e. The…
A: Journal Entries - Journal Entries are the records of the company for the transactions entered into…
Q: Jan. 1 Leira Wellness Center was a sole proprietorship-service business established by Ms. Leira,…
A: The journal keeps the record for day to day transactions of the business on regular basis. The…
Q: Journalize the transactions.
A: Journal entry recording is to be termed as initial step in accounting cycle process. Under this…
Q: Allan Julian a practicing dentist has completed the following transactions for the month of April…
A: The journal entries are prepared to keep the record of daily transactions of the business.
Q: Carla Quentin started her own consulting firm, Quentin Consulting, on May 1, 2020. The following…
A: SOLUTION- JOURNAL ENTRY IS USED TO RECORD A BUSINESS TRANSACTION IN THE ACCOUNTING RECORDS OF A…
Q: In June 2019, mr.zeeshan organized a corporation to provide crop dusting services .the Company,…
A: Journal entries are passed following the golden rules of accounting. Debit all assets and expenses…
Q: d. Depreciation of machinery and equipment, $4,100. e. The factory overhead rate is $40 per machine…
A: The Journal keeps the record of day to day transactions of the business. The direct costs incurred…
Q: Journalize the transactions
A: Journal Entry The basic process accounting is to journalize the required transaction into both debit…
Q: journal entries u
A: Prepaid Expense-:A Prepaid Expense is a variety of assets for the firm which is presented on the…
Q: urnalize the follwing transactions for January 2016 of Ken Merchandising : January 01 On January 01,…
A: In a perpetual inventory system, the inventory records are maintained up to date. So, it is easier…
Q: an. Sold Private car for aF 4000 and bought a nw one for buines from proceed plus 7 S000. from fice…
A: A new document is being used to record a business transaction in an organization's accounting…
Q: March Transactions Mar. 26 26 27 27 28 29 31 31 Received cash on account from Scott Company,…
A: Journal entry means where the transaction is recorded first and then posted to ledger account from…
Q: The following information relates to Sheffield Real Estate Agency. Oct. James Sheffield begins…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Dec. 1 Sold merchandise to Gemilang Sdn Bhd on account RM 6,000 term 1/10,n/30. The cost of the…
A: Journal is the recording of financial transactions as per double entity concept.
Q: Journalize with the information attached, please
A: Journal Entry In order to document a corporate transaction in the accounting records of the company,…
Q: The general ledger of Green Stream Cleaners at January 1, 2024, includes the following account…
A: Journal Entries :— It is an act of recording transaction in books of account when it is occurred for…
Q: 3-Jan Issued a check to establish a petty cash fund of $4,500 Replenished the petty cash fund, based…
A: Journal entry : Method of recording financial transactions in the book of original entry by debiting…
Q: Prepare journal entered for the attached transactions
A: Journal Entry for above Transaction are as follows.
Q: please journalize following transactions or activity thanku
A: Refer below for the journal entries for the above transactions
Q: COMPLETE THE JOURNALIZING
A:
Journalize the transactions
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- what goes in the two yellow cells?al. 1. 202U 2020 Raw materials inventory OMR 80,000 OMR 64,000 Work in process inventory 104,000 116,000 Finished goods inventory 100,000 92,000 During 2020, the company purchased OMR 1,450,000 of materials, had a direct labor cost of OMR 250,000, and manufacturing overhead was OMR 160,000. The cost of goods sold is:Offic Afternoon Co. Util Lan. 1, 20x1 29,000 June 30, 20x1 45,000 to Accounts payable Raw materials 5,000 6,000 Work in process Finished goods 20,000 27,000 23,000 Additional information: Afternoon. Co. paid P20,000 for accounts payable, after deductions of P2,500 for purchase returns and P5,000 for purchase discounts. Afternoon Co. paid total freight of P1,000 on the purchases. The costs of direct labor and factory overhead during the period were P16,000 and P6,000, respectively. Sales from Jan. 1 to June 30 were P75,000, sales returns were P15,000, and sales discounts were P5,000. The gross profit rate based on cost is 33 1/3%. How much is the finished goods ending inventory? a. 29,000 b. 32,000 с. 33,600 d. 35,750
- Cost of Goods Manufactured; Income Statement The following data pertain to BaborCompany for the fiscal year ended December 31:[LO 3-4]Prior December 31 Current December 31Purchases of materials $165,000Direct labor 114,000Indirect labor 45,000Factory insurance 8,000Depreciation—factory 33,000Repairs and maintenance—factory 11,000Marketing expenses 144,000General and administrative expenses 86,000Materials Inventory $23,000 55,000Work-in-Process Inventory 13,000 16,000Finished Goods Inventory 17,000 24,000Sales in the current year were $625,000.Required Prepare a schedule of cost of goods manufactured and an income statement for the current yearfor Babor Company similar to those in Exhibit 3.15A.Given that the cost of goods completed was $57 000, sales $80 000, finished goods at start $3 200 and finished goods at the end of the period $1 595, what will be the gross profit? A. $19 800B. $21 395C. $23 000 D. $24 5958.11 Latta Company provided the following T-accounts for this year. (a) Balance Manufacturing Overhead 486,144 (b) 81,024 Debit Cost of Goods Sold Debit Credit 662,000 Credit 405,120 Entry (a) (b) (c) (d) $ 24,480 62,880 317,760 $ 405,120 Debit Required 1 Required 2 Required 3 Balance Identify reasons for entries (a) through (d). (b) Balance Work in Process Reason 10,880 (c) 298,500 90,500 405, 120 51,000 Work in Process, ending Finished Goods, ending Cost of Goods Sold Overhead applied For example, of the $51,000 ending balance in work in process, $24.480 was applied overhead. Complete this question by entering your answers in the tabs below. Credit 754,000 (d) The overhead applied to production is distributed among Work in Process, Finished Goods, and Cost of Goods Sold at the end of the year as follows: Balance (c) Balance Debit Required: 1. Identify reasons for entries (a) through (d). 2. Assume underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare the…
- Pls give solutions for both questions thank you so muchTNT all l O O D: 60 )| 7:47 TM FORMATI...0ef454f5 EXERCISES 1. The following information is for the Furbee Manufacturing Company for November. Inventories Raw Material Beginning P19,750 Ending P15, 400 Work in Process 35,350 32, 200 Finished Goods 21,300 27,900 Direct Labor (22,000 DLH @ P14) Raw Material Purchases P155,000 Insurance-Office 11,600 Office Supplies Expense 475 Insurance-Factory Depr. Office Equipment 18,100 Repair/Maintenance- Factory Prepare a statement of Cost of Goods Manufactured and a statement of Cost of Goods Sold in 2,750 Indirect Labor 1,050 1,825 Factory Supplies Used Other Expenses: Depr.-Factory Equipment 3,900 7,800 good form. 2. The following information was taken from the records of the Slidell Corporation for the month of July. (There were no inventories of work in process or finished goods on July 1.) Units 8,000 Cost Sales during month Manufacturing costs for month: P? Direct material 32,000 Direct labor 20,000 Overhead costs applied Overhead costs…JOURNAL ENTRY
- O e. OMR99,000 Beginning raw materials inventory was OMR70,000. During the month, OMR175,000 of raw materials was purchased. A count at the end of the month revealed that OMR54,000 of RM was still present. The cost of indirect materials used during the month was OMR15,000. What is the cost of direct materials used? Select one: a. OMR191,000 b. OMR166,000 c. None of the answers given. O d. OMR134,000 В рage Next page m 1 Part 1 o1 dun hpAssume General Electric Company reports the following footnote in its 10-K report. December 31 (In millions) 2016 2015 Raw materials and work in process $5,527 $5,042 Finished goods 5,152 4,806 Unbilled shipments 333 402 11,012 10,250 Less revaluation to LIFO (697) (661) $10,315 $9,589 The company reports its inventories using the LIFO inventory costing method.Assume GE has a 35% income tax rate. As of the 2016 year-end, how much has GE saved in taxes by choosing LIFO over FIFO method for costing inventory?when the company purchases raw materials for $60,000 on account, the entry should include: * A debit to Raw Materials Inventory O $60,000 and a credit to Accounts Payable $60,000 A debit to Raw Material Inventory O $60,000 and a credit to Cash $60,000 A debit to Direct Material $60,000 and a credit to Accounts Payable $60,000 None of the above