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P2-4A. Journal Entries Taylor Manufacturing Company uses the perpetual inventory system to record trans- actions related to its manufacturing inventories. The following transactions occurred during March: Mar. 6 Recorded the payroll: $5,000 of direct labor and $1,000 of indirect labor. 8 Received $7,000 of materials and components that had been ordered on account. 10 Completed product costing $11,000 and transferred it to the warehouse. Requisitioned $2,500 of materials for use in the factory; $2,000 was used as direct materials and the remainder was used as indirect materials. 12 Sold on account product costing $1,500 for $2,250. 15 Applied $3,000 of manufacturing overhead cost to the product currently being worked on. 21 Paid $250 cash for a special material component that was shipped via overnight delivery. 27 Sold product costing $1,450 for $2,500 cash. Required Prepare general journal entries to record these transactions.

P2-4A. Journal Entries Taylor Manufacturing Company uses the perpetual inventory system to record trans- actions related to its manufacturing inventories. The following transactions occurred during March: Mar. 6 Recorded the payroll: $5,000 of direct labor and $1,000 of indirect labor. 8 Received $7,000 of materials and components that had been ordered on account. 10 Completed product costing $11,000 and transferred it to the warehouse. Requisitioned $2,500 of materials for use in the factory; $2,000 was used as direct materials and the remainder was used as indirect materials. 12 Sold on account product costing $1,500 for $2,250. 15 Applied $3,000 of manufacturing overhead cost to the product currently being worked on. 21 Paid $250 cash for a special material component that was shipped via overnight delivery. 27 Sold product costing $1,450 for $2,500 cash. Required Prepare general journal entries to record these transactions.

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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P2-4A. Journal Entries Taylor Manufacturing Company uses the perpetual inventory system to record trans- actions related to its manufacturing inventories. The following transactions occurred during March: Mar. 6 Recorded the payroll: $5,000 of direct labor and $1,000 of indirect labor. 8 Received $7,000 of materials and components that had been ordered on account. 10 Completed product costing $11,000 and transferred it to the warehouse. Requisitioned $2,500 of materials for use in the factory; $2,000 was used as direct materials and the remainder was used as indirect materials. 12 Sold on account product costing $1,500 for $2,250. 15 Applied $3,000 of manufacturing overhead cost to the product currently being worked on. 21 Paid $250 cash for a special material component that was shipped via overnight delivery. 27 Sold product costing $1,450 for $2,500 cash. Required Prepare general journal entries to record these transactions.
Transcribed Image Text:P2-4A. Journal Entries Taylor Manufacturing Company uses the perpetual inventory system to record trans- actions related to its manufacturing inventories. The following transactions occurred during March: Mar. 6 Recorded the payroll: $5,000 of direct labor and $1,000 of indirect labor. 8 Received $7,000 of materials and components that had been ordered on account. 10 Completed product costing $11,000 and transferred it to the warehouse. Requisitioned $2,500 of materials for use in the factory; $2,000 was used as direct materials and the remainder was used as indirect materials. 12 Sold on account product costing $1,500 for $2,250. 15 Applied $3,000 of manufacturing overhead cost to the product currently being worked on. 21 Paid $250 cash for a special material component that was shipped via overnight delivery. 27 Sold product costing $1,450 for $2,500 cash. Required Prepare general journal entries to record these transactions.
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