PB14. A leather repair shop incurred the following expenses while repairing luggage for a major airline. A. Time cards showing direct labor: $750 B. Time cards showing indirect labor: $100 C. Purchased repair supplies on account: $1,500 D. Issued indirect supplies: $350 E. Utilities expense on account: $24,000 F. Overhead applied: 100% of direct labor costs Journalize the listed transactions.

PB14. A leather repair shop incurred the following expenses while repairing luggage for a major airline. A. Time cards showing direct labor: $750 B. Time cards showing indirect labor: $100 C. Purchased repair supplies on account: $1,500 D. Issued indirect supplies: $350 E. Utilities expense on account: $24,000 F. Overhead applied: 100% of direct labor costs Journalize the listed transactions.

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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Journalize the following transactions for Becah's Bakery:Becah's Bakery a. Incurred and paid Website expenses, $2,920. b. Incurred manufacturing wages of $10,900, of which 80% was for direct labor and 20% of which was for indirect labor. c. Purchased raw materials on account, $18,130. d. Used in production: direct materials, $8,100; indirect materials $3,670. e. Recorded manufacturing overhead: depreciation on plant, $14,410; plant insurance (previously paid), $1,460; plant property tax, $3,720 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 230% of direct labor costs. g. Completed production on jobs with costs of $35,240. h. Sold inventory on account, $25,040; cost of goods sold, $12,310. i. Adjusted for overallocated or underallocated overhead. Journal Date Description Debit Credit a. a. b. b. b. c. c. d. d. d. e. e.…
am. 514.
Journalize the following transactions for Becah's Bakery: Becah's Bakery a. Incurred and paid Website expenses, $2,820. b. Incurred manufacturing wages of $10,600, of which 70% was for direct labor and 30% of which was for indirect labor. c. Purchased raw materials on account, $19,430. d. Used in production: direct materials, $8,070; indirect materials $3,800. e. Recorded manufacturing overhead: depreciation on plant, $14,140; plant insurance (previously paid), $1,410; plant property tax, $3,900 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 230% of direct labor costs. g. Completed production on jobs with costs of $36,650. h. Sold inventory on account, $26,780; cost of goods sold, $12,620. i. Adjusted for overallocated or underallocated overhead.
3. Job 113 was completed at a cost of $5,000, and Job 85 was completed at a cost of $3,000 and sold on account for $4,500. Work in Process Inventory Cost of Goods Sold Finished Goods Inventory Manufacturing Overhead Sales Accounts Payable Accounts Receivable Direct Materials Merchandise Inventory PLEASE NOTE #1: For similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the problem. PLEASE NOTE #2: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). Using the above accounts, prepare journal entries for the following transactions: Using the above accounts, prepare journal entries for the following transactions: Completion of Job 113: DR ? ? CR ? ? Completion of Job 85: DR ? ? CR ? ? Sale of Job 85: DR ? ? CR ? ? DR ? ? CR ? ?
ournalize the following transactions for Becah's Bakery: Becah's Bakery a. Incurred and paid Website expenses, $2,610. b. Incurred manufacturing wages of $10,900, of which 70% was for direct labor and 30% of which was for indirect labor. c. Purchased raw materials on account, $18,040. d. Used in production: direct materials, $7,970; indirect materials $3,630. e. Recorded manufacturing overhead: depreciation on plant, $14,190; plant insurance (previously paid), $1,440; plant property tax, $3,650 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 230% of direct labor costs. g. Completed production on jobs with costs of $35,580. h. Sold inventory on account, $25,980; cost of goods sold, $12,650. i. Adjusted for overallocated or underallocated overhead.
Journalize the following transactions for Becah's Bakery: Becah's Bakery a. Incurred and paid Website expenses, $2,650. b. Incurred manufacturing wages of $9,800, of which 80% was for direct labor and 20% of which was for indirect labor. c. Purchased raw materials on account, $18,930. d. Used in production: direct materials, $7,980; indirect materials $3,600. e. Recorded manufacturing overhead: depreciation on plant, $14,740; plant insurance (previously paid), $1,430; plant property tax, $3,630 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 230% of direct labor costs. g. Completed production on jobs with costs of $35,980. h. Sold inventory on account, $25,110; cost of goods sold, $12,240. i. Adjusted for overallocated or underallocated overhead.
Journalize the following transactions for Becah's Bakery:Becah's Bakery a. Incurred and paid Website expenses, $2,790. b. Incurred manufacturing wages of $10,600, of which 60% was for direct labor and 40% of which was for indirect labor. c. Purchased raw materials on account, $18,370. d. Used in production: direct materials, $8,040; indirect materials $3,650. e. Recorded manufacturing overhead: depreciation on plant, $14,410; plant insurance (previously paid), $1,370; plant property tax, $3,750 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 230% of direct labor costs. g. Completed production on jobs with costs of $36,960. h. Sold inventory on account, $25,690; cost of goods sold, $11,380. i. Adjusted for overallocated or underallocated overhead. Journal Date Description Debit Credit a. a. b. b. b. c. c. d. d. d. e. e.…
The following accounting information have been obtained from XYZ Corporation at June 30th, 2018 i. Material was purchased on credit from supplier for Rs. 100,000. ii. Defective material returned to supplier worth Rs. 5,000 iii. Material and Labour used on jobs were as under: Direct Materials Direct Labour Job No. 1 Rs. 12,000 Rs. 17,000 Job No. 2 7,000 8,000 Job No. 3 Rs. 10,000 Rs. 9,000 Job No. 4 5,000 4,000 Job No. 5 11,000 14,000 Indirect Material/Labour 2,000 3,000 iv. Other FOH cost incurred Rs. 5,000 v. FOH is applied at 90% of Direct Labour. vi. Depreciation on Machinery Rs. 4000 vii. Jobs no. 1, 3 and 4 were completed and Job no. 3 and 4 were sold to customer at Rs. 70,000 and Rs. 90,000 respectively. Required Prepare the necessary entries to record the above transactions.
Journalize the following transactions for Becah's Bakery: Becah's Bakery a. Incurred and paid Website expenses, $2,650. b. Incurred manufacturing wages of $9,800, of which 80% was for direct labor and 20% of which was for indirect labor. c. Purchased raw materials on account, $18,930. d. Used in production: direct materials, $7,980; indirect materials $3,600. e. Recorded manufacturing overhead: depreciation on plant, $14,740; plant insurance (previously paid), $1,430; plant property tax, $3,630 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 230% of direct labor costs. g. Completed production on jobs with costs of $35,980. h. Sold inventory on account, $25,110; cost of goods sold, $12,240. i. Adjusted for overallocated or underallocated overhead.
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2. For each of the transactions for the month below, journalize the necessary entry. The first entry has been completed for you.
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