Answered: Prepare general journal entries to…

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 transactions related to its manufacturing inventories. The following transactions occurred during March 2019:

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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