Prepare journal entries to record the following production activities.1. Paid other actual overhead costs of $38,000 in cash.2. Applied overhead at 100% of direct labor costs. Direct labor costs were $42,000 in the Roasting departmentBlending department.View transaction listJournal entry worksheetABRecord overhead costs paid.Note: Enter debits before credits.Transaction1Record entryGeneral JournalClear entryDebitCreditView general journal

The journal entries are the first step of accounting process to record the transactions of the…

Prepare journal entries to record the following production activities. 1. Paid other actual overhead costs of $38,000 in cash. 2. Applied overhead at 100% of direct labor costs. Direct labor costs were $42,000 in the Roasting departmen Blending department. View transaction list Journal entry worksheet A B Record overhead costs paid. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal >

Prepare journal entries to record the following production activities. 1. Paid other actual overhead costs of $38,000 in cash. 2. Applied overhead at 100% of direct labor costs. Direct labor costs were $42,000 in the Roasting departmen Blending department. View transaction list Journal entry worksheet A B Record overhead costs paid. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal >

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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Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs: Balance on 3/1 $ 7,500 6,000 $ 13,500 Source documents revealed the following during March: Materials Requisitions Forms $ 3,500 6,000 4,200 1,300 $ 15,000 Work in Process Job 33 Job 34 Labor Time Tickets $ 6,500 7,800 3,250 2,140 $ 19,690 The company applies overhead to products at a rate of 150 percent of direct labor cost. Job 33 Job 34 Job 35 Indirect Required: Prepare journal entries to record the materials requisitions, labor costs, and applied overhead. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet 1 2 Transaction a Record the issuance of raw materials to production. Note: Enter debits before credits. 3 Record entry Status of Job at Month-End Completed and sold…
Question 2, Part 2
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