Prepare journal entries to record transactions a through h. a. Raw materials purchased on credit, $94,000. b. Direct materials used, $40,500. Indirect materials used, $25,000. c. Direct labor used, $50,000. Indirect labor used, $20,000. (Record using Factory Wages Payable.) d. Paid cash for other actual overhead costs, $7,875. e. Applied overhead at the rate of 125% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $74,000. g. Sales of jobs on credit was $105,000. h. Cost of jobs sold was $74,000. View transaction list Journal entry worksheet 1 5 6 7 8 9 10 2 3 Record raw materials purchased on account. Note: Enter debits before credits. Transaction General Journal Debit Credit
Prepare journal entries to record transactions a through h. a. Raw materials purchased on credit, $94,000. b. Direct materials used, $40,500. Indirect materials used, $25,000. c. Direct labor used, $50,000. Indirect labor used, $20,000. (Record using Factory Wages Payable.) d. Paid cash for other actual overhead costs, $7,875. e. Applied overhead at the rate of 125% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $74,000. g. Sales of jobs on credit was $105,000. h. Cost of jobs sold was $74,000. View transaction list Journal entry worksheet 1 5 6 7 8 9 10 2 3 Record raw materials purchased on account. Note: Enter debits before credits. Transaction General Journal Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Prepare journal entries to record transactions a through h.
a. Raw materials purchased on credit, $94,000.
b. Direct materials used, $40,500. Indirect materials used, $25,000.
c. Direct labor used, $50,000. Indirect labor used, $20,000. (Record using Factory Wages Payable.)
d. Paid cash for other actual overhead costs, $7,875.
e. Applied overhead at the rate of 125% of direct labor cost.
f. Transferred cost of jobs completed to finished goods, $74,000.
g. Sales of jobs on credit was $105,000.
h. Cost of jobs sold was $74,00o.
View transaction list
Journal entry worksheet
3
4 5 6 7 8 9 10
<>
Record raw materials purchased on account.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
a.
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