Raw Materials Inventory Manufacturing Overhead Wages Payable Work in Process: Packaging Accounts Receivable Cost of Goods Sold Factory Wages Expense Finished Goods Inventory Work in Process: Shaping Work in Process: Production Sales Conversion Costs 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 (Le. $12,345). • Overhead is assigned to the manufacturing department at the rate of $10 per machine hour. There were 3,500 machine hours during October in the shaping department and 2,500 in the packaging department. Prepare the journal entry to apply overhead to the manufacturing departments. DR DR CR • Prepare the journal entry to record the factory wages of $28,000 incurred for the production department assuming payment will be made in the next pay period. DR CR • Prepare the journal entry to record the transfer of 3,000 units from the packaging department finished goods if the material cost per unit is $4 and the conversion cost per unit is $5.50. DR CR • Prepare the journal entry to record the sale of 2,000 units that cost $8 per unit and sold for $15 per unit. You are to prepare these journal entries in the proper order as I have described at numerous times in our Zoom Classroom Sessions. DR CR DR CR
Raw Materials Inventory Manufacturing Overhead Wages Payable Work in Process: Packaging Accounts Receivable Cost of Goods Sold Factory Wages Expense Finished Goods Inventory Work in Process: Shaping Work in Process: Production Sales Conversion Costs PLEASE NOTE #1: For similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the problem. PLEASE NOTE #2: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (Le. $12,345). • Overhead is assigned to the manufacturing department at the rate of $10 per machine hour. There were 3,500 machine hours during October in the shaping department and 2,500 in the packaging department. Prepare the journal entry to apply overhead to the manufacturing departments. DR DR CR • Prepare the journal entry to record the factory wages of $28,000 incurred for the production department assuming payment will be made in the next pay period. DR CR • Prepare the journal entry to record the transfer of 3,000 units from the packaging department finished goods if the material cost per unit is $4 and the conversion cost per unit is $5.50. DR CR • Prepare the journal entry to record the sale of 2,000 units that cost $8 per unit and sold for $15 per unit. You are to prepare these journal entries in the proper order as I have described at numerous times in our Zoom Classroom Sessions. DR CR DR CR
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:Using the following account names, prepare the journal entries for the independent transactions listed below:
Raw Materials Inventory
Manufacturing Overhead
Wages Payable
Work in Process: Packaging
Accounts Receivable
Cost of Goods Sold
Factory Wages Expense
Finished Goods Inventory
Work in Process: Shaping
Work in Process: Production
Sales
Conversion Costs
PLEASE NOTE #1: For similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the problem.
PLEASE NOTE #2: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (Le. $12,345).
• Overhead is assigned to the manufacturing department at the rate of $10 per machine hour. There were 3,500 machine hours during October in the shaping department and 2,500 in the packaging department. Prepare the journal entry to
apply overhead to the manufacturing departments.
DR
DR
CR
• Prepare the joumal entry to record the factory wages of $28,000 incurred for the production department assuming payment will be made in the next pay period.
DR
CR
• Prepare the joumal entry to record the transfer of 3,000 units from the packaging department to finished goods if the material cost per unit is $4 and the conversion cost per unit is $5.50.
DR
CR
• Prepare the joumal entry to record the sale of 2,000 units that cost $8 per unit and sold for $15 per unit. You are to prepare these journal entries in the proper order as I have described at numerous times in our Zoom Classroom Sessions.
DR
CR
DR
CR
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