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S.no Date а) Account Title and Explanation Debit Credit Raw material inventory Accounts payable (To Record the purchase of Raw Material) WIP inventory Manufacturing overhead Raw material inventory (To Record the issue of materail for production) WIP inventory Manufacturing overhead Salaries and wages payable (To Record the labor cost incurred) Manufacturing overhead Accumulated depreciation-Factory equipment |(To Record the Depreciation on Equipment) Manufacturing overhead Accounts payable (To Record the manufacturing overheads incurred) WIP inventory (30000*8) Manufacturing overhead (To Record the application of Manufacturing overhead) Finished goods inventory WIP inventory (To Record the transfer of goods to finished goods inventory) Accounts receivable (480000*125%) 210,000 210,000 b) 178,000 12,000 190,000 c) 90,000 110,000 200,000 d) 40,000 40,000 e) 70,000 70,000 f) 240,000 240,000 g) 520,000 520,000 h) 600,000 Sales 600,000 (To Record the sale of goods on account) Cost of goods sold Finished goods inventory (To Record the Cost of Goods Sold) 480,000 480,000

S.no Date а) Account Title and Explanation Debit Credit Raw material inventory Accounts payable (To Record the purchase of Raw Material) WIP inventory Manufacturing overhead Raw material inventory (To Record the issue of materail for production) WIP inventory Manufacturing overhead Salaries and wages payable (To Record the labor cost incurred) Manufacturing overhead Accumulated depreciation-Factory equipment |(To Record the Depreciation on Equipment) Manufacturing overhead Accounts payable (To Record the manufacturing overheads incurred) WIP inventory (30000*8) Manufacturing overhead (To Record the application of Manufacturing overhead) Finished goods inventory WIP inventory (To Record the transfer of goods to finished goods inventory) Accounts receivable (480000*125%) 210,000 210,000 b) 178,000 12,000 190,000 c) 90,000 110,000 200,000 d) 40,000 40,000 e) 70,000 70,000 f) 240,000 240,000 g) 520,000 520,000 h) 600,000 Sales 600,000 (To Record the sale of goods on account) Cost of goods sold Finished goods inventory (To Record the Cost of Goods Sold) 480,000 480,000

FINANCIAL ACCOUNTING
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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Make a T-Account for the following journal entries:

S.no Date a) Account Title and Explanation Debit Credit Raw material inventory Accounts payable (To Record the purchase of Raw Material) WIP inventory Manufacturing overhead Raw material inventory (To Record the issue of materail for production) WIP inventory Manufacturing overhead Salaries and wages payable (To Record the labor cost incurred) Manufacturing overhead Accumulated depreciation-Factory equipment (To Record the Depreciation on Equipment) Manufacturing overhead Accounts payable (To Record the manufacturing overheads incurred) WIP inventory (30000*8) Manufacturing overhead (To Record the application of Manufacturing overhead). Finished goods inventory WIP inventory (To Record the transfer of goods to finished goods inventory) Accounts receivable (480000*125%) 210,000 210,000 b) 178,000 12,000 190,000 c) 90,000 110,000 200,000 d) 40,000 40,000 e) 70,000 70,000 f) 240,000 240,000 g) 520,000 520,000 h) 600,000 Sales 600,000 (To Record the sale of goods on account) Cost of goods sold Finished goods inventory (To Record the Cost of Goods Sold) 480,000 480,000
Transcribed Image Text:S.no Date a) Account Title and Explanation Debit Credit Raw material inventory Accounts payable (To Record the purchase of Raw Material) WIP inventory Manufacturing overhead Raw material inventory (To Record the issue of materail for production) WIP inventory Manufacturing overhead Salaries and wages payable (To Record the labor cost incurred) Manufacturing overhead Accumulated depreciation-Factory equipment (To Record the Depreciation on Equipment) Manufacturing overhead Accounts payable (To Record the manufacturing overheads incurred) WIP inventory (30000*8) Manufacturing overhead (To Record the application of Manufacturing overhead). Finished goods inventory WIP inventory (To Record the transfer of goods to finished goods inventory) Accounts receivable (480000*125%) 210,000 210,000 b) 178,000 12,000 190,000 c) 90,000 110,000 200,000 d) 40,000 40,000 e) 70,000 70,000 f) 240,000 240,000 g) 520,000 520,000 h) 600,000 Sales 600,000 (To Record the sale of goods on account) Cost of goods sold Finished goods inventory (To Record the Cost of Goods Sold) 480,000 480,000
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