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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Make a T-Account for the following
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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