Sport Packs manufactures backpacks. Its plant records include the following materials-related data:(Click the icon to view the transactions.)Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory.Journalize the entries to record the transactions.Begin by recording the journal entry for the purchases of materials. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)DateAccounts and ExplanationDebitCreditpagesRaw Materials InventoryAccGet more help.Data tableRaw Materials Inventory, beginning balancePurchases of canvas, on accountPurchases of sewing machine lubricating oil, on accountMaterial requisitions:CanvasSewing machine lubricating oilPrintDone-$ 32,00075,0001,40061,000250XClear allCheck answer Part 1 of 3Sport Packs manufactures backpacks. Its plant records include the following materials-related data:Click the icon to view the transactions.)Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory.DateJournalize the entries to record the transactions.Begin by recording the journal entry for the purchases of materials. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)CreditAccounts and ExplanationRaw Materials InventoryAccounts PayablePoints: 0 of 10Debit

Journal Entries Is Used To Records a Business Transaction In The Accounting Records Of a Business.

Sport Packs Manufactures backpacks. Its plant records include the following materials-related data: (Click the icon to view the transactions.) Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory. Journalize the entries to record the transactions. Begin by recording the journal entry for the purchases of materials. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Debit Credit Date Raw Materials Inventory Acc Data table (...) Raw Materials Inventory beginning halonno - X

Sport Packs Manufactures backpacks. Its plant records include the following materials-related data: (Click the icon to view the transactions.) Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory. Journalize the entries to record the transactions. Begin by recording the journal entry for the purchases of materials. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Debit Credit Date Raw Materials Inventory Acc Data table (...) Raw Materials Inventory beginning halonno - X

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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Required information Use the following information to answer questions. (Algo) [The following information applies to the questions displayed below.] The following information is available for ADT Company, which produces special-order security uses a job order costing system. Overhead is applied using a predetermined overhead rate of 5 labor cost. Beginning of period $ 45,000 9,600 68,000 End of Period $ 45,000 19,000 33,500 Inventories Raw materials Work in process Finished goods Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs $ 178,000 250,000 9,000 57,500 115,500 Exercise 15-15 (Algo) Recording actual and applied overhead LO P3 1. Incurred other actual overhead costs (all paid in Cash). 2. Applied overhead to work in process. Prepare journal entries for the above transactions for the period. View transaction list Journal entry worksheet A В Record the entry for other actual…
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The following transactions occurred for Luminary Engineering: View the transactions. Journalize the transactions of Luminary Engineering. Include an explanation with each journal entry. Use the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; Notes Payable; Luminary, Capital; Luminary, Withdrawals; Service Revenue; and Utilities Expense. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) July 2: Received $15,000 contribution from Bobby Luminary, owner, in exchange for capital. Date Jul. 2 Transactions Jul. 2 Accounts and Explanation Jul. 4 Jul. 5 Jul. 10 Jul. 12 Jul. 19 Jul. 21 Jul. 27 Debit Received $15,000 contribution from Bobby Luminary, owner, in exchange for capital. Paid utilities expense of $440. Purchased equipment on account, $2,600. Performed services for a client on account, $3,500. Borrowed $7,200 cash, signing a notes payable. Luminary withdrew $650 cash from the business. Purchased…
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1. What is the Raw Material balance at the end of the period?2. What is the Work in process account balance at the end of the period?3. What is the Cash account balance at the end of the period?4. What is the Net Income at the end of the period in the Income Statement?5. What is the Total Inventory balance at the end of the period in the Balance sheet?
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