# Journal Entry Worksheet### Task: Record the entry for direct labor usage. **Note:** Enter debits before credits.---**Table for Journal Entry:**| Transaction | General Journal | Debit | Credit ||-------------|------------------|-------|--------|| 1 | | | || | | | || | | | || | | | || | | | || | | | |--- **Buttons:**- **Record entry:** To save the current journal entry.- **Clear entry:** To clear all fields in the current journal entry.- **View general journal:** To view the entire general journal.---**Navigation:**- **Prev:** Go to the previous page.- **3:** Page number indicator.- **4:** Current page number.- **of 7:** Total number of pages.- **Next:** Go to the next page.---This journal entry worksheet page is used to input journal transactions, specifically for direct labor usage in this context. The table is where you will input your transaction details, including debits and credits. Below the table, there are options to record or clear the entry, as well as to view the general journal. Users can navigate through the pages using the previous and next buttons at the bottom of the screen. This tool is a part of an educational website designed to teach students and professionals how to properly record financial transactions in a general journal. ### Required Information*The following information applies to the questions displayed below.*The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system.**Inventories** (Amounts in $)| Category | April 30 | May 31 ||-------------------|----------|---------|| Raw materials | 49,000 | 50,000 || Work in process | 9,600 | 18,300 || Finished goods | 64,000 | 34,800 |**Activities and information for May**| Activity/Information | Amount (in $) ||-----------------------------------|---------------|| Raw materials purchases (paid with cash) | 173,000 || Factory payroll (paid with cash) | 200,000 || Factory overhead | || • Indirect materials | 11,000 || • Indirect labor | 46,000 || • Other overhead costs | 105,000 || Sales (received in cash) | 1,700,000 || Predetermined overhead rate based on direct labor cost | 55% |1. Direct labor usage.2. Indirect labor usage.3. Total payroll paid in cash.

Name: # Journal Entry Worksheet### Task: Record the entry for direct labor
Uploaded: 2024-03-20T06:33:06.000Z
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Description: # Journal Entry Worksheet### Task: Record the entry for direct labor usage. **Note:** Enter debits before credits.---**Table for Journal Entry:**| Transaction | General Journal | Debit | Credit ||-------------|------------------|-------|--------|| 1

Payroll payment is the amount of money paid for the labor involved in the process of production. It…

Business

Accounting

The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 Inventories Raw materials $49,000 $ 50,000 Work in process Finished goods 18,300 9,600 64,000 34,800 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) 173,000 200,000 Factory overhead Indirect materials Indirect labor 11,000 46,000 other overhead costs 105,000 Sales (received in cash) 1,700,000 Predetermined overhead rate based on direct labor cost 1. Direct labor usage. 2. Indirect labor usage. 3. Total payroll paid in cash. 55%

The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 Inventories Raw materials $49,000 $ 50,000 Work in process Finished goods 18,300 9,600 64,000 34,800 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) 173,000 200,000 Factory overhead Indirect materials Indirect labor 11,000 46,000 other overhead costs 105,000 Sales (received in cash) 1,700,000 Predetermined overhead rate based on direct labor cost 1. Direct labor usage. 2. Indirect labor usage. 3. Total payroll paid in cash. 55%

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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