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The following transactions were incurred by Keystone Fabricators during January, the first month of its fiscal year. (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record the proper journal entry for each transaction. (Record debits first, then credits. Exclude explanations from any journal entries.) a. $205,000 of materials was purchased on account. Record the entry. Date a Journal Entry Accounts Debit Credit b. $158,000 of materials was used in production; of this amount, $143,000 were used on specific jobs. Record the entry. Date b. Journal Entry Accounts Debit Credit Requirements 1. Record the proper journal entry for each transaction. 2. By the end of January, was manufacturing overhead overallocated or underallocated? By how much? Print Done c. Manufacturing labor and salaries for the month totaled $215,000. $185,000 of the total manufacturing labor and salaries was traced to specific jobs, and the remainder was indirect labor used in the factory. Date Journal Entry Accounts Debit Credit d. The company recorded $25,000 of depreciation on the plant and plant equipment. The company also received a plant utility bill for $9,000 which will be paid at a later date. Record the entry. Journal Entry Date Accounts Debit Credit e. $78,000 of manufacturing overhead was allocated to specific jobs. Record the entry. Date e Journal Entry Accounts Debit Credit Requirement 2. By the end of January, was manufacturing overhead overallocated or underallocated? By how much? During January, actual manufacturing overhead costs totaled had been allocated to jobs. Therefore, manufacturing overhead had been By the end of January, a total of by Requirements 1. Record the proper journal entry for each transaction. 2. By the end of January, was manufacturing overhead overallocated or underallocated? By how much? Print Done

The following transactions were incurred by Keystone Fabricators during January, the first month of its fiscal year. (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record the proper journal entry for each transaction. (Record debits first, then credits. Exclude explanations from any journal entries.) a. $205,000 of materials was purchased on account. Record the entry. Date a Journal Entry Accounts Debit Credit b. $158,000 of materials was used in production; of this amount, $143,000 were used on specific jobs. Record the entry. Date b. Journal Entry Accounts Debit Credit Requirements 1. Record the proper journal entry for each transaction. 2. By the end of January, was manufacturing overhead overallocated or underallocated? By how much? Print Done c. Manufacturing labor and salaries for the month totaled $215,000. $185,000 of the total manufacturing labor and salaries was traced to specific jobs, and the remainder was indirect labor used in the factory. Date Journal Entry Accounts Debit Credit d. The company recorded $25,000 of depreciation on the plant and plant equipment. The company also received a plant utility bill for $9,000 which will be paid at a later date. Record the entry. Journal Entry Date Accounts Debit Credit e. $78,000 of manufacturing overhead was allocated to specific jobs. Record the entry. Date e Journal Entry Accounts Debit Credit Requirement 2. By the end of January, was manufacturing overhead overallocated or underallocated? By how much? During January, actual manufacturing overhead costs totaled had been allocated to jobs. Therefore, manufacturing overhead had been By the end of January, a total of by Requirements 1. Record the proper journal entry for each transaction. 2. By the end of January, was manufacturing overhead overallocated or underallocated? By how much? Print Done

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 5EB: Review the following transactions and prepare any necessary journal entries for Lands Inc. A. On...
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1.
Record the proper journal entry for each transaction.
2.
By the end of​ January, was manufacturing overhead overallocated or​ underallocated? By how​ much?
The following transactions were incurred by Keystone Fabricators during January, the first month of its fiscal year. (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record the proper journal entry for each transaction. (Record debits first, then credits. Exclude explanations from any journal entries.) a. $205,000 of materials was purchased on account. Record the entry. Date a Journal Entry Accounts Debit Credit b. $158,000 of materials was used in production; of this amount, $143,000 were used on specific jobs. Record the entry. Date b. Journal Entry Accounts Debit Credit Requirements 1. Record the proper journal entry for each transaction. 2. By the end of January, was manufacturing overhead overallocated or underallocated? By how much? Print Done c. Manufacturing labor and salaries for the month totaled $215,000. $185,000 of the total manufacturing labor and salaries was traced to specific jobs, and the remainder was indirect labor used in the factory. Date Journal Entry Accounts Debit Credit
Transcribed Image Text:The following transactions were incurred by Keystone Fabricators during January, the first month of its fiscal year. (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record the proper journal entry for each transaction. (Record debits first, then credits. Exclude explanations from any journal entries.) a. $205,000 of materials was purchased on account. Record the entry. Date a Journal Entry Accounts Debit Credit b. $158,000 of materials was used in production; of this amount, $143,000 were used on specific jobs. Record the entry. Date b. Journal Entry Accounts Debit Credit Requirements 1. Record the proper journal entry for each transaction. 2. By the end of January, was manufacturing overhead overallocated or underallocated? By how much? Print Done c. Manufacturing labor and salaries for the month totaled $215,000. $185,000 of the total manufacturing labor and salaries was traced to specific jobs, and the remainder was indirect labor used in the factory. Date Journal Entry Accounts Debit Credit
d. The company recorded $25,000 of depreciation on the plant and plant equipment. The company also received a plant utility bill for $9,000 which will be paid at a later date. Record the entry. Journal Entry Date Accounts Debit Credit e. $78,000 of manufacturing overhead was allocated to specific jobs. Record the entry. Date e Journal Entry Accounts Debit Credit Requirement 2. By the end of January, was manufacturing overhead overallocated or underallocated? By how much? During January, actual manufacturing overhead costs totaled had been allocated to jobs. Therefore, manufacturing overhead had been By the end of January, a total of by Requirements 1. Record the proper journal entry for each transaction. 2. By the end of January, was manufacturing overhead overallocated or underallocated? By how much? Print Done
Transcribed Image Text:d. The company recorded $25,000 of depreciation on the plant and plant equipment. The company also received a plant utility bill for $9,000 which will be paid at a later date. Record the entry. Journal Entry Date Accounts Debit Credit e. $78,000 of manufacturing overhead was allocated to specific jobs. Record the entry. Date e Journal Entry Accounts Debit Credit Requirement 2. By the end of January, was manufacturing overhead overallocated or underallocated? By how much? During January, actual manufacturing overhead costs totaled had been allocated to jobs. Therefore, manufacturing overhead had been By the end of January, a total of by Requirements 1. Record the proper journal entry for each transaction. 2. By the end of January, was manufacturing overhead overallocated or underallocated? By how much? Print Done
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