were PROBLEMS selected from their chart of accounts: Code A Account Name Cash B Accounts receivable Raw materials inventory Work in process inventory E Finished goods inventory F Accounts payable G Direct labor Factory overhead Cost of goods sold J Sales K Operating expense Credit for each transaction: Debit 1 Raw materials were purchased on account 2 Direct materials were requisitioned for Job 1225 3 Issued a check to vendor for repair services on factory equipment 4 Factory labor for the month was paid as incurred. 5 Direct and indirect labor used were recognized 6 Raw materials previously purchased on account were paid 7 The production department requisitioned indirect materials for use in the factory. 8 Overhead was applied to production based on a predetermined overhead rate of P60 per labor hour 9 Completed goods were transferred to warehouse 10 Goods costing P100,000 were sold for P135,000 on account.

were PROBLEMS selected from their chart of accounts: Code A Account Name Cash B Accounts receivable Raw materials inventory Work in process inventory E Finished goods inventory F Accounts payable G Direct labor Factory overhead Cost of goods sold J Sales K Operating expense Credit for each transaction: Debit 1 Raw materials were purchased on account 2 Direct materials were requisitioned for Job 1225 3 Issued a check to vendor for repair services on factory equipment 4 Factory labor for the month was paid as incurred. 5 Direct and indirect labor used were recognized 6 Raw materials previously purchased on account were paid 7 The production department requisitioned indirect materials for use in the factory. 8 Overhead was applied to production based on a predetermined overhead rate of P60 per labor hour 9 Completed goods were transferred to warehouse 10 Goods costing P100,000 were sold for P135,000 on account.

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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3. Prepare journal entries for the month of April to record the above transactions. View transaction list View journal entry worksheet No 2 3 4 5 6 7 Transaction b. C. d. e. 1. 9. Direct materials used Direct labor used Cash Indirect labor Indirect labor Cash Factory overhead Overapplied overhead Underapplied overhead Factory building Cash Utilities expense Utilities payable General Journal Debit Credit
Su ject: accounting
Selected accounts with amounts omitted are as follows: Work in Process Aug. 1 Balance 251,200 Aug. 31 Goods finished 191,300 31 Direct materials 31 Direct labor 43,900 31 Factory overhead Factory Overhead Aug. 1 - 31 Costs incurred 106,500 Aug. 1 Balance 13,600 31 Applied X If the balance of Work in Process on August 31 is $200,100, what was the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs? Oa. $13,600 b. $106,500 Oc. $13,170 d. $191,300
Selected accounts with a credit amount omitted are as follows Work in Process Apr. 1 Balance 7,000 Apr. 30 Goods finished X 30 Direct materials 78,400 30 Direct labor 195,000 30 Factory overhead 136,500 Finished Goods Apr. 1 Balance 42,000 30 Goods finished 387,000 What was the balance of Work in Process as of April 30? a.
Required information [The following information applies to the questions displayed below.] Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit $ 77,000 46,000 28,000 Req 4 Income Req 4 Balance Statement Sheet Prepare an income statement. 0 6,000 2,000 113,000 27,000 38,000 $ 337,000 Req 5 BERGO BAY COMPANY Income Statement For Year Ended December 31 Credit These six documents must be processed to bring the accounting records up to date. Materials requisition…
The following are the job cost related accounts for the law firm of Cullumber Associates and their manufacturing equivalents: Law Firm Accounts Supplies Salaries and Wages Payable Operating Overhead Service Contracts in Process Cost of Completed Service Contracts Cost data for the month of March follow. 1. Purchased supplies on account $2,400. 2. 3. 4. 5. 6. (a) 1. Journalize the transactions for March. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually) 2. No. Account Titles and Explanation 3. 5. Issued supplies $1,680 (60% direct and 40% indirect). Assigned labor costs based on time cards for the month which indicated labor costs of $89,600 (80% direct and 20% indirect). 6. Operating overhead costs incurred for cash totaled $51,200. Operating overhead is applied at a rate of 90% of direct labor cost. Work completed totaled $96,000. Supplies Accounts Payable Manufacturing Firm Accounts Raw…
Selected accounts with a credit amount omitted are as follows Work in Process Apr. 1 Balance 7,000 Apr. 30 Goods finished X 30 Direct materials 61,300 30 Direct labor 190,800 30 Factory overhead 57,240 Finished Goods Apr. 1 Balance 16,000 30 Goods finished 307,800 What was the balance of Work in Process as of April 30?
2. Compute the July 31 balances of the inventory accounts. Materials Work in Process-Making Department Work in Process-Packing Department Finished Goods 3. Compute the July 31 balances of the factory overhead accounts. If required, use the minus sign to indicate a credit balance. Factory Overhead-Making Department Factory Overhead-Packing Department Feethack Credit Debit
3. Job 113 was completed at a cost of $5,000, and Job 85 was completed at a cost of $3,000 and sold on account for $4,500. Work in Process Inventory Cost of Goods Sold Finished Goods Inventory Manufacturing Overhead Sales Accounts Payable Accounts Receivable Direct Materials Merchandise Inventory PLEASE NOTE #1: For similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the problem. PLEASE NOTE #2: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). Using the above accounts, prepare journal entries for the following transactions: Using the above accounts, prepare journal entries for the following transactions: Completion of Job 113: DR ? ? CR ? ? Completion of Job 85: DR ? ? CR ? ? Sale of Job 85: DR ? ? CR ? ? DR ? ? CR ? ?
Required information [The following information applies to the questions displayed below.] Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Cash Accounts receivable Raw materials inventory. Work in process inventory. Finished goods inventory Prepaid rent Accou Accounts payable Notes payable Comme Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals a. Direct materials. b. Direct labor. c. Overhead applied. d. Indirect materials. e. Indirect labor. View transaction list No Debit $ 70,000 39,000 24,500 View journal entry worksheet 0 6,000 2,000 Transaction 108,000 25,000 37,000 $ 311,500 These six documents must be processed to bring the accounting records up…
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I'm so confused - i've forgotten some of this stuff.. especially B.