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
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
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
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?
Transcribed Image Text:GENERAL JOURNAL
Date
8-4-X5
8-8-X5
8-9-X5
8-10-X5
Raw Materials Inventory
Accounts Payable
To record purchase of raw materials
Accounts
Work in Process
Raw Materials Inventory
Salaries Payable
Factory Overhead
To transfer raw materials to production, record
direct labor costs on job, and apply overhead at the
predetermined rate
Finished Goods Inventory
Work in Process
8-10-X5 Cash
Sales
To transfer completed units to finished goods
inventory
To record sale of finished awning for $4,000
Cost of Goods Sold
Finished Goods Inventory
To transfer finished goods to cost of goods sold
Debit
4,000
6,600
4,400
4,000
2,200
Page 1
Credit
4,000
2,400
3,000
1,200
4,400
4,000
2,200
Transcribed Image Text:Cool Sun produces awnings and screens. Prepare journal entries to reflect the following transactions. After you complete
the entries, determine the amount to include in raw materials, work in process, and finished goods.
Aug. 4, 20X5
Aug. 8, 20X5
Aug. 8, 20X5
Aug. 9, 20X5
Aug. 10, 20X5
Purchased fabric and aluminum to be used in the manufacturing process. The purchase price
was $4,000, on account.
Transferred 60% of the raw materials purchased on August 4 into production.
Incurred direct labor costs of $3,000. Factory overhead is applied at 40% of the direct labor
cost.
Transferred completed awnings with total assigned costs of $4,400 to finished goods.
Sold and delivered half of the finished goods (from August 9) to a customer for $4,000 cash.
Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.
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Regarding to the question above what whould be:
6. What is the Total Asset balance at the end of the period in the Balance sheet?
7. What is the Retained Earnings account balance at the end of the period (as mentioned before no Dividend has been declared) in the Equity section of the Balance Sheet?
8. What is the Total Equity Balance at the end of the period in the Balance sheet?
9. What is the Total Liability balance at the end of the period in the Balance sheet?
10. The amount of Raw Material that transfers to the Factory Overhead is called Direct Material.
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