College Accounting - With Quickbooks 2015 CD and Access
College Accounting - With Quickbooks 2015 CD and Access
12th Edition
ISBN: 9781305790254
Author: Scott
Publisher: Cengage
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Chapter 10, Problem 3PB

1.

To determine

Journalize the transactions in cash payment journal using periodic inventory method.

2.

To determine

Show the total of cash payments journal.

3.

To determine

Show the equality of credits and debits in the cash payment journal

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Cullumber Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2025, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $16,800, direct labor $10,080, and manufacturing overhead $13,440. As of January 1, Job 49 had been completed at a cost of $75,600 and was part of finished goods inventory. There was a $12,600 balance in the Raw Materials Inventory account on January 1. During the month of January, Cullumber Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold on account during the month for $102,480 and $132,720, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $75,600 on account. 2. Incurred factory labor costs of $58,800. 3. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $10,080; and various other…
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