Bundle: College Accounting, Chapters 1-27, Loose-Leaf Version, 22nd + CengageNOWv2, 2 terms Printed Access Card
22nd Edition
ISBN: 9781305930421
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Question
Chapter 11, Problem 1CP
To determine
Journalize the transactions related to purchases, purchases returns and allowances, and cash payments.
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Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materials of $7,000,
direct labor of $3,400, and applied overhead of $2,890. Custom Cabinetry applies overhead at the rate of 85% of direct labor cost.
During July, Job 120 is sold (on credit) for $26,000, Job 121 is started and completed, and Job 122 is started and still in process at the
end of July. Custom Cabinetry incurs the following costs during July.
Job 120
Direct materials used
Direct labor used
$ 2,300
3,400
Job 121
$ 7,100
4,700
Job 122
$ 2,600
3,700
1. Prepare journal entries for the following July transactions and events a through e.
a. Direct materials used.
b. Direct labor used.
c. Overhead applied.
d. Sale of Job 120.
e. Cost of goods sold for Job 120. Hint. Job 120 has costs from June and July.
2. Compute the July 31 balances of the Work in Process Inventory and the Finished Goods Inventory accounts. (There were no jobs
in Finished Goods Inventory at June…
Chapter 11 Solutions
Bundle: College Accounting, Chapters 1-27, Loose-Leaf Version, 22nd + CengageNOWv2, 2 terms Printed Access Card
Ch. 11 - Prob. 1TFCh. 11 - Prob. 2TFCh. 11 - A trade discount is a reduction from the list or...Ch. 11 - Prob. 4TFCh. 11 - FOB shipping point means that transportation...Ch. 11 - Prob. 1MCCh. 11 - In the income statement, Freight-In is (a) added...Ch. 11 - Prob. 3MCCh. 11 - The difference between merchandise available for...Ch. 11 - Prob. 5MC
Ch. 11 - Prob. 1CECh. 11 - Prob. 2CECh. 11 - Prob. 3CECh. 11 - Prob. 4CECh. 11 - Identify the major documents commonly used in the...Ch. 11 - Prob. 2RQCh. 11 - Describe how each of the following accounts is...Ch. 11 - How are cost of goods sold and gross profit...Ch. 11 - Prob. 5RQCh. 11 - Prob. 6RQCh. 11 - What steps are followed in posting purchases...Ch. 11 - What steps are followed in posting cash payments...Ch. 11 - Prob. 9RQCh. 11 - If the total of the schedule of accounts payable...Ch. 11 - Prob. 1SEACh. 11 - Prob. 2SEACh. 11 - Prob. 3SEACh. 11 - Prob. 4SEACh. 11 - JOURNALIZING PURCHASES TRANSACTIONS Journalize the...Ch. 11 - JOURNALIZING PURCHASES RETURNS AND ALLOWANCES AND...Ch. 11 - Prob. 7SEACh. 11 - SCHEDULE OF ACCOUNTS PAYABLE Ryans Express, a...Ch. 11 - PURCHASES TRANSACTIONS J. B. Speck, owner of...Ch. 11 - CASH PAYMENTS TR ANS ACTIONS Sam Santiago operates...Ch. 11 - PURCHASES AND CASH PAYMENTS TRANSACTIONS Emily...Ch. 11 - SCHEDULE OF ACCOUNTS PAYABLE Based on the...Ch. 11 - Prob. 1SEBCh. 11 - TRADE DISCOUNT AND CASH DISCOUNTS Merchandise was...Ch. 11 - PURCHASE TRANSACTIONS AND T ACCOUNTS Using T...Ch. 11 - COMPUTING GROSS PROFIT The following data were...Ch. 11 - JOURNALIZING PURCHASES TRANSACTIONS Journalize the...Ch. 11 - JOURNALIZING PURCHASES RETURNS AND ALLOWANCES AND...Ch. 11 - Prob. 7SEBCh. 11 - SCHEDULE OF ACCOUNTS PAYABLE Crystals Candles, a...Ch. 11 - PURCHASES TRANSACTIONS Ann Benton, owner of...Ch. 11 - CASH PAYMENTS TRANSACTIONS Kay Zembrowski operates...Ch. 11 - PURCHASES AND CASH PAYMENTS TRANSACTIONS Debbie...Ch. 11 - SCHEDULE OF ACCOUNTS PAYABLE Based on the...Ch. 11 - You are working as a summer intern at a rapidly...Ch. 11 - Prob. 1ECCh. 11 - Michelle French owns and operates Books and More,...Ch. 11 - Prob. 1CP
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