ACP AUDITING - RISK BASED APPROACH
10th Edition
ISBN: 9780357195079
Author: JOHNSTONE
Publisher: CENGAGE C
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Cline Manufacturing Company uses a job order system and maintains perpetual inventory records.
Indicate the the appropriate account(s) to be debited and credited for the transactions listed below. (On multiple entries enter
answers in alphabetical order.)
Transactions
1.
Raw materials were purchased on account.
2.
Issued a check to Dixon Machine Shop for repair
work on factory equipment.
3.
Direct materials were requisitioned for Job 280.
4.
Factory labor was paid as incurred.
5.
Recognized direct labor and indirect labor used.
6.
The production department requisitioned
7.
indirect materials for use in the factory.
Manufacturing overhead was applied to
production based on a predetermined overhead
rate of $8 per labor hour.
8.
Goods that were completed were transferred to
finished goods inventory.
9.
Goods costing $80,000 were sold for $105,000
on account.
10.
Paid for raw materials purchased previously on
account.
Account(s)
Debited
Based on the screenshot, what is the maximim flow?
Star Company incurred and paid the following costs for research and development activities:
Material used from inventory
$ 60,000
Wages and salaries
85,000
Allocation of general and administrative costs
25,000
Depreciation on building housing multiple research and development activities
30,000
Machine purchased for research and development project that has no future alternative uses
35,000
Total
$235,000
If Star includes all these costs in research and development expense, including the entire cost of the machine with no alternative future uses, which of the following would be included in the journal entry?
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