Chapter 19, Problem 3PSB

To determine

Concept Introduction:

Job Cost sheet-

Job cost sheet is a document prepared by the company which is used to record the manufacturing cost to determine the total cost assigned to each product or each job.

To prepare:

To prepare job cost sheet for each job.

To determine

Concept Introduction:

Journal entries-

The business runs with the transactions it makes. Every transaction results in some outcome like the creation of asset, liability, income, loss, gain or expense. The debits and the credits are made on the basis of the rules of the accounting.

To prepare:

To prepare the journal entries entry.

To determine

Concept Introduction:

T-Account

T-Account is most common type of account. It is the simplest account which makes study of accounting very simple.

This accounts resembles with the English letter 'T'.

T-account has three parts-

The title

The debit which is on the left side

The credit which is on the right side

T-Accounts are useful tools for accountants as it helps them to analyze company accounts in effective way.

To prepare:

To prepare T-Accounts and to determine their balances.

To determine

Concept Introduction:

Cost of goods sold -

Cost of goods sold can be defined as the total cost assigned to the goods that are sold during a period of time. It is calculated by summing up all the costs incurred starting from purchases till the process of manufacturing.

To Report:

To report the total cost of each job.