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Concept explainers
Concept Introduction:
T Account: A T-account is the graphical representation of a general ledger that records business transactions. T Account looks like the letter T, where Debit entries are recorded at the left side and credit entries recorded at right side and account title will be at the top.
Work in Process: Work in Process refers to the goods in production process which is not yet completed. This includes cost of raw material, labour and manufacturing
Finished Goods: Finished goods are the goods which have completed the production process and are ready for sale.
Cost of Goods Sold: Cost of goods sold is the direct cost attributable to the product sold by company. It includes cost of raw material, direct labour and overhead.
Requirement1:
To Prepare:
1. Journal Entry for Production Completed in June
Requirement 2
To Prepare:
1. Work in process inventory Account
Requirement 3
To Prepare
1. Jornal Entry to record cost of goods sold and sale of Job 143
Requirement 4
To Calculate:
1. The gross profit on Job 143
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Chapter 19 Solutions
Horngren's Accounting
- What is its DOL? Accounting questionarrow_forwardThe following data were selected from the records of Fluwars Company for the year ended December 31, current year: Balances at January 1, current year: Accounts receivable (various customers) $ 111,500 Allowance for doubtful accounts 11,200 The company sold merchandise for cash and on open account with credit terms 1/10, n/30, without a right of return. The following transactions occurred during the current year: Sold merchandise for cash, $252,000. Sold merchandise to Abbey Corp; invoice amount, $36,000. Sold merchandise to Brown Company; invoice amount, $47,600. Abbey paid the invoice in (b) within the discount period. Sold merchandise to Cavendish Inc.; invoice amount, $50,000. Collected $113,100 cash from customers for credit sales made during the year, all within the discount periods. Brown paid its account in full within the discount period. Sold merchandise to Decca Corporation; invoice amount, $42,400. Cavendish paid its account in full after the…arrow_forwardI want the correct answer with accountingarrow_forward
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
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