Journal Entry : A journal entry is made for a financial transaction of an entity and it is recorded in the journal. The journal records the financial transactions in a chronological order. The total debit amount in a journal entry is equal to the total credit amount. T-Account: A T-account is a graphical representation of a general ledger account. The left-side of T-account shows the debit entries and the right-side of T-account shows the credit entries. Therefore, the journal entries are posted to the T-accounts accordingly. Closing Balance in a T-account shows the difference between the credit and debit balances. It is the closing balance of the account and is taken to the trial balance . Work-in-Process Inventory: Work-in-Process Inventory refers to the manufacturing costs that are incurred by an entity during the production of goods and services. Job: A job is defined as the production of a unique product or specialized service, in a unit or batch of units. A job is a part of job order costing system. Gross profit: Gross Profit is sales revenue on product (or service revenue on service) minus cost of goods sold. 1. To Prepare: The journal entry for production completed in June.

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Answer 1

Question

Chapter 19, Problem E19.22E

To determine

Journal Entry: A journal entry is made for a financial transaction of an entity and it is recorded in the journal. The journal records the financial transactions in a chronological order. The total debit amount in a journal entry is equal to the total credit amount.

T-Account: A T-account is a graphical representation of a general ledger account. The left-side of T-account shows the debit entries and the right-side of T-account shows the credit entries. Therefore, the journal entries are posted to the T-accounts accordingly.

Closing Balance in a T-account shows the difference between the credit and debit balances. It is the closing balance of the account and is taken to the trial balance.

Work-in-Process Inventory: Work-in-Process Inventory refers to the manufacturing costs that are incurred by an entity during the production of goods and services.

Job: A job is defined as the production of a unique product or specialized service, in a unit or batch of units. A job is a part of job order costing system.

Gross profit: Gross Profit is sales revenue on product (or service revenue on service) minus cost of goods sold.

1.

To Prepare: The journal entry for production completed in June.

To determine

2.

To Open: A T-account for Work-in-Process Inventory.

To Post: The journal entry made in Requirement 1.

To Compute: The ending balance in the Work-in-Process Inventory account on June 30.

To determine

3.

To Prepare: The journal entry to record the sale on account of Job 143 for $63,000 and the journal entry to record Cost of Goods Sold for Job 143.

To determine

4.

To Calculate: The gross profit on Job 143.

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Answer 2

Question

Chapter 19, Problem E19.22E

To determine

Journal Entry: A journal entry is made for a financial transaction of an entity and it is recorded in the journal. The journal records the financial transactions in a chronological order. The total debit amount in a journal entry is equal to the total credit amount.

T-Account: A T-account is a graphical representation of a general ledger account. The left-side of T-account shows the debit entries and the right-side of T-account shows the credit entries. Therefore, the journal entries are posted to the T-accounts accordingly.

Closing Balance in a T-account shows the difference between the credit and debit balances. It is the closing balance of the account and is taken to the trial balance.

Work-in-Process Inventory: Work-in-Process Inventory refers to the manufacturing costs that are incurred by an entity during the production of goods and services.

Job: A job is defined as the production of a unique product or specialized service, in a unit or batch of units. A job is a part of job order costing system.

Gross profit: Gross Profit is sales revenue on product (or service revenue on service) minus cost of goods sold.

1.

To Prepare: The journal entry for production completed in June.

To determine

2.

To Open: A T-account for Work-in-Process Inventory.

To Post: The journal entry made in Requirement 1.

To Compute: The ending balance in the Work-in-Process Inventory account on June 30.

To determine

3.

To Prepare: The journal entry to record the sale on account of Job 143 for $63,000 and the journal entry to record Cost of Goods Sold for Job 143.

To determine

4.

To Calculate: The gross profit on Job 143.

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Answer 3

Question

Chapter 19, Problem E19.22E

To determine

Journal Entry: A journal entry is made for a financial transaction of an entity and it is recorded in the journal. The journal records the financial transactions in a chronological order. The total debit amount in a journal entry is equal to the total credit amount.

T-Account: A T-account is a graphical representation of a general ledger account. The left-side of T-account shows the debit entries and the right-side of T-account shows the credit entries. Therefore, the journal entries are posted to the T-accounts accordingly.

Closing Balance in a T-account shows the difference between the credit and debit balances. It is the closing balance of the account and is taken to the trial balance.

Work-in-Process Inventory: Work-in-Process Inventory refers to the manufacturing costs that are incurred by an entity during the production of goods and services.

Job: A job is defined as the production of a unique product or specialized service, in a unit or batch of units. A job is a part of job order costing system.

Gross profit: Gross Profit is sales revenue on product (or service revenue on service) minus cost of goods sold.

1.

To Prepare: The journal entry for production completed in June.

To determine

2.

To Open: A T-account for Work-in-Process Inventory.

To Post: The journal entry made in Requirement 1.

To Compute: The ending balance in the Work-in-Process Inventory account on June 30.

To determine

3.

To Prepare: The journal entry to record the sale on account of Job 143 for $63,000 and the journal entry to record Cost of Goods Sold for Job 143.

To determine

4.

To Calculate: The gross profit on Job 143.

Expert Solution & Answer

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Answer 4

Question

Chapter 19, Problem E19.22E

To determine

Journal Entry: A journal entry is made for a financial transaction of an entity and it is recorded in the journal. The journal records the financial transactions in a chronological order. The total debit amount in a journal entry is equal to the total credit amount.

T-Account: A T-account is a graphical representation of a general ledger account. The left-side of T-account shows the debit entries and the right-side of T-account shows the credit entries. Therefore, the journal entries are posted to the T-accounts accordingly.

Closing Balance in a T-account shows the difference between the credit and debit balances. It is the closing balance of the account and is taken to the trial balance.

Work-in-Process Inventory: Work-in-Process Inventory refers to the manufacturing costs that are incurred by an entity during the production of goods and services.

Job: A job is defined as the production of a unique product or specialized service, in a unit or batch of units. A job is a part of job order costing system.

Gross profit: Gross Profit is sales revenue on product (or service revenue on service) minus cost of goods sold.

1.

To Prepare: The journal entry for production completed in June.

To determine

2.

To Open: A T-account for Work-in-Process Inventory.

To Post: The journal entry made in Requirement 1.

To Compute: The ending balance in the Work-in-Process Inventory account on June 30.

To determine

3.

To Prepare: The journal entry to record the sale on account of Job 143 for $63,000 and the journal entry to record Cost of Goods Sold for Job 143.

To determine

4.

To Calculate: The gross profit on Job 143.

Expert Solution & Answer

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Answer 5

Chapter 19, Problem E19.22E

To determine

Journal Entry: A journal entry is made for a financial transaction of an entity and it is recorded in the journal. The journal records the financial transactions in a chronological order. The total debit amount in a journal entry is equal to the total credit amount.

T-Account: A T-account is a graphical representation of a general ledger account. The left-side of T-account shows the debit entries and the right-side of T-account shows the credit entries. Therefore, the journal entries are posted to the T-accounts accordingly.

Closing Balance in a T-account shows the difference between the credit and debit balances. It is the closing balance of the account and is taken to the trial balance.

Work-in-Process Inventory: Work-in-Process Inventory refers to the manufacturing costs that are incurred by an entity during the production of goods and services.

Job: A job is defined as the production of a unique product or specialized service, in a unit or batch of units. A job is a part of job order costing system.

Gross profit: Gross Profit is sales revenue on product (or service revenue on service) minus cost of goods sold.

1.

To Prepare: The journal entry for production completed in June.

To determine

2.

To Open: A T-account for Work-in-Process Inventory.

To Post: The journal entry made in Requirement 1.

To Compute: The ending balance in the Work-in-Process Inventory account on June 30.

To determine

3.

To Prepare: The journal entry to record the sale on account of Job 143 for $63,000 and the journal entry to record Cost of Goods Sold for Job 143.

To determine

4.

To Calculate: The gross profit on Job 143.

Answer 6

Chapter 19, Problem E19.22E

To determine

Journal Entry: A journal entry is made for a financial transaction of an entity and it is recorded in the journal. The journal records the financial transactions in a chronological order. The total debit amount in a journal entry is equal to the total credit amount.

T-Account: A T-account is a graphical representation of a general ledger account. The left-side of T-account shows the debit entries and the right-side of T-account shows the credit entries. Therefore, the journal entries are posted to the T-accounts accordingly.

Closing Balance in a T-account shows the difference between the credit and debit balances. It is the closing balance of the account and is taken to the trial balance.

Work-in-Process Inventory: Work-in-Process Inventory refers to the manufacturing costs that are incurred by an entity during the production of goods and services.

Job: A job is defined as the production of a unique product or specialized service, in a unit or batch of units. A job is a part of job order costing system.

Gross profit: Gross Profit is sales revenue on product (or service revenue on service) minus cost of goods sold.

1.

To Prepare: The journal entry for production completed in June.

Answer 7

Chapter 19, Problem E19.22E

To determine

Journal Entry: A journal entry is made for a financial transaction of an entity and it is recorded in the journal. The journal records the financial transactions in a chronological order. The total debit amount in a journal entry is equal to the total credit amount.

T-Account: A T-account is a graphical representation of a general ledger account. The left-side of T-account shows the debit entries and the right-side of T-account shows the credit entries. Therefore, the journal entries are posted to the T-accounts accordingly.

Closing Balance in a T-account shows the difference between the credit and debit balances. It is the closing balance of the account and is taken to the trial balance.

Work-in-Process Inventory: Work-in-Process Inventory refers to the manufacturing costs that are incurred by an entity during the production of goods and services.

Job: A job is defined as the production of a unique product or specialized service, in a unit or batch of units. A job is a part of job order costing system.

Gross profit: Gross Profit is sales revenue on product (or service revenue on service) minus cost of goods sold.

1.

To Prepare: The journal entry for production completed in June.

Answer 8

To determine

2.

To Open: A T-account for Work-in-Process Inventory.

To Post: The journal entry made in Requirement 1.

To Compute: The ending balance in the Work-in-Process Inventory account on June 30.

Answer 9

To determine

2.

To Open: A T-account for Work-in-Process Inventory.

To Post: The journal entry made in Requirement 1.

To Compute: The ending balance in the Work-in-Process Inventory account on June 30.

Answer 10

To determine

3.

To Prepare: The journal entry to record the sale on account of Job 143 for $63,000 and the journal entry to record Cost of Goods Sold for Job 143.

Answer 11

To determine

3.

To Prepare: The journal entry to record the sale on account of Job 143 for $63,000 and the journal entry to record Cost of Goods Sold for Job 143.

Answer 12

To determine

4.

To Calculate: The gross profit on Job 143.

Answer 13

To determine

4.

To Calculate: The gross profit on Job 143.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 19 - Prob. 1QC Ch. 19 - When a manufacturing company uses direct...Ch. 19 - When a manufacturing company uses indirect...Ch. 19 - When a manufacturing company uses direct labor, it...Ch. 19 - What is Gell's predetermined overhead allocation...Ch. 19 - What is Gell's actual manufacturing overhead cost?...Ch. 19 - How much manufacturing overhead would Gell...Ch. 19 - What entry would Gell make to adjust the...Ch. 19 - A manufacturing company completed work on a job....Ch. 19 - Prob. 10QC

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2.

To Open: A T-account for Work-in-Process Inventory.

To Post: The journal entry made in Requirement 1.

To Compute: The ending balance in the Work-in-Process Inventory account on June 30.

3.

To Prepare: The journal entry to record the sale on account of Job 143 for $63,000 and the journal entry to record Cost of Goods Sold for Job 143.

4.

To Calculate: The gross profit on Job 143.

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Chapter 19 Solutions

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2. To Open: A T-account for Work-in-Process Inventory. To Post: The journal entry made in Requirement 1. To Compute: The ending balance in the Work-in-Process Inventory account on June 30.

3. To Prepare: The journal entry to record the sale on account of Job 143 for $63,000 and the journal entry to record Cost of Goods Sold for Job 143.

4. To Calculate: The gross profit on Job 143.

Want to see the full answer?

Chapter 19 Solutions

2.

To Open: A T-account for Work-in-Process Inventory.

To Post: The journal entry made in Requirement 1.

To Compute: The ending balance in the Work-in-Process Inventory account on June 30.

3.

To Prepare: The journal entry to record the sale on account of Job 143 for $63,000 and the journal entry to record Cost of Goods Sold for Job 143.

4.

To Calculate: The gross profit on Job 143.