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.

Question

Want to see the full answer?

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.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

General accounting

Tower Company owned a service truck that was purchased at the beginning of Year 1 for $48,000. It had an estimated life of three years and an estimated salvage value of $3,000. Tower company uses straight-line depreciation. Its financial condition as of January 1, Year 3, is shown on the first line of the horizontal statements model. In Year 3, Tower Company spent the following amounts on the truck: January 4 Overhauled the engine for $7,600. The estimated life was extended one additional year, and the salvage value was revised to $2,000. July 6 Obtained oil change and transmission service, $410. August 7 Replaced the fan belt and battery, $510. December 31 Purchased gasoline for the year, $9,100. December 31 Recognized Year 3 depreciation expense. Required Record the Year 3 transactions in a statements model. Note: In the Statement of Cash Flows column, use the initials OA for operating activities, FA for financing activities, or IA for investing activity. Enter any decreases to…

Cara's Cookie Company provided the following accounts from its year-end trial balance. (Click the icon to view the year-end trial balance accounts.) The company is subject to a 35% income tax rate. Requirement Prepare a multiple-step income statement for the current year. Trial balance Cara's Cookie Company Adjusted Trial Balance (Selected Accounts) For the Current Year Ended Account Debit Credit Prepare Cara's multiple-step income statement for the current year, one section at a time. (List the subheadings in the order they Cara's Cookie Company Statement of Net Income Common Stock (no par): Beginning Balance Retained Earnings: Beginning Balance $ 462,000 1,200,000 Accumulated Other Comprehensive Income: Beginning Balance Dividends $ 63,000 69,000 Sales 3,200,000 For the Current Year Ended Sales Less: Cost of Goods Sold 3,200,000 610,000 Interest Income 3,800 Dividend Income 3,600 Gross Profit Operating Expenses: Selling Expenses: Gain on Disposal of Plant Assets 92,000 2,590,000…

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.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

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

Want to see the full answer?

Check out a sample textbook solution

See solution

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

Want to see the full answer?

Check out a sample textbook solution

See solution

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

Expert Solution & Answer

Answer 15

Expert Solution & Answer

Answer 16

Want to see the full answer?

Check out a sample textbook solution

See solution

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

Concept explainers

Videos

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

Concept explainers

Videos

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.