Procedure for debiting and crediting an account: Increase in assets account, increase in expenses account, and decrease in liabilities account should be debited. Decrease in assets account, increase in revenue account, and increase in liabilities account should be credited. All transactions affect the accounting equation that is displayed below. The accounting equation should always remain in balance at the time of recording a business transaction: To prepare: The journal entries for the transactions of the month June.

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Answer 1

Question

Chapter 20, Problem 20.3AP

(a)

To determine

Procedure for debiting and crediting an account:

Increase in assets account, increase in expenses account, and decrease in liabilities account should be debited.

Decrease in assets account, increase in revenue account, and increase in liabilities account should be credited.

All transactions affect the accounting equation that is displayed below. The accounting equation should always remain in balance at the time of recording a business transaction:

To prepare: The journal entries for the transactions of the month June.

(b)

To determine

To do: Post the entries in work in process inventory.

(c)

To determine

The reconciled balance in work in process inventory with the costs of unfinished jobs.

(d)

To determine

To prepare: The goods manufactured schedule for June.

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The company where Daniel works produces skateboards locally but sells them globally for $60 each. Daniel is one of the production managers in a meeting to discuss preliminary results from the year just ended. Here is the information they had in front of them: Standard Quantity per Unit Standard Price Wood 2.50 feet $4.00 per foot Wheels 5.00 wheels $0.50 per wheel Direct labor 0.30 hours $14.00 per hour Actual results: . • Quantity of wood purchased, 225,000 feet; quantity of wood used, 220,000 feet. Quantity of wheels purchased, 418,800 wheels; quantity of wheels used, 400,800 wheels. Actual cost of the wood, $4.20 per foot. Actual cost of the wheels, $0.55 per wheel. • Quantity of DL hours used, 26,400 hours; actual cost of DL hours, $15.20 per hour. Actual units produced, 80,000 skateboards. (a) Complete a variance analysis for DM (both wood and wheels) and DL, determining the price and efficiency variances for each; be sure to specify the amount and sign of each variance. DM- Wood…

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Answer 2

Question

Chapter 20, Problem 20.3AP

(a)

To determine

Procedure for debiting and crediting an account:

Increase in assets account, increase in expenses account, and decrease in liabilities account should be debited.

Decrease in assets account, increase in revenue account, and increase in liabilities account should be credited.

All transactions affect the accounting equation that is displayed below. The accounting equation should always remain in balance at the time of recording a business transaction:

To prepare: The journal entries for the transactions of the month June.

(b)

To determine

To do: Post the entries in work in process inventory.

(c)

To determine

The reconciled balance in work in process inventory with the costs of unfinished jobs.

(d)

To determine

To prepare: The goods manufactured schedule for June.

Expert Solution & Answer

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Answer 3

Question

Chapter 20, Problem 20.3AP

(a)

To determine

Procedure for debiting and crediting an account:

Increase in assets account, increase in expenses account, and decrease in liabilities account should be debited.

Decrease in assets account, increase in revenue account, and increase in liabilities account should be credited.

All transactions affect the accounting equation that is displayed below. The accounting equation should always remain in balance at the time of recording a business transaction:

To prepare: The journal entries for the transactions of the month June.

(b)

To determine

To do: Post the entries in work in process inventory.

(c)

To determine

The reconciled balance in work in process inventory with the costs of unfinished jobs.

(d)

To determine

To prepare: The goods manufactured schedule for June.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 20, Problem 20.3AP

(a)

To determine

Procedure for debiting and crediting an account:

Increase in assets account, increase in expenses account, and decrease in liabilities account should be debited.

Decrease in assets account, increase in revenue account, and increase in liabilities account should be credited.

All transactions affect the accounting equation that is displayed below. The accounting equation should always remain in balance at the time of recording a business transaction:

To prepare: The journal entries for the transactions of the month June.

(b)

To determine

To do: Post the entries in work in process inventory.

(c)

To determine

The reconciled balance in work in process inventory with the costs of unfinished jobs.

(d)

To determine

To prepare: The goods manufactured schedule for June.

Expert Solution & Answer

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See solution

Answer 5

Chapter 20, Problem 20.3AP

(a)

To determine

Procedure for debiting and crediting an account:

Increase in assets account, increase in expenses account, and decrease in liabilities account should be debited.

Decrease in assets account, increase in revenue account, and increase in liabilities account should be credited.

All transactions affect the accounting equation that is displayed below. The accounting equation should always remain in balance at the time of recording a business transaction:

To prepare: The journal entries for the transactions of the month June.

(b)

To determine

To do: Post the entries in work in process inventory.

(c)

To determine

The reconciled balance in work in process inventory with the costs of unfinished jobs.

(d)

To determine

To prepare: The goods manufactured schedule for June.

Answer 6

Chapter 20, Problem 20.3AP

(a)

To determine

Procedure for debiting and crediting an account:

Increase in assets account, increase in expenses account, and decrease in liabilities account should be debited.

Decrease in assets account, increase in revenue account, and increase in liabilities account should be credited.

All transactions affect the accounting equation that is displayed below. The accounting equation should always remain in balance at the time of recording a business transaction:

To prepare: The journal entries for the transactions of the month June.

Answer 7

Chapter 20, Problem 20.3AP

(a)

To determine

Procedure for debiting and crediting an account:

Increase in assets account, increase in expenses account, and decrease in liabilities account should be debited.

Decrease in assets account, increase in revenue account, and increase in liabilities account should be credited.

All transactions affect the accounting equation that is displayed below. The accounting equation should always remain in balance at the time of recording a business transaction:

To prepare: The journal entries for the transactions of the month June.

Answer 8

(b)

To determine

To do: Post the entries in work in process inventory.

Answer 9

(b)

To determine

To do: Post the entries in work in process inventory.

Answer 10

(c)

To determine

The reconciled balance in work in process inventory with the costs of unfinished jobs.

Answer 11

(c)

To determine

The reconciled balance in work in process inventory with the costs of unfinished jobs.

Answer 12

(d)

To determine

To prepare: The goods manufactured schedule for June.

Answer 13

(d)

To determine

To prepare: The goods manufactured schedule for June.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 20 - Prob. 1Q Ch. 20 - Prob. 2Q Ch. 20 - Prob. 3Q Ch. 20 - Prob. 4Q Ch. 20 - Prob. 5Q Ch. 20 - Prob. 6Q Ch. 20 - Prob. 7Q Ch. 20 - Prob. 8Q Ch. 20 - Prob. 9Q Ch. 20 - Prob. 10Q

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To do: Post the entries in work in process inventory.

The reconciled balance in work in process inventory with the costs of unfinished jobs.

To prepare: The goods manufactured schedule for June.

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