Journalize the summary entry in General Fund general journal for the issuance of purchase orders, and show the subsidiary ledger for Encumbrances ledger.

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Answer 1

Question

Chapter 4, Problem 17EP

a.

To determine

Journalize the summary entry in General Fund general journal for the issuance of purchase orders, and show the subsidiary ledger for Encumbrances ledger.

b.

To determine

Journalize the summary entry in General Fund general journal for the receipt of goods and payment of goods, and show the subsidiary ledger.

c.

To determine

Discuss whether difference in actual cost of goods received and the estimated cost for the order placed trigger any budgetary or managerial issue.

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1. Shyne Incorporated calculates cost for an equivalent unit of production using the weighted-average method. Data for July:Work-in-process inventory, July 1 (38,000 units): Direct materials (96% completed) $ 122,600Conversion (54% completed) 77,050Balance in work in process inventory, July 1 $ 199,650Units started during July 92,000Units completed and transferred 105,600Work-in-process inventory, July 31: Direct materials (96% completed) 24,400Conversion (54% completed) Cost incurred during July: Direct materials $ 182,000Conversion costs 290,000 a. The cost of goods completed and transferred out under the weighted-average method is calculated to be: 2. Weatherly Lumber Company processes wood pulp for manufacturing various paper products. The company employs a process costing system for its manufacturing operations. All direct materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the…

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Answer 2

Question

Chapter 4, Problem 17EP

a.

To determine

Journalize the summary entry in General Fund general journal for the issuance of purchase orders, and show the subsidiary ledger for Encumbrances ledger.

b.

To determine

Journalize the summary entry in General Fund general journal for the receipt of goods and payment of goods, and show the subsidiary ledger.

c.

To determine

Discuss whether difference in actual cost of goods received and the estimated cost for the order placed trigger any budgetary or managerial issue.

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Answer 3

Question

Chapter 4, Problem 17EP

a.

To determine

Journalize the summary entry in General Fund general journal for the issuance of purchase orders, and show the subsidiary ledger for Encumbrances ledger.

b.

To determine

Journalize the summary entry in General Fund general journal for the receipt of goods and payment of goods, and show the subsidiary ledger.

c.

To determine

Discuss whether difference in actual cost of goods received and the estimated cost for the order placed trigger any budgetary or managerial issue.

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Answer 4

Question

Chapter 4, Problem 17EP

a.

To determine

Journalize the summary entry in General Fund general journal for the issuance of purchase orders, and show the subsidiary ledger for Encumbrances ledger.

b.

To determine

Journalize the summary entry in General Fund general journal for the receipt of goods and payment of goods, and show the subsidiary ledger.

c.

To determine

Discuss whether difference in actual cost of goods received and the estimated cost for the order placed trigger any budgetary or managerial issue.

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Answer 5

Chapter 4, Problem 17EP

a.

To determine

Journalize the summary entry in General Fund general journal for the issuance of purchase orders, and show the subsidiary ledger for Encumbrances ledger.

b.

To determine

Journalize the summary entry in General Fund general journal for the receipt of goods and payment of goods, and show the subsidiary ledger.

c.

To determine

Discuss whether difference in actual cost of goods received and the estimated cost for the order placed trigger any budgetary or managerial issue.

Answer 6

Chapter 4, Problem 17EP

a.

To determine

Journalize the summary entry in General Fund general journal for the issuance of purchase orders, and show the subsidiary ledger for Encumbrances ledger.

Answer 7

Chapter 4, Problem 17EP

a.

To determine

Journalize the summary entry in General Fund general journal for the issuance of purchase orders, and show the subsidiary ledger for Encumbrances ledger.

Answer 8

b.

To determine

Journalize the summary entry in General Fund general journal for the receipt of goods and payment of goods, and show the subsidiary ledger.

Answer 9

b.

To determine

Journalize the summary entry in General Fund general journal for the receipt of goods and payment of goods, and show the subsidiary ledger.

Answer 10

c.

To determine

Discuss whether difference in actual cost of goods received and the estimated cost for the order placed trigger any budgetary or managerial issue.

Answer 11

c.

To determine

Discuss whether difference in actual cost of goods received and the estimated cost for the order placed trigger any budgetary or managerial issue.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 4 - Prob. 1Q Ch. 4 - When preparing the statement or schedule of...Ch. 4 - Prob. 3Q Ch. 4 - During a recession citizens and governments see a...Ch. 4 - If the General Fund of a certain city needs...Ch. 4 - Prob. 6Q Ch. 4 - Explain why some governments may account for...Ch. 4 - Prob. 8Q Ch. 4 - Prob. 9Q Ch. 4 - Prob. 10Q

Journalize the summary entry in General Fund general journal for the issuance of purchase orders, and show the subsidiary ledger for Encumbrances ledger.

Journalize the summary entry in General Fund general journal for the issuance of purchase orders, and show the subsidiary ledger for Encumbrances ledger.

Journalize the summary entry in General Fund general journal for the receipt of goods and payment of goods, and show the subsidiary ledger.

Discuss whether difference in actual cost of goods received and the estimated cost for the order placed trigger any budgetary or managerial issue.

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