College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Chapter 4, Problem 6E
Journalize the
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What is the balance work in process inventory at the end of the month
please solve for each part of A, B, and C
2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Insert memo account balances as of the end of the month.
Chapter 4 Solutions
College Accounting (Book Only): A Career Approach
Ch. 4 - The __________ represents the sequence of steps in...Ch. 4 - The __________ is a working paper used by...Ch. 4 - On the work sheet, assets are recorded in which of...Ch. 4 - Rainy Day Services had 430 of supplies reported on...Ch. 4 - On the work sheet, Accumulated Depreciation,...Ch. 4 - The __________ requires that expenses be matched...Ch. 4 - Accumulated Depreciation, Equipment is reported a....Ch. 4 - What is the purpose of a work sheet?Ch. 4 - What is the purpose of adjusting entries?Ch. 4 - Prob. 3DQ
Ch. 4 - Prob. 4DQCh. 4 - Prob. 5DQCh. 4 - Define depreciation as it relates to a van you...Ch. 4 - Prob. 7DQCh. 4 - Why is it necessary to journalize and post...Ch. 4 - 1. List the following classifications of accounts...Ch. 4 - Classify each of the accounts listed below as...Ch. 4 - Place a check mark next to any account(s)...Ch. 4 - A partial work sheet for Marges Place is shown...Ch. 4 - Complete the work sheet for Ramey Company, dated...Ch. 4 - Journalize the adjusting entries from the partial...Ch. 4 - Journalize the adjustments for Newkirk Company as...Ch. 4 - Journalize the following adjusting entries that...Ch. 4 - Determine on which financial statement each...Ch. 4 - Prob. 1PACh. 4 - The trial balance of Clayton Cleaners for the...Ch. 4 - The trial balance for Game Time on July 31 is as...Ch. 4 - The trial balance for Benner Hair Salon on March...Ch. 4 - The trial balance for Masons Insurance Agency as...Ch. 4 - The trial balance of The New Decors for the month...Ch. 4 - The trial balance for Harris Pitch and Putt on...Ch. 4 - The trial balance for Wilson Financial Services on...Ch. 4 - Prob. 1ACh. 4 - You are the bookkeeper for a small but thriving...Ch. 4 - Prob. 3ACh. 4 - Your client is preparing financial statements to...Ch. 4 - Prob. 1CP
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- CLOSING JOURNAL ENTRIES Prepare closing journal entries for Koehn Company for the year ended December 31. Data for the closing entries are as follows:arrow_forwardAssume the following data for Lusk Inc. before its year-end adjustments: Journalize the adjusting entries for the following: a. Estimated customer allowances b. Estimated customer returnsarrow_forwardThe totals from the payroll register of Olt Company for the week of January 25 show: Journalize the entry to record the payroll of January 25.arrow_forward
- The chart of accounts of Ethan Academy is shown here, followed by the transactions that took place during December of this year. Required Record these transactions in the general journal, including a brief explanation for each entry. If you are using working papers, number the journal pages 31 and 32.arrow_forwardOn September 30, Hilltop Companys selected payroll accounts are as follows: Prepare general journal entries to record the following:arrow_forwardAssume the following data for Oshkosh Company before its year-end adjustments: Journalize the adjusting entries for the following: a. Estimated customer refunds and allowances b. Estimated customer returnsarrow_forward
- D. Was manufacturing overhead under- or overapplied during 20XX? By how much?E. Present the necessary journal entry to handle under- or overapplied manufacturingoverhead at year-end.arrow_forwardUsing the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. Round your answers to the nearest dollar. Sorensen Manufacturing Company Income Statement For the Month Ended January 31 b. Determine the inventory balances at the end of the first mon operations. Round your answers to the nearest dollar. Sorensen Manufacturing Company Inventory Balances For the Month Ended January 31 Inventory balances on January 31 : Materials Work in process Finished goods $ $ $ The following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digita video monitors: a. Purchased $236, 000 of materials. b. Used $169, 920 of direct materials in production. c. Incurred $424, 800 of direct labor wages. d. Incurred $169,900 of factory overhead. e. Transferred $ 717,400 of work in process to finished goods. f. Sold goods for $1,132,800. g. Sold goods with a cost of $637,200. h.…arrow_forwardA job was started on May 15, completed on June 27, and delivered to the customer on July 6. In which accounts would the costs be recorded on the financial statements dated May 31, June 30, and July 31?arrow_forward
- Vaughn Church Furniture manufactures custom pews, altars, and pulpits for churches across the southern United States. Since each order is unique, Vaughn uses a job order costing system. During the month of June, Vaughn worked on orders for three churches: Faith Church, Grace Church, and Hope Church. Production on the Faith and Grace orders began in May, and the Faith job was completed in June. Production on the Hope order began in June and was incomplete at the end of the month. Vaughn applies overhead to each job based on machine hours. Prior to the year, managers had estimated manufacturing overhead at $ 693,000, along with 21,000 machine hours. Additional cost information related to the three orders is as follows: Faith Grace Hope Beginning balance, June 1 $ 4,000 $ 2,800 Direct materials, June $ 8,300 $ 6,500 $ 4,000 Direct labor, June $ 13,000 $7,000 $ 5,500 Manufacturing OH, June ? ? Machine hours, June 2,200 1,300 1,400arrow_forwardplease helparrow_forwardIrina Company pays its employees weekly. The last pay period for 20-1 was on December 28. From December 28 through December 31, the employees earned 1,754, so the following adjusting entry was made: The first pay period in 20-2 was on Januar)-4. The totals line from Irina Companys payroll register for the week ended Januar)-4, 20-2, was as follows: REQUIRED 1. Prepare the journal entry for the payment of the payroll on January 4, 20-2. 2. Prepare T accounts for Wages and Salaries Expense and Wages and Salaries Payable showing the beginning balance, January 4, 20-2, entry, and aiding balance as of January 4, 20-2.arrow_forward
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