College Accounting - Study Guide / Working Papers 1-15
College Accounting - Study Guide / Working Papers 1-15
23rd Edition
ISBN: 9781337913560
Author: HEINTZ
Publisher: CENGAGE L
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Chapter 7, Problem 1MP

1.

To determine

Prepare petty cash payment record to record the petty cash transactions.

2.

To determine

Prepare journal entry to record the given transactions.

3.

To determine

Prepare the bank reconciliation statement for Company T as for July 31.

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The actual cost of direct labor per hour is $18 and the standard cost of direct labor per hour is $14.50. The direct labor hours allowed per finished unit is 0.75 hours. During the current period, 5,100 units of finished goods were produced using 2,800 direct labor hours. How much is the direct labor rate variance? A. $9,800 favorable B. $17,850 favorable C. $17,850 unfavorable D. $9,800 unfavorable
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Chapter 7 Solutions

College Accounting - Study Guide / Working Papers 1-15

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