FINAN+MAN ACCT (LL)W/ACCESS+PROCTORIO
FINAN+MAN ACCT (LL)W/ACCESS+PROCTORIO
9th Edition
ISBN: 9781265172237
Author: Wild
Publisher: MCG
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Chapter 9, Problem 20QS
To determine

Journal Entries:

Journal is the book for recording financial transactions in chronological order. It is the first step of accounting. In this process each transaction has two sides- debit side and credit side. Total of debit side must be equal to total of credit side.

Accounting rules for journal entries:

  • To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.
  • To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

Deferred Tax Liabilities:

Deferred tax liabilities are the liabilities which arises because of temporary differences between financial and tax accounting or because of difference between taxes paid and taxes due for future. It is shown in balance sheet.

To prepare: Adjusting entry for income tax expense.

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Lambert Manufacturing uses a predetermined overhead rate of $20.50 per direct labor hour. This predetermined rate was based on a cost formula that estimates $252,500 of total manufacturing overhead for an estimated activity level of 12,300 direct labor hours. The company incurred actual total manufacturing overhead costs of $246,000 and 11,700 total direct labor hours during the period. Determine the amount of underapplied or overapplied manufacturing overhead for the period.

Chapter 9 Solutions

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How JOURNAL ENTRIES Work (in Accounting); Author: Accounting Stuff;https://www.youtube.com/watch?v=Y-_Q3rANyxU;License: Standard Youtube License