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Journalize the transaction for the facedown paper company

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Reference no: EM132751207

Problem 1: Journalize the following transaction for the Facedown Paper Company

Aug 1 Collections on account, 155,000

Aug 2 Selling and administrative expenses paid 22,000

Aug 3 Paid on account, 37,000

Aug 4 Purchased direct materials on account 26,600

Aug 5 Purchased indirect materials on account, 4,200

Aug 6 Requested direct materials costing 8,750 and indirect materials 4,200 for production

Aug 7 Recorded the following wages direct labor, 23,300, indirect labor 19,700

Aug 8 Paid the wages. Aug 9 Depreciation on plant & equipment was $3,799

Aug 10 Applied overhead at a rate of 110 percent of direct labor

Aug 11 Completed jobs at a cost of 53,020

Aug 12 Shipped out job 425 at a cost of 48,500 and a selling price of 78,500

Reference no: EM132751207

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