Prepare journal entries to record transactions

Reference no: EM13146400

The following accounts are maintained by the Riverside Manufacturing Company in its general ledger: Materials, Work in Process, Factory Overhead, and Accounts Payable. The materials account had a debit balance of $40,000 on November 1. A summary of material transactions for November shows the following transactions:

(1) Materials acquired on account, $62,000
(2) Direct materials issued, $58,500
(3) Direct materials returned to storeroom, $1,200
(4) Indirect materials issued, $3,600
(5) Indirect materials returned to storeroom, $550
(6) Materials on hand were $200 less than the company's ledger balance.

a. Prepare journal entries to record these transactions.
b. Post the journal entries to T-accounts.
c. Determine the balance of the materials account on November 30.

Reference no: EM13146400

Questions Cloud

Brian hanson sustained a paralyzing injury : Brian Hanson sustained a paralyzing injury while playing in a lacrosse match between Ohio State University and Ashland University.Hanson had interceded in a fight between one of his teammates and an Ashland player, William Kynast

Draw the organic product formed : Draw the organic product formed when the structure shown below undergoes

Are any sensory organs evident in ascaris : Now that you have examined the unifying characteristics of annelids, list 3 or 4 characteristics they share with flatworms and nematodes as the close ancestors.

How can this information allow to explain when income : Agricultural commodities are known to have a price-inelastic demand and to be necessities. How can this information allow us to explain when the income of farmers falls (a) after a good harvest, (b) In relation to the incomes in other sectors of ..

Prepare journal entries to record transactions : A summary of material transactions for November shows the following transactions: Prepare journal entries to record these transactions.

Difference between supply-side and demand-side economics : What is the difference between supply-side and demand-side economics? How do the above concepts fit into these definitions? Which do you agree with most as a solution to stimulating growth, and why?

How many gallons of paint are needed for the room : If the walls in a room are 955 square feet in area, and a gallon of paint covers 15 square yards, how many gallons of paint are needed for the room?

Appropriate journal entry relative to uncollectible accounts : 1. Prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense. 2. Show the year-end balance sheet presentation for accounts receivable.

Explain the relationship between expected inflation rates : explain the relationship between expected inflation rates in two countries and their interest rate differential according to the Purchasing Power Parity theory.

User Account

All Pages