Prepare summary journal entries to record transactions

Assignment Help Accounting Basics

Reference no: EM131765556

Question: Prepare summary journal entries to record the following transactions and events a through g for a company in its first month of operations.

a. Raw materials purchased on account, $90,000.

b. Direct materials used in production, $36,500. Indirect materials used in production, $19,200.

c. Paid cash for factory payroll, $50,000. Of this total, $38,000 is for direct labor and $12,000 is for indirect labor.

d. Paid cash for other actual overhead costs, $11,475.

e. Applied overhead at the rate of 125% of direct labor cost.

f. Transferred cost of jobs completed to finished goods, $56,800.

g. Sold jobs on account for $82,000. The jobs had a cost of $56,800.

Reference no: EM131765556

Questions Cloud

Technological advances in the banking system : What are some of the products and services created from technological advances in the banking system?

Calculations for reconciling account balances : Please show all calculations for reconciling account balances. Does unadjusted balance include entry write off of 3k?

What is the balance in mantle investment account : Babe Ruth's net income for 2010 was $360,000. What is the balance in Mantle's investment account at the end of 2010? Show work please

Compare three employee involvement interventions : Compare three employee involvement interventions: parallel structures, total quality management, and high-involvement organizations.

Prepare summary journal entries to record transactions : Prepare summary journal entries to record the following transactions and events a through g for a company in its first month of operations.

Prepare the journal entry on april : Interest is paid on July 1 and January 1 and the bonds mature on July 1, 2015. Prepare the journal entry on April 1, 2010

Think of the pros and cons for each way to do business : After reviewing all of the various ways you can form a business, think of the pros and cons for each way to do business.

What actions can the ftc take against chuck : The Federal Trade Commission (FTC) learns that Chuck's Automotive Stores, a retail company that sells Rely's batteries, engages in deceptive advertising.

Describe the accounting principles : To present fairly in conformity with generally accepted accounting principles the financial statements must: Be consistently applied.

User Account

All Pages