Solution-Prepare the journal entries to record the

Prepare the journal entries to record the transactions

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Reference no: EM133123655

Question - Tony Toy Co. is a toy manufacturer that uses job-order costing. The following transactions were recorded for the month of February:

Feb. 2 The following salaries were incurred: factory labour, $15,000; and plant supervisory salary, $4,000.

Feb. 8 Fabric purchased on account: $40,000.

Feb. 14 Office information technology costs were incurred on account: $5,000.

Feb. 20 $10,000 of fabric was used directly in production $500 was used as indirect materials.

Feb. 21 Janitorial costs for the plant were paid: $1,500.

Students must use only the accounts listed in the Chart of Accounts below.

Accounts Payables

Accounts Receivables

Selling, General and Administrative Expense

Cash

Factory Wages Payables

Finished Goods Inventory

Manufacturing Overhead

Raw Materials Inventory

Supplies

Work in Process Inventory

Factory Labour

Required - Prepare the journal entries to record the above transactions.

Reference no: EM133123655

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Prepare the journal entries to record the transactions

Reference no: EM133123655

Reference no: EM133123655

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