core: 0 of 4 pts 4 of 4 (4 complete) HW Score: 20%, 2 of 10 pt P17-32A (similar
ID: 2392759 • Letter: C
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core: 0 of 4 pts 4 of 4 (4 complete) HW Score: 20%, 2 of 10 pt P17-32A (similar to) Question Help Teacher Stars produces stars for elementary teachers to reward their students Teacher Stars' trial balance on June 1 follows EEB (Click the icon to view the trial balance.) une 1 balances in the subsidiary ledgers were as follows (Click the icon to view the balances.) June transactions are summarized as follows 1 (Click the icon to view the transactions) Read the requirements c. Payments on account, $43,000 Date Accounts Debit Credit C. Accounts Payable 43,000 Cash 43,000 d. Materials purchased on credit: Paper, $23,300; indirect materials, $3,300 (Prepare a single journal entry for this event.) Date Accounts Debit Credit 23300 Property, Plant and Equipment Raw Materials Inventory 3300 Accounts Payable 26600Explanation / Answer
Answer a)
Journal entry for the transactions
Answer b)
I. Raw materials inventory
Work in progress inventory
Finished goods inventory
As per Chegg Answering policy I've answered first 4 questions including any subparts.
Particulars Debit (in $) Credit (in $) Cash 151,000 Account Receivable 151,000 Being collection made Selling and Administration 31,000 Cash 31,000 Being expenses incurred Account Payable 43,000 Cash 43,000 Being payment made Raw materials inventory 26,600 Account Payable 26,600 Being material accquired on account WIP inventory 8,350 Manufacturing overhead 1,000 Raw materials inventory 9,350 WIP inventory 22,700 Manufacturing overhead 11,300 Wages payable 34,000 Being wages payable Wages payable 31,100 Cash 31,100 Being wages paid Manufacturing overhead 3,200 Accumulated depreciation 3,200 Being depreciation accounted WIP inventory 13,620 Manufacturing overhead 13,620 Being manufacturing overhead allocated Finished goods inventory 47,470 WIP inventory 47,470 Being job completed Account Receivable 100,000 Sales 100,000 Being sale made on account Cost of goods sold 47,470 Finished goods 47,470 Being cost of sale Cost of goods sold 1,880 Manufacturing overhead 1,880 Being Unallocated overhead chargedRelated Questions
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