hcomstuutmiayer rest.aspxrtestid-1848742148centerwin yes ACCT 2302-86054 Bec Tes

Question

hcomstuutmiayer rest.aspxrtestid-1848742148centerwin yes ACCT 2302-86054 Bec Test: Exam 1 (Ch.16-18) Problems Ti This Question: 18 pts 3 of 7 (0 complete)Y Proctor Company has a production process that involves three processes. Units move through the processes in this order cu company had the following transactions in November Click the icon to view the transactions.) Prepare the journal entries for Proctor Company. (Record debits first, then credits. Exclude explanations from jounal entries.,) 1. Cost of units completed in the Cutting Department, $13,000 Date Accounts Debit Credit Nov. 30 2. Cost of units completed in the Stamping Department, $26,000 Date Accounts Debit Credit Nov. 30 3. Cost of units completed in the Polishing Department, $41,000 Choose from any list or enter any number in the input fields and then continue to the next question. ODo Fa F2 F5

Explanation / Answer

Solution:

Journal Entries S. No. Date Accounts Debit Credit 1 Nov. 30 Work in process - Stamping Department Dr $13,000.00          To Work in process - Cutting Department $13,000.00 (To record units completed in Cutting Department) 2 Nov. 30 Work in process - Polishing Department Dr $26,000.00          To Work in process - Stamping Department $26,000.00 (To record units completed in Stamping Department) 3 Nov. 30 Finished Goods Inventory Dr $41,000.00          To Work in process - Polishing Department $41,000.00 (To record units completed in Policying Department) 4 Nov. 30 Accounts Receivable Dr $90,000.00         To Sales Revenue $90,000.00 (To record sales on account) 5 Nov. 30 Cost of Goods Sold Dr ($90,000*70%) $63,000.00         To Finished Goods Inventory $63,000.00 (To record Cost of goods sold)

Related Questions

Navigate

• Browse (All)
• Browse H
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.