Which accounts should be credited or debited using journal entries? June 17 A ch
ID: 2468457 • Letter: W
Question
Which accounts should be credited or debited using journal entries?
June 17 A check was issued to Yomoto Steel for an invoice dated June 7 for $2,346.00 net. June 18 A check was issued to Rapid City Steel for an invoice dated May 18 for $15,362.90 net. June 18 A check was issued to the Feather River State Bank for payroll ending June 15. Feather River State Bank offers a payroll service that provides checks directly to Summerset Fencing employees. The payroll ending June 15 was recorded, in total, for $13,776.00. June 18 A check was issued to Kraftsman Air and Gas for an invoice dated June 4 for $434.50, net. June 19 A check was issued to Turner Commercial Bank as payment in full for the $28,000 note payable that is due today. Interest on the note as of June 19 is $860.00. Interest on the note has not been accrued. June 19 Indirect materials were purchased from Delta Supply for $1,362.00. June 20 Record the transfer of JOB 33 to the Cost of Goods Sold account from the Raw and In-Process Inventory account. ($5,000) June 21 A check was issued for $468.20 and purchased factory tools. The cost of the factory tools is charged to the Manufacturing Overhead account.Explanation / Answer
Jun-18
Rapid City Steel A/C
Dr.
15362.9
Bank A/C
Cr.
15362.9
Jun-18
Salary A/C
Dr.
13776
Bank A/C
Cr.
13776
Jun-18
Kraftsman Air and Gas A/C
Dr
434.5
Bank
434.5
Jun-19
Note A/C
Dr.
28000
Accrued Int A/C
Dr
860
Bank A/c
28860
Jun-19
Purchase A/C
Dr.
1362
Delta Supply
Cr.
1362
Jun-20
Cost of Goods Sold A/C
Dr
Raw Mat A/C
Cr
Mat in process
Cr
Jun-21
Manufacturing Overhead A/C
Dr
468.2
Bank
468.2
Jun-18
Rapid City Steel A/C
Dr.
15362.9
Bank A/C
Cr.
15362.9
Jun-18
Salary A/C
Dr.
13776
Bank A/C
Cr.
13776
Jun-18
Kraftsman Air and Gas A/C
Dr
434.5
Bank
434.5
Jun-19
Note A/C
Dr.
28000
Accrued Int A/C
Dr
860
Bank A/c
28860
Jun-19
Purchase A/C
Dr.
1362
Delta Supply
Cr.
1362
Jun-20
Cost of Goods Sold A/C
Dr
Raw Mat A/C
Cr
Mat in process
Cr
Jun-21
Manufacturing Overhead A/C
Dr
468.2
Bank
468.2
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