Utilities of $1,300.00 are paid in full with check number 30577. Utility costs a
ID: 2483271 • Letter: U
Question
Utilities of $1,300.00 are paid in full with check number 30577. Utility costs are allocated 90% to the manufacturing process (Manufacturing Overhead) and 10% to general and administrative functions (Utilities Expense - General). Invoice Number: P4520. Overhead: UTILI. The telephone statement of $650.00 is paid in full with check number 30578. The telephone expense is allocated 20% to the manufacturing process and 80% of the general and administrative function. Invoice Number: T6430. Overhead: PHONE. A check was issued to Delta Supply for $1,362.00 for an invoice dated June 19. Check Number: 30579. Invoice Number: DS100. Vendor Number: 21880. Debit Account Payable 1,362 and Credit Cash 1,362. Right??? The monthly allocation of ($3,200) of Prepaid Rent (124) is allocated 85% to the manufacturing process and 15% to the general and administrative function, invoice Number: RENTS. Overhead: RENTS. Debit Manufacturing Overhead and Rent Expense Credit Prepaid Rent. Right??? 3,200 *.85 = 2,720 (M.O) ...3,200 - 2,720 = 480 (rent expense) The monthly allocation of Prepaid Insurance (123) on shop equipment is $940.00 per month. Invoice Number: INSUR. Overhead: INSUR. Debit Insurance expense $940 and Credit Prepaid Insurance $940. Record the accrued estimated property tax expense on the factory assets for the month ended June 30 of $560.00. Invoice Number: PRTAX. Overhead: PRTAX. * Debit Property Tax Expense $560 and Credit Prepaid Property Tax Expense $560. Record the monthly depreciation on Shop Equipment of $1, 250.00. invoice Number: depre. Overhead: PEPRE. Debit Depre-Shop Expense and Credit Accumulated Depre-Shop Equip.Explanation / Answer
June 28 Dr. Manufacturing overheads $1,170
Utilities expenses $ 130
Cr. Bank $1,300
June 28 Dr. Administrative overheads $130
Teliphone expenses $520
Cr. Bank $650
June 29 Dr. Accounts payable $1,362
Cr. Bank $1,362
June 30 Dr. Manufacturing overheads $2,720
Rent Expenses $ 480
Cr. Prepaid rent $3,200
June 30 Dr. Insurance expenses $940
Cr. Prepaid Insurance $940
June 30 Dr. Property Tax Expenses $560
Cr. Prepaid Property Tax Expenses $560
June 30 Dr. Depreciaton shop Expenses $1,250
Cr. Accumulated Depreciation on shop Equipment $1,250
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