Interest Expense ASSETS 110 Cash 121 Accounts Receivable 125 Notes Receivable 12

Question

Interest Expense

ASSETS 110 Cash 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 130 Materials 133 Work in Process 136 Factory Overhead 138 Finished Goods 141 Supplies 142 Prepaid Insurance 181 Land 190 Office Equipment 191 Accumulated Depreciation-Office Equipment 192 Machinery 193 Accumulated Depreciation-Machinery 194 Factory 195 Accumulated Depreciation-Factory Instructions Robin Company purchased on account and used 520 pounds of direct materials to produce a product with a 510 pound standard direct materials requirement. The standard materials price is $2.10 per pound. The actual materials price was $2.00 per pound. Required: (1) Prepare the jourmal entries to record the purchase of the materials." (2) Prepare the journal ontries to record the material entering production. Refer to the Chart of Accounts for exact wording of account titles.

Explanation / Answer

Date Accounts and tittles Pos Ref Debit Credit 31-Dec Materials 130 1040     Account Payable 210 1040 (purchases 520 at 2) 31-Dec Work In process 133 1040     Materials 130 1040 (issued 520 to production)

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