ANALYSIS OF TRANSACTIONS- INSTRUCTIONS: Indicate the titles of the accounts to b

Question

ANALYSIS OF TRANSACTIONS- INSTRUCTIONS: Indicate the titles of the accounts to be debited and credited in recording the summarized operations presented below by inserting the letter or leters of the account titles listed in the eppropriate columns ACCOUNTS A. Accounts Payable B. Accounts Receivable C. Cash D. Cost of Goods Sold E. Factory Overhead F. Finished Goods G. Materials H. Sales I. Selling and Administrative Expenses J. Wages Payable K. Work in Process For Debit Scoring Credit Scoring IRANSACTIONS 0. 0. 0. Cash received from cash sales 1-2. Materials requisitioned for use on specific jobs and for general factory 2. use , " , , ,… 3. 3-4. Factory labor incurred on specific jobs and for general factory use.... 5-6. Cash paid for overhead costs incurred.. 7-8. Applied factory overhead to jobs 9-10. Transterred small balance of underapplied overhead 6. 1 8. 912. 10. 11.14 1316 . 11-12· Jobs completed 13-14· Jobs shipped and customers billed 15-16. Paid salary of vice-president of finance . 15

Explanation / Answer

Transaction Debit For scoring Credit For scoring 1-2 K ,E 1 G 2 3-4 K,E 3 J 4 5-6 E 5 C 6 7-8 K 7 E 8 9-10 D 9 E 10 11-12 F 11 K 12 13-14 B,D 13 H,F 14 15-16 I 15 C 16

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