Problem B (32 points) -ANALYSIS OF TRANSACTIONS- INSTRUCTIONS: Indicate the titl

Question

Problem B (32 points) -ANALYSIS OF TRANSACTIONS- INSTRUCTIONS: Indicate the titles of the accounts to be debited and credited in recording the summarized operati esented below by inserting the letter or letters of the account titles listed in the appropriate 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 ForCredt Scorl For 0. 0. Cash received from cash sales 1-2. Materials requisitioned for use on specific jobs and for general factory 2. 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. 8 10. 12. 4. 16 5. 11-12. Jobs completed... 3-14. Jobs shipped and customers billed. 5-16. Paid salary of vice-president of finance 13. 15.

Explanation / Answer

Ans :          Debit                 Credit

1-2              K                          G
3-4              E                          J
5-6              E                          C
7-8              K                          E
9-10         K/F/D                     E
11-12         F                          K
13-14         B                          H
15-16         I                           C

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