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

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 letters of the account titles listed in the appropriate columns. 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 For IBANSACTIONS Debit Scoring Credt Scoring 0. Cash received from cash sales 1-2. Materials requisitioned for use on specific jobs and for general factory use 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. Transferred small balance of underapplied overhead 11-12. Jobs completed. 13-14. Jobs shipped and customers billed 15-16. Paid salary of vice-president of finance 5. 6. 12 13. 15 6.

Explanation / Answer

Debit Credit 1-2 G A 3-4 E J 5-6 E C (Assuming overhead related to factory) 7-8 D E 9-10 D E 11-12 F K 13-14 B H 15-16 I C

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