BA 2302 Accounting Principles 2 Exam 3 NAME 1. Present entries to record the fol

Question

BA 2302 Accounting Principles 2 Exam 3 NAME 1. Present entries to record the following summarized operations related to production for a company using a job order cost system a) Materials purchased on account b) Prepaid expenses incurred on account ) Materials requisitioned S176.000 2,200 For production orders For general factory use 153.7 d) Factory labor used On production orders 141,300 For n on facto 37 Expiration ofprepaid expenses, chargeable to factory Factory overhead applied, based on machine hours Jobs shipped to customers. Cost 6,100 76 105,30 415 412,0 638 ) Factory overhead costs incurred on account Jobs fin Selling price (assume all sold on account)

Explanation / Answer

Date Account titles & Explanations Debit Credit a) Raw materials inventory 176,000 accounts payable 176,000 b) prepaid expense 12,200 Accounts payable 12,200 c) Work in process inventory 153,700 Factory overhead 2,700 Raw materials inventory 156,400 d) Work in process inventory 141,300 Factory overhead 12,000 Factory wages payable 153,300 e) Factory overhead 37,000 Accumulated Depreciation 37,000 f) Factory overhead 6,100 prepaid expense 6,100 g) Factory overhead 76,000 Accounts payable 76,000 h) Work in process inventory 105,300 Factory overhead 105,300 i) Finished goods inventory 415,300 work in process inventory 415,300 j) Cost of goods sold 412,000 Finished goods inventory 412,000 k) Accounts receivable 638,000 sales 638,000

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