Problem 2 Prepare Jounal Entries Jones Company recorded the following transactio
ID: 2562070 • Letter: P
Question
Problem 2 Prepare Jounal Entries Jones Company recorded the following transactions for the just-completed month. a. $45,000 in raw materials were purchased on account. b. $125,000 in raw materials were requisitioned for use in production. Of this amount $70,000 was for direct materials and the remainder was for indirect materials. c. Total labour wages of $212,000 were in Of this amount, $183,000 was for direct labour and the remainder was for mdirect labour d. Additional manufacturing overhead costs of $189,000 were incurred. Required: Record the above transactions in journal entries.Explanation / Answer
Journal Entries
date
explanation
debit
credit
A-
raw material
45000
accounts payable
45000
B-
work in progress
70000
manufacturing overhead
55000
raw material
125000
C-
work in progress
183000
manufacturing overhead
29000
wages payable
212000
D-
manufacturing overheads
189000
various accounts
189000
Journal Entries
date
explanation
debit
credit
A-
raw material
45000
accounts payable
45000
B-
work in progress
70000
manufacturing overhead
55000
raw material
125000
C-
work in progress
183000
manufacturing overhead
29000
wages payable
212000
D-
manufacturing overheads
189000
various accounts
189000
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