Journalize the above transactions. 1. Purchased $50,000 of raw materlals on acco

Question

Journalize the above transactions.

1. Purchased $50,000 of raw materlals on account 2. Incurred $45,000 of factory labor. (Credit Factory Wages Payable.) 3. Incurred $60,000 of manufacturing overhead on credit. 4. Requisitioned materials for Cutting $20,000 and Assembly $8,000. s. Used factory labor for Cutting $35,000 and Assembly $25,000 6. Applied overhead at the rate of $15 per machine hour. Machine hours were Cutting 2,000 and Assembly 2,200. 7. Transferred goods costing $50,600 from the Cutting Department to the Assembly Department. Transferred goods costing $120,000 from Assembly to Finished Goods. 9. Sold goods costing $140,000 for $170,000 on account. alize the above transactions

Explanation / Answer

Account Titles and Explanation Debit Credit 1 Raw Materials 50000 Accounts Payable 50000 (To record raw materials purchased on account) 2 Factory wages expense 45000 Factory wages payable 45000 (To record factory labor incurred) 3 Manufacturing overhead 60000 Accounts Payable 60000 (To record manufacturing overhead incurred) 4 Work in process - Cutting 20000 Work in process - Assembly 8000 Raw Materials 28000 (To record materials requisitioned) 5 Work in process - Cutting 35000 Work in process - Assembly 25000 Factory wages expense 60000 (To record factory labor used) 6 Work in process - Cutting (2000 x $15) 30000 Work in process - Assembly (2200 x $15) 33000 Manufacturing overhead 63000 (To record manufacturing overhead applied) 7 Work in process - Assembly 50600 Work in process - Cutting 50600 (To record goods transferred from Cutting to Assembly) 8 Finished Goods 120000 Work in process - Assembly 120000 (To record goods completed and transferred to Finished goods) 9 Accounts Receivable 170000 Sales Revenue 170000 (To record sales on account) Cost of goods sold 140000 Finished goods 140000 (To record cost of sales)

Related Questions

Navigate

• Browse (All)
• Browse J
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.