a. Purchased raw materials on account for $121,700. b. Issued $114,000 in raw materials to production ($20,800 were not traceable to specific jobs). c. Incurred $115,160 in direct labor costs (14,395 hours) and $62,000 in supervision costs (paid in cash). d. Incurred the following additional manufacturing overhead costs: factory lease $23,300 (paid in cash); depreciation on equipment $18,200; custodial supplies $7,400 (paid in cash). e. Incurred the following nonmanufacturing costs, both paid in cash: advertising $74,600; sales commissions $86,900. f. Applied manufacturing overhead to jobs in process at a rate of $10 per direct labor hour. g. Completed jobs costing a total of $343,200. h. Sold jobs for $425,500 on account. The cost of the jobs was $340,700. 1. Closed the Manufacturing Overhead account balance. Required: Prepare the journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet 1 2 Event a 3 Note: Enter debits before credits. Record purchase of raw material on account. 4 5 General Journal 6 7 + 8 9 10 Debit Credit >

a. Purchased raw materials on account for $121,700. b. Issued $114,000 in raw materials to production ($20,800 were not traceable to specific jobs). c. Incurred $115,160 in direct labor costs (14,395 hours) and $62,000 in supervision costs (paid in cash). d. Incurred the following additional manufacturing overhead costs: factory lease $23,300 (paid in cash); depreciation on equipment $18,200; custodial supplies $7,400 (paid in cash). e. Incurred the following nonmanufacturing costs, both paid in cash: advertising $74,600; sales commissions $86,900. f. Applied manufacturing overhead to jobs in process at a rate of $10 per direct labor hour. g. Completed jobs costing a total of $343,200. h. Sold jobs for $425,500 on account. The cost of the jobs was $340,700. 1. Closed the Manufacturing Overhead account balance. Required: Prepare the journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet 1 2 Event a 3 Note: Enter debits before credits. Record purchase of raw material on account. 4 5 General Journal 6 7 + 8 9 10 Debit Credit >

Name: a. Purchased raw materials on account for $121,700.b. Issued $114,000
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Description: a. Purchased raw materials on account for $121,700.b. Issued $114,000 in raw materials to production ($20,800 were not traceable to specific jobs).c. Incurred $115,160 in direct labor costs (14,395 hours) and $62,000 in supervision costs (paid in ca

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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a. $82,000 in raw materials were purchased on account. b. $80,000 in raw materials were used in production. Of this amount, $73,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $119,000 were paid in cash. Of this amount, $102,700 was for direct labor and the remainder was for indirect labor. d. Depreciation of $190,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 $82,000 in raw materials were purchased on account. Note: Enter debits before credits Transaction General Journal Dobit Credit