es Knowledge Check For each of the five transactions described below, use the dropdown boxes to indicate which account should be debit account should be credited. Transaction 1. Raw materials worth $12,000 were issued for use in the Cutting Department. 2. Manufacturing overhead was applied to the Shaping Department, $10,000. 3. Unshaped, cut snowboards worth $60,000 were transferred from the Cutting Department to the Shaping Department. 4. Finished snowboards worth $80,000 were transferred from the Shaping Department to the finished goods warehouse. 5. Finished snowboards that cost $100,000 were sold to customers. Debit Credit
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- Prepare journal entries to record the following production activities. 1. Paid other actual overhead costs of $38,000 in cash. 2. Applied overhead at 100% of direct labor costs. Direct labor costs were $42,000 in the Roasting department Blending department. View transaction list Journal entry worksheet A B Record overhead costs paid. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journalThayne Company has 30 clerks that work in its Accounts Payable Department. A study revealed the following activities and the relative time demanded by each activity: Required: Classify the four activities as value-added or non-value-added, and calculate the clerical cost of each activity. For non-value-added activities, indicate why they are non-value-added.Info in images Prepare journal entries to record the preceding transactions. The raw materials were purchased for use in production, $265,000 on account. Note: Enter debits before credits. Transaction General Journal Debit Credit a. The raw materials used in production (all direct materials), $250,000. Note: Enter debits before credits. Transaction General Journal Debit Credit b. The utility bills were incurred on account, $72,000 (85% related to factory operations, and the remainder related to selling and administrative activities). Note: Enter debits before credits. Transaction General Journal Debit Credit c. The salary and wage costs accrued were $295,000 (Direct labor), $103,000 (Indirect labor), $175,000 (Selling and administrative salaries). Note: Enter debits before credits. Transaction General Journal Debit Credit d. The maintenance…
- Journalize the following transactions for Tamarisk Manufacturing. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round intermediate calculations to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 125.)a. Purchased 6,200 units of raw materials on account for $15, 110. The standard cost was $15,500.b Issued 5, 300 units of raw materials for production. The standard units were 6, 100.Journalize the following transactions for Sheridan Company. (a) Purchased 5,900 units of raw materials on account for $16.930. The standard cost was $17,700. (b) Issued 5,800 units of raw materials for production. The standard units were 5.890. List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Account Titles and Explanation (a) (b) Debit CreditPrepare journal entries to record the production activities. Purchased $80,000 of raw materials on credit.
- Elmira Tool and Die makes machine tools to order. The following transactions occurred in October: 1. Issued $4,300 of supplies from the materials inventory. 2. Purchased $49,500 of materials. 3. Issued $45,100 in direct materials to the production department. 4. Paid $45,300 for miscellaneous items for the manufacturing plant. Accounts Payable was credited. 5. Returned $8,400 of the materials issued to production in (3) to the materials inventory. 6. Direct labor employees earned $79,500, 50% of which was paid in cash and the remainder credited to Wages Payable. 7. Purchased $19,500 of materials on account. 8. Recognized depreciation on manufacturing plant of $93,500. 9. Paid for the materials purchased in transaction (2) 10. Applied manufacturing overhead for the month. Elmira uses normal costing. It applies overhead on the basis of materials costs using an annual, predetermined rate. At the beginning of the year, management estimated that materials costs for the year would be…Company A transferred plastic costing $4,000 and sheet metal costing $22,000 to the factory floor to be used as direct materials in production. Make the necessary journal entry or entries to record these transactions.Zang Co. manufactures its products in a continuous process involving two departments, Machining and Assembly. Prepare journal entries to record the following transactions related to production during June: If an amount box does not require an entry, leave it blank. a. Materials purchased on account, $180,000. fill in the blank ebb198fb5044008_2 fill in the blank ebb198fb5044008_4 b. Materials requisitioned by: Machining, $73,000 direct and $9,000 indirect materials; Assembly, $4,900 indirect materials. fill in the blank bc86e1f3a046016_2 fill in the blank bc86e1f3a046016_3 fill in the blank bc86e1f3a046016_5 fill in the blank bc86e1f3a046016_6 fill in the blank bc86e1f3a046016_8 fill in the blank bc86e1f3a046016_9 fill in the blank bc86e1f3a046016_11 fill in the blank bc86e1f3a046016_12 c. Direct labor used by Machining, $23,000; Assembly, $47,000. fill in the blank e1ca5ffd1ff8fbf_2 fill in the blank…
- The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year: Debit Beginning Balance Debit Beginning Balance Debit The direct materials cost was: Raw Materials 4,600 4,800 Finished Goods 1,800 21,800 Wages & Salaries Payable Credit Credit Credit 20,000 Beginning Balance 8,200 Beginning Balance 20,000 Debit 2,100 11, 200 Debit Debit Work in Process 3,700 5,800 8,100 7,900 Manufacturing Overhead 2,400 3,100 2,800 Cost of Goods Sold 20,000 Credit Credit Credit 21,800 7,900Journalize the following transactions for Waterway Manufacturing. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round intermediate calculations to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 125.) a. Purchased 6,200 units of raw materials on account for $14,770. The standard cost was $15,190. b. Issued 5,500 units of raw materials for production. The standard units were 6,100. No Account Titles and Explanation a. b. Debit CreditThe following partially completed T-accounts summarize transactions for Faaberg Corporation during the year: Raw Materials Debit Beginning Balance 4,800 5,000 Credit 8,600 Work in Process Debit Credit Beginning Balance 3,900 22,000 6,000 8,300 8,100 Finished Goods Debit Credit Beginning Balance 2,000 22,000 20,200 Manufacturing Overhead Debit 2,600 3,300 3,000 Wages & Salaries Payable Credit 8,100 Debit Credit 20,200 Beginning Balance 2,300 11,600 Cost of Goods Sold Debit Credit 20,200 The direct labor cost was: Multiple Choice $11,300 O $12,500 $8,300 $20,200