Journal entry? 1. Materials were purchased on account for $35,425. 2. Materials were requisitioned to begin work on Job C15 in the amount of $25,261.
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- During the month, Job AB2 used specialized machinery for 450 hours and incurred $500 in utilities on account, $300 in factory depreciation expense, and $100 in property tax on the factory. Prepare journal entries for the following: A. Record the expenses incurred. B. Record the allocation of overhead at the predetermined rate of $1.50 per machine hour.The following data summarize the operations during the year. Prepare a journal entry for each transaction. Purchase of raw materials on account: $3000 Raw materials used by Job 1: $500 Raw materials used as indirect materials: $100 Direct labor for Job 1: $300 Indirect labor incurred: $50 Factory utilities incurred on account: $700 Adjusting entry for factory depreciation: $250 Manufacturing overhead applied as percent of direct labor: 200% Job 1 is transferred to finished goods Job 1 is sold: $3,000 Manufacturing overhead is over applied: $100The Following events occurred during March for Ajax Company. Prepare a journal entry for each transaction. Materials were purchased on account for $5,429. Materials were requisitioned to begin work on Job C15 In the amount of $2,500. Direct labor expense for job C15 was $4,250. Actual overhead was incurred on account for $5,385. Factory overhead was charged w Job C15 at the rate of 200% direct labor. Job C15 was transferred to finished goods at $15,250. Job C15 was sold on account for $28,000.
- Issuance of materials On May 7, Bergan Company purchased on account 10,000 units of raw materials at 8 per unit. During May, raw materials were requisitioned for production as follows: 7,500 units for Job 200 at 8 per unit and 1,480 units for Job 305 at 5 per unit. Journalize the entry on May 7 to record the purchase and on May 31 to record the requisition from the materials storeroom.Prepare journal entries to record the following transactions. 1. A manufacturing company purchased $1,200 of materials (on account) for use in production. 2. The company used $200 of direct materials on Job 1 and $350 of direct materials on Job 2.The following data summarize the operations during the year. Prepare a journal entry for eachtransaction.A. Purchase of raw materials on account: $3,000B. Raw materials used by Job 1: $500C. Raw materials used as indirect materials: $100D. Direct labor for Job 1: $300E. Indirect labor incurred: $50F. Factory utilities incurred on account: $700G. Adjusting entry for factory depreciation: $250H. Manufacturing overhead applied as percent of direct labor: 200%I. Job 1 is transferred to finished goodsJ. Job 1 is sold: $3,000K. Manufacturing overhead is over applied: $100
- MOC Construction Company started work on three job sites during the current year. Any costs incurred are expected to be recoverable. Data relating to the three jobs are given below (image): If the company records revenue at a point in time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 31? A. 5,100,000 B. 500,000 C. 250,000 D. 100,00MOC Construction Company started work on three job sites during the current year. Any costs incurred are expected to be recoverable. Data relating to the three jobs are given below (image): If the company records revenue over time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 31? A. 5,500,000 C. 250,000B. 500,000 D. 100,000MOC Construction Company started work on three job sites during the current year. Any costs incurred are expected to be recoverable. Data relating to the three jobs are given below (image): If the company records revenue at a point in time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 31? A. 5,100,000 C. 250,000B. 500,000 D. 100,000
- Issuance of Materials Materials issued for the current month are as follows: Requisition Number Material Job No. Amount 201 Aluminum 500 P 88,700 202 Plastic 503 27,600 203 Rubber 504 3,650 204 Glue Indirect 2,250 205 Steel 510 38,750 Journalize the entry to record the issuance of materials.Journalize the entries to record the following transactions: Mar. 10: 500 units of raw materials were purchased on account at $6.50 per unit. Mar. 15: 400 units of raw materials were requisitioned at $7.00 per unit for production, Job 872. Mar. 25: 300 units of raw materials were requisitioned at $6.50 per unit for production, Job 879. If an amount box does not require an entry, leave it blank. Mar. 10 Mar. 15 Mar. 25The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $347,900 $438,350 Work in process 626,220 596,160 Finished goods 601,870 609,310 Advertising expense $297,640 Depreciation expense-office equipment 42,080 Depreciation expense-factory equipment 56,550 Direct labor 675,060 Heat, light, and power-factory 22,360 Indirect labor 78,900 Materials purchased 661,910 Office salaries expense 231,010 Property taxes-factory 18,410 Property taxes-headquarters building 38,140 Rent expense-factory 31,120 Sales 3,099,130 Sales salaries expense 380,490 Supplies-factory 15,340 Miscellaneous costs-factory 9,640 Required: 1. Prepare the statement of cost of goods manufactured. 2. Prepare the income statement.
