Accts Rec Prepaid Insur Factory Overhead Goods Cash Supp Raw Finished Factory Equipment Acts Pay Depreciatio Accumulate Discount Factory wages payable Indirect Prepaid Rent Work in Materials Progress n- Factory d Equipment depreciatio wages payable 1/1 Ray incorporated B&C Inc and invested $100,000 in exchange for 100,000 shares of $1 par common 100000 stock. 1/1 Paid $9,000 for the first 6 months of rent (Jan-June) on a production facility. -9000 9000 1/1 Paid $4,200 for an insurance premium on a one-year policy. -4200 4200 1/1 Purchased a $15,000 piece of factory equipment with a 3% Note Payable which will be paid in full at the end of 2 years. This equipment has an estimated life of 5 years and an estimated residual value of 15000 200 -200 $3,000. 1/2 Purchased $600 of supplies from Office Hoard Corp on account with terms 2/10, n/30. 600 -600 1/3 Purchased $50,000 of raw 50000 -50000 materials from Chemical Supply Inc account 1/5 Requisitioned $10,000 of raw materials to begin working on Job A (a batch of doodads) and another $7,000 of raw materials to begin working on Job B. -17000 17000 1/8 Paid off account with Office Hoard Corp with cash. -588 588 12 1/10 Incurred $2,500 worth of direct labor costs while working on Job A and another $1,800 of direct labor went to Job B. 4300 -4300 1/11 Allocated $5,000 worth of factory overhead (based on a previously calculated rate) to Job A and $3,600 is allocated to Job B. 8600 -8600 1/13 Job A was completed. -17500 17500 1/16 Job A was sold for $36,000 to Retail Corp on account with FOB destination terms. 36000 1/17 Paid $800 for delivery charges for Job A -800 1/20 Incurred (but did not pay) factory overhead costs as follows: indirect wages, $4,200; indirect materials, $1,850; utilities, $2,300. 8350 4200 1/23 Paid all previously incurred wages with cash. -8500 -4300 -4200 1/28 Paid $5,000 for advertising services with cash. -5000 1/30 Incurred $1,500 of legal expenses which will be paid on February 10th. 1/30 Received $10,000 from Retail Corp to partially pay off their account. 10000 -10000 1/30 B&C Inc issued 50,000 shares of $1 par common stock in exchange for $75,000 from Elizabeth (a new investor). 75000 1/31 Paid $25,000 to Chemical -25000 25000 Supply Inc to partially pay off the account. 1/31 Announced a $3,000 cash dividend which will be distributed on February 5th. 1/31 There are $120 of supplies on hand. 120
Accts Rec Prepaid Insur Factory Overhead Goods Cash Supp Raw Finished Factory Equipment Acts Pay Depreciatio Accumulate Discount Factory wages payable Indirect Prepaid Rent Work in Materials Progress n- Factory d Equipment depreciatio wages payable 1/1 Ray incorporated B&C Inc and invested $100,000 in exchange for 100,000 shares of $1 par common 100000 stock. 1/1 Paid $9,000 for the first 6 months of rent (Jan-June) on a production facility. -9000 9000 1/1 Paid $4,200 for an insurance premium on a one-year policy. -4200 4200 1/1 Purchased a $15,000 piece of factory equipment with a 3% Note Payable which will be paid in full at the end of 2 years. This equipment has an estimated life of 5 years and an estimated residual value of 15000 200 -200 $3,000. 1/2 Purchased $600 of supplies from Office Hoard Corp on account with terms 2/10, n/30. 600 -600 1/3 Purchased $50,000 of raw 50000 -50000 materials from Chemical Supply Inc account 1/5 Requisitioned $10,000 of raw materials to begin working on Job A (a batch of doodads) and another $7,000 of raw materials to begin working on Job B. -17000 17000 1/8 Paid off account with Office Hoard Corp with cash. -588 588 12 1/10 Incurred $2,500 worth of direct labor costs while working on Job A and another $1,800 of direct labor went to Job B. 4300 -4300 1/11 Allocated $5,000 worth of factory overhead (based on a previously calculated rate) to Job A and $3,600 is allocated to Job B. 8600 -8600 1/13 Job A was completed. -17500 17500 1/16 Job A was sold for $36,000 to Retail Corp on account with FOB destination terms. 36000 1/17 Paid $800 for delivery charges for Job A -800 1/20 Incurred (but did not pay) factory overhead costs as follows: indirect wages, $4,200; indirect materials, $1,850; utilities, $2,300. 8350 4200 1/23 Paid all previously incurred wages with cash. -8500 -4300 -4200 1/28 Paid $5,000 for advertising services with cash. -5000 1/30 Incurred $1,500 of legal expenses which will be paid on February 10th. 1/30 Received $10,000 from Retail Corp to partially pay off their account. 10000 -10000 1/30 B&C Inc issued 50,000 shares of $1 par common stock in exchange for $75,000 from Elizabeth (a new investor). 75000 1/31 Paid $25,000 to Chemical -25000 25000 Supply Inc to partially pay off the account. 1/31 Announced a $3,000 cash dividend which will be distributed on February 5th. 1/31 There are $120 of supplies on hand. 120
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter2: The Basics Of Record Keeping And Financial Statement Preparation: Balance Sheet
Section: Chapter Questions
Problem 11P
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