Broadwell Manufacturing Co. maintains the following accounts in the general ledger: Materials, Work in Process, Factory Overhead, and Accounts Payable. On July 1, the materials account had a debit balance of $9,500. Following is a summary of materials transactions for the month of July: 1.Materials purchased,$33,952.50 2.Direct materials requisitioned to production, $27,787.50. 3.Direct materials returned to storeroom, $2,090. 4.Indirect materials requisitioned to production, $4,156.25 5.Indirect materials returned to storeroom, $555.75 a.Prepare journal entries to record the materials transactions. b.Post the journal entries to ledger accounts (in T-account form). c.What is the balance of the materials inventory account at the end of the month?
Broadwell Manufacturing Co. maintains the following accounts in the general ledger: Materials, Work in Process, Factory Overhead, and Accounts Payable. On July 1, the materials account had a debit balance of $9,500. Following is a summary of materials transactions for the month of July: 1.Materials purchased,$33,952.50 2.Direct materials requisitioned to production, $27,787.50. 3.Direct materials returned to storeroom, $2,090. 4.Indirect materials requisitioned to production, $4,156.25 5.Indirect materials returned to storeroom, $555.75 a.Prepare journal entries to record the materials transactions. b.Post the journal entries to ledger accounts (in T-account form). c.What is the balance of the materials inventory account at the end of the month?
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter2: Accounting For Materials
Section: Chapter Questions
Problem 5E: Recording materials transactions Prepare a journal entry to record each of the following materials...
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TAREA 2.2
E2-13 Recording materials transactions
Broadwell Manufacturing Co. maintains the following accounts in the general ledger: Materials, Work in Process, Factory Overhead, and Accounts Payable. On July 1, the materials account had a debit balance of $9,500.
Following is a summary of materials transactions for the month of July:
1.Materials purchased,$33,952.50
2.Direct materials requisitioned to production, $27,787.50.
3.Direct materials returned to storeroom, $2,090.
4.Indirect materials requisitioned to production, $4,156.25
5.Indirect materials returned to storeroom, $555.75
a.Prepare
b.Post the journal entries to ledger accounts (in T-account form).
c.What is the balance of the materials inventory account at the end of the month?
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