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Flow of Product Costs through Accounts Assuming a routine manufacturing activity, present journal entries (account titles only) for each of the following transactions: a. Purchased material on account. Description Debit Credit Accounts payable b. Recorded wages payable (for Indirect labor) earned but not paid. Description Debit Credit Wages payable C. Requisitioned both direct material and indirect material. Description Debit Credit Work in process inventory Manufacturing overhead Materials inventory d. Assigned direct and indirect labor costs. Description Debit Credit Work in process inventory Manufacturing overhead Wages payable e. Recorded factory depreciation and accrued factory property tax. Description Debit Credit Manufacturing overhead Accumulated depreciation-factory Property taxes payable f. Applled manufacturing overhead to production. Description Debit Credit Manufacturing overhead g. Completed work on products. Description Debit Credit Work in process inventory h. Sold finished goods on account. Description Debit Credit Cost of goods sold To transfer cost to expense. To record sale of goods. L. Paid wages Debit Credit Description Accounts receivable To pay wages earned.

Flow of Product Costs through Accounts Assuming a routine manufacturing activity, present journal entries (account titles only) for each of the following transactions: a. Purchased material on account. Description Debit Credit Accounts payable b. Recorded wages payable (for Indirect labor) earned but not paid. Description Debit Credit Wages payable C. Requisitioned both direct material and indirect material. Description Debit Credit Work in process inventory Manufacturing overhead Materials inventory d. Assigned direct and indirect labor costs. Description Debit Credit Work in process inventory Manufacturing overhead Wages payable e. Recorded factory depreciation and accrued factory property tax. Description Debit Credit Manufacturing overhead Accumulated depreciation-factory Property taxes payable f. Applled manufacturing overhead to production. Description Debit Credit Manufacturing overhead g. Completed work on products. Description Debit Credit Work in process inventory h. Sold finished goods on account. Description Debit Credit Cost of goods sold To transfer cost to expense. To record sale of goods. L. Paid wages Debit Credit Description Accounts receivable To pay wages earned.

Principles of Cost Accounting
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter8: Standard Cost Accounting—materials, Labor, And Factory Overhead
Section: Chapter Questions
Problem 14E: Journalizing standard costs in two departments Griffin Manufacturing Inc. has two departments,...
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Flow of Product Costs through Accounts Assuming a routine manufacturing activity, present Journal entries (account titles only) for each of the following transactions: a. Purchased materlal on account. Description Debit Credit Accounts payable b. Recorded wages payable (for Indirect labor) earned but not paid. Description Debit Credit Wages payable C. Requisitioned both direct material and indirect material. Description Debit Credit Work in process inventory Manufacturing overhead Materials inventory d. Assigned direct and Indirect labor costs. Description Debit Credit Work in process inventory Manufacturing overhead Wages payable e. Recorded factory depreciation and accrued factory property tax. Description Debit Credit Manufacturing overhead Accumulated depreciation-factory Property taxes payable f. Appled manufacturing overhead to production. Description Debit Credit Manufacturing overhead g. Completed work on products. Description Debit Credit Work in process inventory h. Sold finished goods on account. Description Debit Credit Cost of goods sold To transfer cost to expense. To record sale ofgoods, I. Pald wages Description Debit Credit Accounts receivable To pay wages earned.
Transcribed Image Text:Flow of Product Costs through Accounts Assuming a routine manufacturing activity, present Journal entries (account titles only) for each of the following transactions: a. Purchased materlal on account. Description Debit Credit Accounts payable b. Recorded wages payable (for Indirect labor) earned but not paid. Description Debit Credit Wages payable C. Requisitioned both direct material and indirect material. Description Debit Credit Work in process inventory Manufacturing overhead Materials inventory d. Assigned direct and Indirect labor costs. Description Debit Credit Work in process inventory Manufacturing overhead Wages payable e. Recorded factory depreciation and accrued factory property tax. Description Debit Credit Manufacturing overhead Accumulated depreciation-factory Property taxes payable f. Appled manufacturing overhead to production. Description Debit Credit Manufacturing overhead g. Completed work on products. Description Debit Credit Work in process inventory h. Sold finished goods on account. Description Debit Credit Cost of goods sold To transfer cost to expense. To record sale ofgoods, I. Pald wages Description Debit Credit Accounts receivable To pay wages earned.
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