Prepaid Work in Process Accounts Retained Earnings PP&E Transaction Manufacturing Overhead Expenses (net) Payable a. b. C. d. e.
Transaction Analysis
Adams Company is a manufacturer that completed numerous transactions during the month, some of which are shown below:
a.
b.
c. Prepaid insurance expired during the month, $2,500 (75% related to production, and 25% related to selling and administration).
d. Applied $115,000 of manufacturing overhead to production during the month.
e. Closed $5,125 of overapplied overhead to cost of goods sold.
Required:
The table shown below includes a subset of Adams Company’s balance sheet accounts. Record each of the above transactions using the accounts that are given. If a transaction increases an account balance, then record the amount as a positive number. If it decreases an account balance, then record the amount in parentheses.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
