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Q: what is a t account
A: Accounting is the art of classifying, recording, summarizing, and interpreting the financial…
Q: Please provide the journal entry and T Account Posting for each transaction. Only needs chapter3…
A: Journal entry has always two effects in accounting .i.e. Debit and credit. T account is visual…
Q: journalize the transaction. do it nicely.
A: Journal Entry The basic process of accounting work is to provide required journal entries to the…
Q: REQUIRED A. EQUATION B JOURNAL ENTRY C POST TO T-ACCTS
A:
Q: create t-accounts general ledger
A: T accounts preparation is the important step of accounting cycle process. These accounts are…
Q: How to do subscription fee account
A: Members pay subscriptions as a fee for accessing a club's or society's amenities for a specific time…
Q: reipts: an from John ings
A: Jean Smith Profit and Loss A/c for the Year ended 31-03-206…
Q: Prepare journal entries and calculate net pa
A: Journal Entry: A journal entry is a systematic record of a financial transaction recorded in…
Q: 1. Post the above transactions to T-accounts.
A: Required to fill the journal entries in various accounts
Q: Give a example of accruals and write a numeric example for it with Accountıng entries
A: Meaning of Accrual: Accrual meaning in accounting term means, recognition of revenues and costs as…
Q: Set c. Com.p.ute the General Journal
A: Journal Entry The purpose of preparing the journal entry to enter the required transaction which can…
Q: Statement Date ement Instructions arges We have
A: Bank Reconciliation statement is prepared at the end of the month to reconcile the balance as per…
Q: Create worksheet on A. albelto Account
A: Accounting work sheet: It is spreadsheet where all the accounting records are kept. In book-keeping…
Q: Categories each transaction using the correct account name
A: Introduction: Classification of account If we want to transfer the journal into ledgers then we…
Q: Net realizable val = purchases entory - Decembe
A: The theory of lesser of cost or net realizable value states that inventory must be recorded at the…
Q: omplete please
A: Whenever partners wants to adjust their capital then difference will be adjusted through capital…
Q: information prepar nt for Steven and C
A: A sale and lease back agreement is a contract between two parties where one party sells an asset to…
Q: Post the transactions to T-accounts
A: T-accounts is the set of record to present the transactions of the company
Q: How to post from general ledger
A: Posting is made to the general ledger and not from general ledger and the question has been answered…
Q: Ledger account (strictly with date)
A: Ledger account is the account in which the entries debit and credit rules are entered into the…
Q: Date Account Titles and Explanation Debit Credit
A: A Journal entry is used to record a business transaction in the accounting records of a business.…
Q: Prepare the T-Account
A:
Q: Please help me answering this in DIRECT METHOD with T-ACCOUNTS. I already have an answer in Indirect…
A: Cash flow statement is the financial statement including only the inflow and outflow of cash from…
Q: make T accounts
A: T accounts are the classified accounts under which all the recorded journal entries are posted. This…
Q: Post to a ledger using the T-acvount format. B.Journalize the above transaction
A: Journal entries and Ledgers are basics of accounting
Q: lyoming company file ompany seeking P2,0
A: Generally Accepted Accounting Principles. GAAP is a set of accounting standards, regulations, and…
Q: débit side. Even though these account balances are ncreasing what is hannonin
A: An expense is the cost of operation that a business incurs…
Q: -20 AT-account is O a. Used for accounts that has both a debit and credit balance O b. A way of…
A: A T- account is used in double-entry system in which debits and credits are separated where debit is…
Q: Use the journals and ledgers that follow. Total the journals. Post the transactions to the…
A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS Subsidiary Ledgers…
Q: Compute for the using FIFO retail m Со
A: Cost of ending inventory using FIFO retail method
Q: Activity 2 Use the information in the sum following General Ledger acco systems
A: Ledger Account The purpose of preparing the ledger account is to know the actual balance which are…
Q: Registers in OBO: Multiple Choice Display more detailed information about accounts Display all…
A: Quickbooks is very useful and important tool used for accounting nowadays. This is a kind of…
Q: CREATE YOUR OWN FORM OF “CHART OF ACCOUNTS”
A: NATURE OF BUSINESS - GARMENTS MANUFACTURING CHART OF ACCOUNTS ACCOUNT NO. ACCOUNT TITLE 1…
Q: Post the folowing using T-Accounts
A: Ledgers summarizes the journal entries so that we can get more information in a Single Format and…
Q: Do the posting t-accounts
A: A ledger is a book that contains all the accounts such as Assets Accounts, Liabilities Accounts,…
Q: Date Account Titles and Explanation Debit Credit > > > > > >
A: Preferred Stock- Preferred stock is a part of share capital that may have any arrangement of quality…
Q: -ks of January (- dditional salarie sting entry for account field.) View transaction lis
A: Fact: Employees earned in last three days of Jan ,salary…
Q: "T- Accounts" f
A: T-accounts are ledger accounts for respective items which are part of financial statements. They are…
Q: Prepare journal entered for the attached transactions
A: Journal Entry for above Transaction are as follows.
Q: QUESTION 2 Posting: transfers journal entries to ledger accounts. O a. transfers ledger transaction…
A: Accounting process: A process that starts with identifying the transactions or events and ends with…
Q: Recorde . Collecte I. Recorde account s the total e
A: Free cash flow is the money a business entity left over after paying its…
Q: e journal entry to record this transaction i
A: Cost $72,000 Less Accumulated depreciation ($48,000) Sales proceeds ($8,500) Loss on sale…
Q: Account
A: The account is a statement that records journal entries. In the double-entry system of accounting,…
Q: transactions into ledger.
A: Meaning of Ledger All the transactions which are recorded on journal are posted into the ledger…
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- Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.Use the following information for Brief Exercise: Morning Smiles Coffee Company manufactures Stoneware French Press coffee makers and sold 8,000 coffee makers during the month of March at a total cost of 612,500. Each coffee maker sold at a price of 100. Morning Smiles also incurred two types of selling costs: commissions equal to 5% of the sales price and other selling expense of 45,000. Administrative expense totaled 47,500. 2-33 Income Statement Percentages Refer to the information for Morning Smiles Coffee Company on the previous page. Required: Prepare an income statement for Morning Smiles for the month of March and calculate the percentage of sales revenue represented by each line of the income statement. (Note: Round answers to one decimal place.)For each of the following independent situations, calculate the missing values: 1. The Belen plant purchased 78,300 of direct materials during June. Beginning direct materials inventory was 2,500, and direct materials used in production were 73,500. What is ending direct materials inventory? 2. Forster Company produced 14,000 units at an average cost of 5.90 each. The beginning inventory of finished goods was 3,422. (The average unit cost was 5.90.) Forster sold 14,120 units. How many units remain in ending finished goods inventory? 3. Beginning work in process (WIP) was 116,000, and ending WIP was 117,300. If total manufacturing costs were 349,000, what was the cost of goods manufactured? 4. If the conversion cost is 84 per unit, the prime cost is 55, and the manufacturing cost per unit is 105, what is the direct materials cost per unit? 5. Total manufacturing costs for August were 412,000. Prime cost was 64,000, and beginning WIP was 76,000. The cost of goods manufactured was 434,000. Calculate the cost of overhead for August and the cost of ending WIP.
- Kildeer Company makes easels for artists. During the last calendar year, a total of 30,000 easels were made, and 31,000 were sold for 52 each. The actual unit cost is as follows: The selling expenses consisted of a commission of 1.30 per unit sold and advertising copayments totaling 95,000. Administrative expenses, all fixed, equaled 183,000. There were no beginning and ending work-in-process inventories. Beginning finished goods inventory was 132,600 for 3,400 easels. Required: 1. Calculate the number and the dollar value of easels in ending finished goods inventory. 2. Prepare a cost of goods sold statement. 3. Prepare an absorption-costing income statement. Add a column for percentage of sales.Pattison Products, Inc., began operations in October and manufactured 40,000 units during the month with the following unit costs: Fixed overhead per unit = 280,000/40,000 units produced = 7. Total fixed factory overhead is 280,000 per month. During October, 38,400 units were sold at a price of 24, and fixed marketing and administrative expenses were 130,500. Required: 1. Calculate the cost of each unit using absorption costing. 2. How many units remain in ending inventory? What is the cost of ending inventory using absorption costing? 3. Prepare an absorption-costing income statement for Pattison Products, Inc., for the month of October. 4. What if November production was 40,000 units, costs were stable, and sales were 41,000 units? What is the cost of ending inventory? What is operating income for November?A company started a new product, and in the first month started 100,000 units. The ending work in process inventory was 20,000 units that were 100% complete with materials and 75% complete with conversion costs. There were 100,000 units to account for, and the equivalent units for materials was $6 per unit while the equivalent units for conversion was $8 per unit. What is the value of the inventory transferred out, using the weighted-average inventory method?
- Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials inventory balance of $200. If the cost of materials used during the month was $900, what was the beginning inventory?Total Pops data show the following information: New machinery will be added in April. This machine will reduce the labor required per unit and increase the labor rate for those employees qualified to operate the machinery. Finished goods inventory is required to be 20% of the next months requirements. Direct material requires 2 pounds per unit at a cost of $3 per pound. The ending inventory required for direct materials is 15% of the next months needs. In January, the beginning inventory is 3,000 units of finished goods and 4,470 pounds of material. Prepare a production budget, direct materials budget, and direct labor budget for the first quarter of the year.The following events took place for Rushmore Biking Inc. during February, the first month of operations as a producer of road bikes: Purchased 480,000 of materials. Used 434,500 of direct materials in production. Incurred 125,000 of direct labor wages. Applied factory overhead at a rate of 40% of direct labor cost. Transferred 578,000 of work in process to finished goods. Sold goods with a cost of 550,000. Revenues earned by selling bikes, 910,000. Incurred 185,000 of selling expenses. Incurred 90,000 of administrative expenses. a. Prepare the income statement for Rushmore Biking for the month ending February 28. b. Determine the inventory balances on February 28, the end of the first month of operations.
- Fresno Industries Inc. manufactures and sells high-quality camping tents. The company began operations on January 1 and operated at 100% of capacity (150,000 units) during the first month, creating an ending inventory of 20,000 units. During February, the company produced 130,000 units during the month but sold 150,000 units at 500 per unit. The February manufacturing costs and selling and administrative expenses were as follows: a. Prepare an income statement according to the absorption costing concept for the month ending February 28. b. Prepare an income statement according to the variable costing concept for for the month ending February 28. c. What is the reason for the difference in the amount of operating income reported in (a) and (b)?Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporations books and records for the current year ended December 31, 2016: a. Total manufacturing cost during the year was 1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was 970,000. c. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31. e. Material purchases were 400,000 and the ending balance in Materials inventory was 60,000. No indirect materials were used in production. Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)Lakeesha Barnett owns and operates a package mailing store in a college town. Her store, Send It Packing, helps customers wrap items and send them via UPS, FedEx, and the USPS. Send It Packing also rents mailboxes to customers by the month. In May, purchases of materials (stamps, cardboard boxes, tape, Styrofoam peanuts, bubble wrap, etc.) equaled 11,450; the beginning inventory of materials was 1,050, and the ending inventory of materials was 950. Payments for direct labor during the month totaled 25,570. Overhead incurred was 18,130 (including rent, utilities, and insurance, as well as payments of 14,050 to UPS and FedEx for the delivery services sold). Since Send It Packing is a franchise, Lakeesha owes a monthly franchise fee of 5 percent of sales. She spent 2,750 on advertising during the month. Other administrative costs (including accounting and legal services and a trip to Dallas for training) amounted to 3,650 for the month. Revenues for May were 102,100. Required: 1. What was the cost of materials used for packaging and mailing services during May? 2. What was the prime cost for May? 3. What was the conversion cost for May? 4. What was the total cost of services for May? 5. Prepare an income statement for May. 6. Of the overhead incurred, is any of it direct? Indirect? Explain.