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Prepare summary journal entries to record the following transactions for a company in its first month...


Prepare summary journal entries to record the following transactions for a company in its first month of operations, a. Raw m
Prepare summary journal entries to record the following transactions for a company in its first month of operations, a. Raw materials purchased on account, $116,000. b. Direct materials used in production, $46,000. Indirect materials used in production, $20,600. c. Paid cash for factory payroll, $55,000. Of this total, $41,000 is for direct labor and $14,000 is for indirect labor. d. Paid cash for other actual overhead costs, $9.250. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $85,600 9. Sold jobs on account for $123,000 g(2). The jobs had a cost of $85,600 (1) View transaction list Journal entry worksheet 2 3 4 5 6 7 8 9 ences Record raw materials purchased on account Note: Enter debits before credits Transaction General Journal Deth Credit
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Transaction Credit 116,000 $ 46,000 20,600 55,000 General Journal Raw Materials Inventory Accounts Payable Work in Process In

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