Question

2. Prepare journal entries for the month of April to record the above transactions Required information...

2. Prepare journal entries for the month of April to record the above transactions

Required information [The following information applies to the questions displayed below.) Marcelino Co.s March 31 inventory
Journal entry worksheet < 1 2 3 4 5 6 7 8 13 Record the entry for Materials purchases (on credit). Note: Enter debits before
Journal entry worksheet 3 4 5 6 Record the direct materials used in production Note: Enter debits before credits Transaction
Journal entry worksheet < 1 2 3 4 5 6 7 8 Record the Direct labor paid and assigned to Work in Process Inventory. Note: Winte
Journal entry worksheet 13 Record the indirect labor paid and assigned to Factory Overhead. Note: Enter debits before credits
View transaction list Journal entry worksheet 7 8 13 Record the entry for Overhead costs applied to Work in Process Inventory
Journal entry worksheet 1 2 3 4 Record the cost of indirect materials used. Note: Enter debits before credits Transaction Gen
Journal entry worksheet < 1 2 3 4 5 6 Record the cost of factory utilities, paid in cash. Note: Enter debits before credits G
< 1 2 3 4 6 7 8 Record depreciation on factory equipment. Note: Enter dobits before credits General Journal Debit Credit Tran
8 9 13 Record the cost of factory rent, paid in cash. Note: Enter debits before cre Transaction General Jour Debit Cred Recor
< 1 ..... 5 6 7 8 9 10 13 Record the entry for transfer of Jobs 306 and 307 to Finished Goods Inventory Note: Enter debits be
< 1 ..... 6 7 8 9 10 10 11 Record the Cost of goods sold for Job 306. Note: Enter dichits before credits. Transaction h Gener
Journal entry worksheet < 1 ..... 6 11 7 8 9 10 11 Record the revenue from the sale of Job 306. Note: inter debits before cre
fer of Jobs 306 and 307 to Finished Goods Inventory of goods sold for Job 306. enue from the sale of Job 306. gnment of any u
Required information [The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $88.000. Raw materials purchases in April are $600,000, and factory payroll cost in April is $385,000. Overhead costs incurred in Aprilare: indirect materials, $55,000; indirect labor, $22,000; factory rent, $33,000; factory utilities. $23,000; and facto ctory utilities. $23,000: and factory equipment depreciation, $57,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $680,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 $26.000 21,000 10,500 $ 42,000 18,000 9,000 Balances on March 31 Direct materials Direct labore Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 136.000 104,000 200,000 155,000 $105,000 104,000 Finished (sold) Finished (unsold) in process a. Materials purchases (on credit). b. Direct materials used in production, c. Direct labor paid and assigned to Work in Process Inventory. d. Indirect labor paid and assigned to Factory Overhead. e. Overhead costs applied to Work in Process Inventory. 1. Actual overhead costs incurred, including indirect materials. (Factory rent and utilities are paid in cash) g. Transfer of Jobs 306 and 307 to Finished Goods Inventory. h. Cost of goods sold for Job 306. 1. Revenue from the sale of Job 306. J. Assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account. (The amount is not material.) 2. Prepare journal entries for the month of April to record the above transactions.
Journal entry worksheet < 1 2 3 4 5 6 7 8 13 Record the entry for Materials purchases (on credit). Note: Enter debits before credits. Transaction a. General Journal Debit Credit www. Record entry Clear entry View general journal
Journal entry worksheet 3 4 5 6 Record the direct materials used in production Note: Enter debits before credits Transaction b. General Journal Debit LAAANNNNNNNNN Credit UNION Record entry Clear entry View general Journal
Journal entry worksheet < 1 2 3 4 5 6 7 8 Record the Direct labor paid and assigned to Work in Process Inventory. Note: Winter dcbits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal
Journal entry worksheet 13 Record the indirect labor paid and assigned to Factory Overhead. Note: Enter debits before credits Transaction General Journal Debit Credit NAPON EMELTRONOMIANA NAMAN UN Record entry Clear entry View general journal
View transaction list Journal entry worksheet 7 8 13 Record the entry for Overhead costs applied to Work in Process Inventory Note: Enter debits before credi Transaction General Journal Credit Record entry Clear entry View general Journal
Journal entry worksheet 1 2 3 4 Record the cost of indirect materials used. Note: Enter debits before credits Transaction General Journal Debit Credit ww INTRAMUNWAR Record entry Clear entry View general journal
Journal entry worksheet < 1 2 3 4 5 6 Record the cost of factory utilities, paid in cash. Note: Enter debits before credits General Journal D ebit Count Transaction f(2) / WAT / / Record entry Clear entry View general Journal
< 1 2 3 4 6 7 8 Record depreciation on factory equipment. Note: Enter dobits before credits General Journal Debit Credit Transaction f(3). Www dan D A N NY 11 Record entry Clear entry View general journal
8 9 13 Record the cost of factory rent, paid in cash. Note: Enter debits before cre Transaction General Jour Debit Cred Record entry Clear entry View general journal
< 1 ..... 5 6 7 8 9 10 13 Record the entry for transfer of Jobs 306 and 307 to Finished Goods Inventory Note: Enter debits before credits Transaction General Journal Debit Credit MANN Record entry Clear entry View general journal
< 1 ..... 6 7 8 9 10 10 11 Record the Cost of goods sold for Job 306. Note: Enter dichits before credits. Transaction h General Journal Debit Credit Record entry Clear entry View general Journal
Journal entry worksheet < 1 ..... 6 11 7 8 9 10 11 Record the revenue from the sale of Job 306. Note: inter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal
fer of Jobs 306 and 307 to Finished Goods Inventory of goods sold for Job 306. enue from the sale of Job 306. gnment of any underapplied or overapplied overhead to the Cost of Goods Sold acco pare journal entries for the month of April to record the above transactions w transaction list Journal entry worksheet 6 7 8 9 2313 10 11 Record the entry for assignment of any underapplied or overapplied overhead to the Cost of Goods Sold. Ne debts before medias Transaction General Journal D ebit Credit Record entry Clear entry View general journal < Prev 3
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Answer #1

Solution:

Journal Entries - Marcelino Co
Event Particulars Debit Credit
a Raw material inventory Dr $6,00,000.00
             To Accounts Payable $6,00,000.00
(To record purchase of raw material)
b Work In Process Dr $4,41,000.00
             To Raw material inventory $4,41,000.00
(To record raw material used in production)
c Work In Process Dr $3,63,000.00
             To Cash $3,63,000.00
(To record direct labor payment and assigment to production)
d Factory overhead Dr $22,000.00
             To Cash $22,000.00
(To record Indirect labor payment and assigment to factory overhead)
e Work In Process Dr $1,81,500.00
             To Factory Overhead $1,81,500.00
(To apply overhead to production)
f1 Factory Overhead Dr $55,000.00
             To Raw material inventory $55,000.00
(To record indirect material used)
f2 Factory Overhead Dr $33,000.00
             To Cash $33,000.00
(To record factory rent)
f3 Factory Overhead Dr $23,000.00
             To Cash $23,000.00
(To record factory utilities)
f4 Factory Overhead Dr $57,000.00
             To Accumulated Depreciation $57,000.00
(To record factory depreciation)
g Finished goods inventory Dr $8,51,000.00
             To Work In Process $8,51,000.00
(Being completed jobs transferred to finished goods)
h Cost of goods sold Dr $3,49,500.00
             To Finished goods inventory $3,49,500.00
(To record cost of goods sold for Job 306)
i Cash Dr $6,80,000.00
             To Sales Revenue $6,80,000.00
(To record sales of Job 306)
j Cost of goods sold Dr $8,500.00
             To Factory Overhead $8,500.00
(To close underapplied overhead to COGS)
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