Question

O B newconnectmheducation.com/flow/connect Chapter 15 Homework Help Save & Exh Submit Check my work U . Required information Bergamo Bay's computer system generated the following trial balance on December 31, 2019. The company's manager knows something is wrong with the trial balance because it does not show any balance for Work in Process Inventory but does show a balance for the Factory Overhead account. In addition, the accrued factory payroll Factory Wages Payable has not been recorded. Credit Debit $ 68,000 37.000 23,500 Accounts receivable Raw materials inventory Work in process inventory Pinished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings 12,000 4,000 $11.400 14,400 40,000 76,000 173,700 Cost of goods sold Factory overhead Operating expenses Totals 104.000 27,000 40,000 $315,500 $315,500 Next > 9 10 11 < Prev 12 of 12 Вое о Type here to search

Answer 1

1.

Transaction	General Journal	Debit	Credit
		$	$
a.	Work in Process Inventory	12,200
	Raw Materials Inventory		12,200
b.	Work in Process Inventory	20,000
	Factory Wages Payable		20,000
c.	Work in Process Inventory	20,000
	Factory Overhead		20,000
d.	Factory Overhead	2,300
	Raw Materials Inventory		2,300
e.	Factory Overhead	5,000
	Factory Wages Payable		5,000

2.a. :

Revised Factory Overhead Account
Unadjusted bal.	27,000
d.	2,300
e.	5,000
c.		20,000
			14,300 Dr.

2.b.

Date	General Journal	Debit	Credit
December 31, 2019	Cost of Goods Sold	14,300
	Factory Overhead		14,300

3.

Revised Trial Balance
Account Titles	Debit	Credit
	$	$
Cash	68,000
Accounts Receivable	37,000
Raw Materials Inventory	9,000
Work in Process Inventory	52,200
Finished Goods Inventory	12,000
Prepaid Rent	4,000
Accounts Payable		11,400
Factory Wages Payable		25,000
Notes Payable		14,400
Common Stock		40,000
Retained Earnings		76,000
Sales		173,700
Cost of Goods Sold	118,300
Operating Expenses	40,000
Totals	$ 340,500	$ 340,500