Question

A summary of the time tickets for the current month follows:

Job No.	Amount
100	$ 3,690
101	4,010
104	23,040
108	21,440
Indirect	6,000
111	6,880
115	7,620
117	34,540

Journalize the entry on Dec. 31 to record the factory labor costs. Refer to the Chart of Accounts for exact wording of account titles.

Chart of Accounts

CHART OF ACCOUNTS
General Ledger
ASSETS 110 Cash 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 131 Materials 132 Work in Process 133 Factory Overhead 134 Finished Goods 141 Supplies 142 Prepaid Insurance 143 Prepaid Expenses 181 Land 191 Factory 192 Accumulated Depreciation-Factory LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary	REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Wages Expense 531 Selling Expenses 532 Insurance Expense 533 Utilities Expense 534 Office Supplies Expense 540 Administrative Expenses 569 Depreciation Expense-Factory 590 Miscellaneous Expense 710 Interest Expense

Journal

Journalize the entry on Dec. 31 to record the factory labor costs. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 10

JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1
2
3

Answer 1

Credit ($) Journal No. Date Account Titles and Explanation 31-Dec Work in Process Wages Payable (To record the direct labor cost incurred) Debit ($) 101,220 101,220 Job No. 100 101 6,000 Factory Overhead Wages Payable (To record the indirect labor cost incurred) 6,000 104 108 111 1151 Amount 3,690 4,010 23,040 21,440 6,880 7,620 34,540 101,220 Total Direct Labor

Journal ACCOUNTING EQUATION POST. REF. DATE DESCRIPTION DEBIT CREDIT ASSETS LIABILITIES EQUITY Explanation 101220 101220 = 101220 101220 31-Dec Work in Process Wages Payable Factory 2l 31-Dec Overhead Wages Payable 6000 + -6000 Factory Overhead will be charged to profit and reducing the retained earnings with is an equity. 6000 6000 Please give as many likes for the hard work.