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Homework Answers
| Solution 1: | |||
| Journal Enteries - Polaris Company | |||
| S. No | General Journal | Debit | Credit |
| a | Raw Material Inventory Dr | $210,000.00 | |
| To Accounts Payable | $210,000.00 | ||
| (Raw material purchased on account) | |||
| b | Work In Process Dr | $153,600.00 | |
| Manufacturing Overhead Dr | $38,400.00 | ||
| To Raw Material Inventory | $192,000.00 | ||
| (Being Raw material used in production) | |||
| c | Work In Process Dr | $49,000.00 | |
| Manufacturing Overhead Dr | $22,000.00 | ||
| To Wages Payable | $71,000.00 | ||
| (Being labor cost accrued) | |||
| d | Manufacturing overhead Dr | $106,000.00 | |
| To Accumulated depreciation - Factory Equipment | $106,000.00 | ||
| (Being depreciation charged on factory equipment) | |||
| e | Manufacturing overhead Dr | $130,000.00 | |
| To Accounts Payable | $130,000.00 | ||
| (Being other manufacturing overhead cost incurred) | |||
| f | Work In Process Dr (76100 * $9) | $684,900.00 | |
| To Manufacturing overhead | $684,900.00 | ||
| (Being manufacturing overhead applied to prodcution) | |||
| g | Finished Goods Inventory Dr | $514,000.00 | |
| To Work In Process | $514,000.00 | ||
| (Being cost of completed goods transferred to finished goods) | |||
| h-1 | Cost of goods sold Dr | $451,000.00 | |
| To Finished Goods Inventory | $451,000.00 | ||
| (Being cost of unit sold transferred to COGS) | |||
| h-2 | Accounts Receivables Dr ($451,000*136%) | $613,360.00 | |
| To Sales Revenue | $613,360.00 | ||
| (To record sales on account) | |||
| Solution 1: | |||
| Journal Enteries - Polaris Company | |||
| S. No | General Journal | Debit | Credit |
| a | Raw Material Inventory Dr | $210,000.00 | |
| To Accounts Payable | $210,000.00 | ||
| (Raw material purchased on account) | |||
| b | Work In Process Dr | $153,600.00 | |
| Manufacturing Overhead Dr | $38,400.00 | ||
| To Raw Material Inventory | $192,000.00 | ||
| (Being Raw material used in production) | |||
| c | Work In Process Dr | $49,000.00 | |
| Manufacturing Overhead Dr | $22,000.00 | ||
| To Wages Payable | $71,000.00 | ||
| (Being labor cost accrued) | |||
| d | Manufacturing overhead Dr | $106,000.00 | |
| To Accumulated depreciation - Factory Equipment | $106,000.00 | ||
| (Being depreciation charged on factory equipment) | |||
| e | Manufacturing overhead Dr | $130,000.00 | |
| To Accounts Payable | $130,000.00 | ||
| (Being other manufacturing overhead cost incurred) | |||
| f | Work In Process Dr (76100 * $9) | $684,900.00 | |
| To Manufacturing overhead | $684,900.00 | ||
| (Being manufacturing overhead applied to prodcution) | |||
| g | Finished Goods Inventory Dr | $514,000.00 | |
| To Work In Process | $514,000.00 | ||
| (Being cost of completed goods transferred to finished goods) | |||
| h-1 | Cost of goods sold Dr | $451,000.00 | |
| To Finished Goods Inventory | $451,000.00 | ||
| (Being cost of unit sold transferred to COGS) | |||
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Exercise 3-5 (Algo) Journal Entries and T-accounts [LO3-1, LO3-2) The Polaris Company uses a job order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $210,000. b. Raw materials used in production, $190,000 ($152,000 direct materials and $38,000 indirect materials). c. Accrued direct labor cost of $50,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $106,000. e. Other manufacturing overhead costs accrued during October, $130,000. 1. The company applies manufacturing overhead...
journal entries for each transaction
and t accounts
Exercise 3-5 Journal Entries and T-accounts [LO3-1, LO3-2) The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account. $209,000 b. Raw materials used in production, $190,000 ($152,000 direct materials and $38,000 indirect materials). c. Accrued direct labor cost of $50,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $105,000 e. Other manufacturing overhead costs accrued during October $131,000....
Check my 3 Exercise 3-5 Journal Entries and T-accounts [LO3-1, LO3-2] 10 The Polaris Company uses a job-order costing system. The following transactions occurred in October: points a. Raw materials purchased on account, $209,000. b. Raw materials used in production, $189,000 ($151,200 direct materials and $37,800 indirect materials). c. Accrued direct labor cost of $49,000 and indirect labor cost of $22,000. d. Depreciation recorded on factory equipment, $104,000. e. Other manufacturing overhead costs accrued during October, $130,000. f. The company...
1-9
Exercise 3-5 Journal Entries and T-accounts (L03-1, LO3-2] The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $210,000. b. Raw materials used in production, $189,000 ($151,200 direct materials and $37,800 indirect materials). c. Accrued direct labor cost of $49,000 and indirect labor cost of $20,000. d. Depreciation recorded on factory equipment, $104,000. e. Other manufacturing overhead costs accrued during October, $130,000. f. The company applies manufacturing overhead cost...
Exercise 3-5 Journal Entries and T-accounts (LO3-1, LO3-2] The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $210,000. b. Raw materials used in production, $189,000 ($151,200 direct materials and $37,800 indirect materials). c. Accrued direct labor cost of $49,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $106,000. e. Other manufacturing overhead costs accrued during October, $130,000. f. The company applies manufacturing overhead cost to...
Exercise 3-5 Journal Entries and T-accounts [LO3-1, LO3-2) The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $210,000. b. Raw materials used in production, $192,000 ($153,600 direct materials and $38,400 Indirect materials). c. Accrued direct labor cost of $48,000 and Indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $104,000. e. Other manufacturing overhead costs accrued during October, $131,000. f. The company applies manufacturing overhead cost to...
I need help with this question.
The Polaris Company uses a job order costing system. The following transactions occurred in October a. Raw materials purchased on account, $210,000 b. Raw materials used in production, $189.000 (S151.200 direct materials and $37.800 indirect materials). c. Accrued direct labor cost of $49,000 and indirect labor cost of $21.000. d. Depreciation recorded on factory equipment. $105.000. e. Other manufacturing overhead costs accrued during October $131,000. . The company applies manufacturing overhead cost to production...
Need some help on this one, need to create journal
entries for the following and prepare T accounts for manufacturing
overhead and work in progress. Thanks for your time.
The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $209,000. b. Raw materials used in production, $189,000 ($151,200 direct materials and $37,800 indirect materials). C. Accrued direct labor cost of $49,000 and indirect labor cost of $20,000. d. Depreciation recorded...
Exercise 3-5 Journal Entries and T-accounts (LO3-1, LO3-2] The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $210,000. b. Raw materials used in production, $191,000 ($152,800 direct materials and $38,200 indirect materials). c. Accrued direct labor cost of $49,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $105,000. e. Other manufacturing overhead costs accrued during October, $130,000. f. The company applies manufacturing overhead cost to...