Journal entry problem August 1 Purchased direct materials $1,912 and $482 in indirect materials on account...
Journal entry problem August 1 Purchased direct materials $1,912 and $482 in indirect materials on account 3 Requested direct materials costing $ 1,880 and indirect materials of $96 for production 8 Issued checks for overhead costs $295 15 Recorded the following wages direct labor, $ 1,640, indirect labor $760, manufacturing supervision. $240 and sales commissions $198 15 Applied overhead at a rate of 85 percent of direct labor 25 Completed jobs with a cost of $3,880 31 Shipped Job to customer, cost was $1,940 and sale price was $3,000.
Homework Answers
Journal entry
| Date | account and explanation | debit | credit |
| Aug 1 | Raw material (1912+482) | 2394 | |
| Account payable | 2394 | ||
| (To record purchase material) | |||
| Aug 3 | Work in process | 1880 | |
| Manufacturing overhead | 96 | ||
| Raw material | 1976 | ||
| (to record requisitioned) | |||
| Aug 8 | Manufacturing overhead | 295 | |
| Bank | 295 | ||
| (To record manufacturing overhead) | |||
| Aug 15 | Work in process | 1640 | |
| Manufacturing overhead (760+240) | 1000 | ||
| Selling expense | 198 | ||
| Wages payable | 2838 | ||
| (To record labor) | |||
| Aug 15 | Work in process (1640*85%) | 1394 | |
| Manufacturing overhead | 1394 | ||
| (To record applied overhead) | |||
| Aug 25 | Finished goods | 3880 | |
| Work in process | 3880 | ||
| (To record job completed) | |||
| Aug 31 | Account receivable | 3000 | |
| Sales revenue | 3000 | ||
| (To record sales) | |||
| Cost of goods sold | 1940 | ||
| Finished goods | 1940 | ||
| (To record cost of goods sold) | |||
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2. Raw materials were requisitioned for use in production:
$208,000 (85% direct and 15% indirect)
3. Record the costs that were incurred for employee
services.
4. Heat, power, and water costs were incurred in the factory:
$50,100.
5. Prepaid insurance expired during the year: $19,000 (80%
relates to factory operations, and 20% relates to selling and
administrative activities).
6. Advertising costs were incurred, $59,000.
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