6. Using the following account names, prepare the journal entries for the independent transactions listed below:Raw Materials Inventory Manufacturing OverheadWages PayableWork in Process: PackagingAccounts ReceivableCost of Goods SoldFactory Wages ExpenseFinished Goods InventoryWork in Process: ShapingWork in Process: ProductionSalesConversion CostsPLEASE NOTE #1: For similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the problem.PLEASE NOTE #2: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345).Overhead is assigned to the manufacturing department at the rate of $10 per machine hour. There were 3,500 machine hours during October in the shaping department and 2,500 in the packaging department. Prepare the journal entry to apply overhead to the manufacturing departments.DR??DR??CR?? Prepare the journal entry to record the factory wages of $28,000 incurred for the production department assuming payment will be made in the next pay period.DR??CR?? Prepare the journal entry to record the transfer of 3,000 units from the packaging department to finished goods if the material cost per unit is $4 and the conversion cost per unit is $5.50.DR??CR?? Prepare the journal entry to record the sale of 2,000 units that cost $8 per unit and sold for $15 per unit. You are to prepare these journal entries in the proper order as I have described at numerous times in our Zoom Classroom Sessions.DR??CR?? DR??CR??

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Answered: 6. Using the following account names,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Using the following account names, prepare the journal entries for the independent transactions listed below:

Raw Materials Inventory	Manufacturing Overhead	Wages Payable
Work in Process: Packaging	Accounts Receivable	Cost of Goods Sold
Factory Wages Expense	Finished Goods Inventory	Work in Process: Shaping
Work in Process: Production	Sales	Conversion Costs

PLEASE NOTE #1: For similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the problem.

PLEASE NOTE #2: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345).

Overhead is assigned to the manufacturing department at the rate of $10 per machine hour. There were 3,500 machine hours during October in the shaping department and 2,500 in the packaging department. Prepare the journal entry to apply overhead to the manufacturing departments.

DR	?	?
DR	?	?
CR	?	?

Prepare the journal entry to record the factory wages of $28,000 incurred for the production department assuming payment will be made in the next pay period.

DR	?	?
CR	?	?

Prepare the journal entry to record the transfer of 3,000 units from the packaging department to finished goods if the material cost per unit is $4 and the conversion cost per unit is $5.50.

DR	?	?
CR	?	?

Prepare the journal entry to record the sale of 2,000 units that cost $8 per unit and sold for $15 per unit. You are to prepare these journal entries in the proper order as I have described at numerous times in our Zoom Classroom Sessions.

DR	?	?
CR	?	?

DR	?	?
CR	?	?

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