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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:Answer is not complete.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2 Required 3A Required 38
Required 4
Prepare journal entries to record the transactions for the year.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round
intermediate calculations.
No
1
Transaction
Raw materials
Accounts payable
2
b.
3
C
4
d
Work in process
Manufacturing overhead
Raw materials
General Journal
Work in process
Manufacturing overhead
Sales commissions expense
Administrative salaries expense
Salaries and wages payable
Manufacturing overhead
Rent expense
Cash
c.
Manufacturing overhead
Accounts payable
f.
Advertising expence
Cash
|60|0
00000
Debit
161,000
Credit
161,000
124.000
20,000
144,000
159,000
66,700
29,000
45,000
319,700
13.100
3,700
*
18,800
00
08
14,000
14,000
13,000
13.000
7
g
Manufacturing overhead
G
17,000-
Depreciation expense
7,000 -
Accumulated depreciation
0
24,000
h.
Work in process
60
365,700
365,700
9
i
Manufacturing overhead
Finished goods
Work in process
30
227,000
227.000
10
j(1).
Accounts receivable
Sales
*
520,000
520,000
11
j(2).
Cost of goods sold
Finished goods
217,000
217,000
Expert Solution
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- don't give answer in imarrow_forwardI need req. 3 And 5 Please Solve with Explanation and Do not give image formatarrow_forwardThe following are selected accounts and balances for Mergaronite Company and Hill, Inc., as of December 31, 2021. Several of Mergaronite's accounts have been omitted. Credit balances are indicated by parentheses. Dividends were declared and paid in the same period. Revenues Cost of goods sold Depreciation expense Investment income Retained earnings, 1/1/21 Dividends declared Current assets Land Buildings (net) Equipment (net) es Liabilities Common stock Additional paid-in capital Mergaronite Hill $ (594,000) $ (246,000) 266,000 104,000 NA 106,000 44,000 NA (888,000) (598,000) 140,000 36,000 210,000 696,000 316,000 94,000 510,000 142,000 212,000 240,000 (396,000) (310,000) (292,000) (38,000) (46,000) (922,000) Assume that Mergaronite acquired Hill on January 1, 2017, by issuing 6,600 shares of common stock having a par value of $10 per share but a fair value of $100 each. On January 1, 2017, Hill's land was undervalued by $20,000, its buildings were overvalued by $31,000, and equipment…arrow_forward
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