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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
None
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
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
steps

Step by step

Solved in 2 steps

Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education