FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Clothing Frontiers began operations on January 1 and engages in the following transactions during the year related to stockholders' equity. January 1 Issues 700 shares of common stock for $34 per share. April 1 Issues 110 additional shares of common stock for $38 per share. Required: 1. Record the transactions, assuming Clothing Frontiers has no-par common stock. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1. Record the issuance of 700 shares of common stock for $34 per share. Note: Enter debits before credits. Date General Journal Debit Credit January 01arrow_forwardThe total cost of materials, labor, and overhead assigned to a job was $603. Company D transferred this job to its finished goods warehouse. Make the necessary journal entry to record this transaction.arrow_forwardkk.arrow_forward
- 3. Job 113 was completed at a cost of $5,000, and Job 85 was completed at a cost of $3,000 and sold on account for $4,500. Work in Process Inventory Cost of Goods Sold Finished Goods Inventory Manufacturing Overhead Sales Accounts Payable Accounts Receivable Direct Materials Merchandise Inventory PLEASE NOTE #1: For similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the problem. PLEASE NOTE #2: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). Using the above accounts, prepare journal entries for the following transactions: Using the above accounts, prepare journal entries for the following transactions: Completion of Job 113: DR ? ? CR ? ? Completion of Job 85: DR ? ? CR ? ? Sale of Job 85: DR ? ? CR ? ? DR ? ? CR ? ?arrow_forwardJob 113 was completed at a cost of $7,500, and Job 85 was completed at a cost of $2,300 and sold on account for $4,500. Prepare journal entries for the following: Completion of Job 113. Completion and sale of Job 85.arrow_forwardplease answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)arrow_forward
- Manor Painting is a commercial Interior and exterior painting contractor specializing in commercial buildings. An Inventory of materials and equipment is on hand at all times, so work can start as quickly as possible. Special equipment is ordered as required. On August 1, the Materials Inventory account had a balance of $54,000. The Work-in-Process Inventory account is maintained to record costs of work not yet complete. There were two such jobs on August 1 with the following costs: Materials and equipment Direct labor (wages payable) Other August Events Materials and equipment Direct labor Overhead (applied) Overhead has been applied at 40 percent of the costs of direct labor using an annual rate. During August, Manor Painting started two new jobs. Additional work was carried out on Jobs 84 and 87. Job 87 was completed and billed to the customer. Details on the costs incurred on jobs during August follow: Job 84 $ 23,100 20,300 8,120 Property taxes Storage area rental Truck and…arrow_forwardI am working on T accounts for the Polaris Company using a job-cost order and I am stuck on this attached problem. Can you show me how to find the missed problems. Thank you.arrow_forward
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