FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

Question 7, Part 2

g. Wages paid in June include the balance in the Wages Payable account at May 31 plus $36,100 of wages incurred in June. Raw Materials Inventory subsidiary ledger: Paper, $4,000; indirect materials, $2,000 Date Accounts Debit Credit Work-in-Process Inventory subsidiary ledger: Job 120, $40,000; Job 121, $0 g. Finished Goods Inventory subsidiary ledger: Large Stars, $9,900; Small Stars, $10,500 Print Done
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Transcribed Image Text:g. Wages paid in June include the balance in the Wages Payable account at May 31 plus $36,100 of wages incurred in June. Raw Materials Inventory subsidiary ledger: Paper, $4,000; indirect materials, $2,000 Date Accounts Debit Credit Work-in-Process Inventory subsidiary ledger: Job 120, $40,000; Job 121, $0 g. Finished Goods Inventory subsidiary ledger: Large Stars, $9,900; Small Stars, $10,500 Print Done
Account Title Debit Credit Cash $ 14,000 Accounts Receivable 160,000 Inventories: Raw Materials 6,000 Work-in-Process 40,000 Finished Goods 20,400 Property, Plant, and Equipment 220,000 Accumulated Depreciation $ 75,000 Accounts Payable 134,000 Wages Payable 2,600 Common Stock 139,000 Retained Earnings 109,800 Sales Revenue Cost of Goods Sold
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Transcribed Image Text:Account Title Debit Credit Cash $ 14,000 Accounts Receivable 160,000 Inventories: Raw Materials 6,000 Work-in-Process 40,000 Finished Goods 20,400 Property, Plant, and Equipment 220,000 Accumulated Depreciation $ 75,000 Accounts Payable 134,000 Wages Payable 2,600 Common Stock 139,000 Retained Earnings 109,800 Sales Revenue Cost of Goods Sold
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