Journalize the entries for the completion of the two jobs and the sale of Job 312. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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During the current month, Standard Corporation completed Job 310 and Job 312.
Journalize the entries for the completion of the two jobs and the sale of Job 312. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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No.
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Account Titles and Explanation
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Debit
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Credit
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(a)
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(To record completion of Jobs 310 and 312)
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(b)
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(To record sale of Job 312)
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(c)
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(To record cost of goods sold for Job 312)
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- In March, Sandhill Company completes Jobs 10 and 11. Job 10 cost $24,000 and Job 11 $36,000. On March 31, Job 10 is sold to the customer for $42,000 in cash. Journalize the entries for the completion of the two jobs and the sale of Job 10. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 31 Debit Credit 31 (To record the completion of the two jobs) 31 (To record the sale Job 10)In March, Stinson Company completes Jobs 10 and 11. Job 10 cost $27,000 and Job 11 $34,000. On March 31, Job 10 is sold to the customer for $43,300 in cash. Journalize the entries for the completion of the two jobs and the sale of Job 10. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 31 31 31 (To record the completion of the two jobs) (To record the sale Job 10) (To record the cost of the job sold) Debit CreditIn March, Stinson Company completes Jobs 10 and 11. Job 10 cost $ 20,000 and Job 11 $ 30,000. On March 31, Job 10 is sold to the customer for $ 35,000 in cash.Journalize the entries for the completion of the two jobs and the sale of Job 10. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 31 enter an account title to record the completion of the two jobs on March 31 enter a debit amount enter a credit amount enter an account title to record the completion of the two jobs on March 31 enter a debit amount enter a credit amount (To record the completion of the two jobs) 31 enter an account title To record the sale Job 10 enter a debit amount enter a credit amount enter an account title To record the sale Job 10 enter a debit amount enter a credit amount (To record the sale Job 10) 31 enter an account…
- Pharoah Engineering Contractors incurred employee payroll costs of $32,400 ($25,200 direct and $7,200 indirect) on an engineering project. The company applies overhead at a rate of 25% of direct labor cost. Record the entries to assign payroll liabilities and to apply overhead. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation (To record service salary and wages) (To record the applied overhead) Debit CreditWildhorse Engineering Contractors incurred employee payroll costs of $43,920 ($34,160 direct and $9,760 indirect) on an engineering project. The company applies overhead at a rate of 25% of direct labor cost. Record the entries to assign payroll liabilities and to apply overhead. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation (To record service salary and wages) (To record the applied overhead) Debit CreditJob 113 was completed at a cost of $4,800, and Job 85 was completed at a cost of $3,300 and sold on account for $4,500. Prepare journal entries for the following: If an amount box does not require an entry, leave it blank. A. Completion of Job 113. fill in the blank ec5974fe0f8f04b_2 fill in the blank ec5974fe0f8f04b_3 fill in the blank ec5974fe0f8f04b_5 fill in the blank ec5974fe0f8f04b_6 B. Completion and sale of Job 85. fill in the blank ac9efe072f91fff_2 fill in the blank ac9efe072f91fff_3 fill in the blank ac9efe072f91fff_5 fill in the blank ac9efe072f91fff_6 fill in the blank ac9efe072f91fff_8 fill in the blank ac9efe072f91fff_9 fill in the blank ac9efe072f91fff_11 fill in the blank ac9efe072f91fff_12 fill in the blank ac9efe072f91fff_14 fill in the blank ac9efe072f91fff_15 fill in the blank ac9efe072f91fff_17 fill in the blank ac9efe072f91fff_18
- Lincoln Company completed jobs that cost $43,000 to produce. In the same period, the company sold jobs for $82,000 that cost $40,500 to produce. Prepare the journal entries for the completion and sale of the jobs. All sales are on account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Prepare the journal entry to record the completion of jobs. Accounts and Explanations Date Debit Prepare the journal entry for the cost to produce the jobs that were sold. Date Accounts and Explanations Prepare the journal entry to record the sale of jobs. (Do not include the cost of the sale in this journal entry, it will be prepared in the next step.) Accounts and Explanations Debit Credit Debit Credit Credit WalleDURING THE CURRENT MONTH, STANDARD CORPORATION COMPLETED JOB 310 AND JOB 312. JOB 310 COST 70,000 AND JOB 312 COST 50,000. JOB 312 WAS SOLD ON ACCOUNT FOR 90,000. JOURNALIZE THE ENTRIES FOR THE COMPLETION OF THE TWO JOBS AND THE SALE OF JOB 312?In January, Wildhorse Tool & Die requisitions raw materials for production as follows: Job 1 $910, Job 2 $1,500, Job 3 $810, and general factory use $710. Prepare a summary journal entry to record raw materials used. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 31 Debit Credit
- In January, Crane Company requisitions raw materials for production as follows: Job 1 $1,180, Job 2 $1,420, Job 3 $790, and general factory use $710. Prepare a summary journal entry to record raw materials used. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 31 Debit CreditUsing the chart of accounts in Figure 2-1, determine the changes to the balance sheet, income statement, job cost ledger, and equipment ledger as the result of billing a client $368,264 for Job 313. The bill includes $249,996 for work performed during the last month and $118,268 for retention withheld from the previous month’s payments. Retention will not be withheld on the $249,996.Nelson Fabrication Inc. had a remaining credit balance of $20,000 in its under- and overapplied factory overhead account at year-end. The balance was deemed to be large and, therefore, should be closed to Work in Process, Finished Goods, and Cost of Goods Sold. The year-end balances of these accounts, before adjustment, showed the following: Determine the prorated amount of the overapplied factory overhead that is chargeable to each of the accounts. Prepare the journal entry to close the credit balance in Under-and Overapplied Factory Overhead.