FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Please provide the journal enty for H.

### Kim’s Asphalt Job Costing Summary **Company Overview:** Kim's Asphalt specializes in driveway and parking lot resurfacing for both large commercial clients and small residential customers. They maintain an inventory of materials and equipment to ensure projects can start promptly, ordering specialized equipment as needed. **Inventory Accounts as of May 1:** - Materials and Equipment Inventory: $44,000 - Work-in-Process Inventory: Records ongoing jobs **Active Jobs on May 1:** Details of costs for two jobs are below: | | **Job 27** (Highlands Mall) | **Job 33** (Pine Ridge Estates) | |--------------------|----------------------------|---------------------------------| | Materials & Equipment | $16,575 | $35,380 | | Direct Labor | $14,380 | $26,658 | | Overhead (Applied) | $4,290 | $7,995 | *Note: Overhead is applied at 30% of direct labor costs.* **New Jobs During May:** Additional work took place on Jobs 27 and 33, with the following expenses, and Job 34 also billed: | **Job** | **27** | **33** | **34** | **35** | |----------------|---------|---------|---------|---------| | Materials & Equipment | $3,800 | $5,680 | $5,400 | $3,700 | | Direct Labor (Wages Payable) | $5,300 | $7,550 | $6,700 | $2,400 | **Other May Events:** 1. Received payment of $13,300 for Job 24, delivered in April. 2. Purchased materials and equipment for $10,200 on account. 3. Billed Pine Ridge Estates $138,000; received $115,000 of this amount. 4. Payroll for indirect labor personnel totaled $730. 5. Issued supplies and incidentals for current jobs costing $235. 6. Recorded overhead and advertising costs: | **Expense** | **Amount** | |------------------------------------|------------| | Property Taxes | $630 | | Storage Area Rental | $755 | | Truck and Delivery Cost | $400 | | Advertising and Promotion Campaign | $558
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Transcribed Image Text:### Kim’s Asphalt Job Costing Summary **Company Overview:** Kim's Asphalt specializes in driveway and parking lot resurfacing for both large commercial clients and small residential customers. They maintain an inventory of materials and equipment to ensure projects can start promptly, ordering specialized equipment as needed. **Inventory Accounts as of May 1:** - Materials and Equipment Inventory: $44,000 - Work-in-Process Inventory: Records ongoing jobs **Active Jobs on May 1:** Details of costs for two jobs are below: | | **Job 27** (Highlands Mall) | **Job 33** (Pine Ridge Estates) | |--------------------|----------------------------|---------------------------------| | Materials & Equipment | $16,575 | $35,380 | | Direct Labor | $14,380 | $26,658 | | Overhead (Applied) | $4,290 | $7,995 | *Note: Overhead is applied at 30% of direct labor costs.* **New Jobs During May:** Additional work took place on Jobs 27 and 33, with the following expenses, and Job 34 also billed: | **Job** | **27** | **33** | **34** | **35** | |----------------|---------|---------|---------|---------| | Materials & Equipment | $3,800 | $5,680 | $5,400 | $3,700 | | Direct Labor (Wages Payable) | $5,300 | $7,550 | $6,700 | $2,400 | **Other May Events:** 1. Received payment of $13,300 for Job 24, delivered in April. 2. Purchased materials and equipment for $10,200 on account. 3. Billed Pine Ridge Estates $138,000; received $115,000 of this amount. 4. Payroll for indirect labor personnel totaled $730. 5. Issued supplies and incidentals for current jobs costing $235. 6. Recorded overhead and advertising costs: | **Expense** | **Amount** | |------------------------------------|------------| | Property Taxes | $630 | | Storage Area Rental | $755 | | Truck and Delivery Cost | $400 | | Advertising and Promotion Campaign | $558
Sure! Below is the transcription and explanation for what would appear on an educational website: --- ## Journal Entry Worksheet Exercise ### Required Tasks: 1. **Prepare journal entries** to record the flow of costs for operations during May. 2. **Calculate the amount** of over- or underapplied overhead for the month. 3. **Determine inventory balances** for Materials and Equipment Inventory and Work-in-process Inventory. ### Instructions: Complete this exercise by entering your answers in the tabs provided below. **Tabs**: - Required A - Required B - Required C #### Required A Enter journal entries to record the flow of costs for operations during May. If no entry is needed for a transaction/event, select "No journal entry required" in the first account field. [View transaction list] ### Journal Entry Worksheet - **Navigation Tabs**: A, B, C, D, E, F, G, H, I (move through the entries using these tabs) - **Task**: Record charges to work in process. **Note**: Enter debits before credits. #### Template Format: ``` | Transaction | General Journal | Debit | Credit | |-------------|-----------------|-------|--------| | 07 | | | | | | | | | | | | | | ``` --- This exercise involves recording financial transactions in the ledger during May, calculating overhead discrepancies, and assessing inventory values.
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Transcribed Image Text:Sure! Below is the transcription and explanation for what would appear on an educational website: --- ## Journal Entry Worksheet Exercise ### Required Tasks: 1. **Prepare journal entries** to record the flow of costs for operations during May. 2. **Calculate the amount** of over- or underapplied overhead for the month. 3. **Determine inventory balances** for Materials and Equipment Inventory and Work-in-process Inventory. ### Instructions: Complete this exercise by entering your answers in the tabs provided below. **Tabs**: - Required A - Required B - Required C #### Required A Enter journal entries to record the flow of costs for operations during May. If no entry is needed for a transaction/event, select "No journal entry required" in the first account field. [View transaction list] ### Journal Entry Worksheet - **Navigation Tabs**: A, B, C, D, E, F, G, H, I (move through the entries using these tabs) - **Task**: Record charges to work in process. **Note**: Enter debits before credits. #### Template Format: ``` | Transaction | General Journal | Debit | Credit | |-------------|-----------------|-------|--------| | 07 | | | | | | | | | | | | | | ``` --- This exercise involves recording financial transactions in the ledger during May, calculating overhead discrepancies, and assessing inventory values.
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