Crawford Corporation incurred the following transactions.1. Purchased raw materials on account $55,000.2. Raw Materials of $36,400 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,100 was classified as indirect materials.3. Factory labor costs incurred were $61,000, of which $51,600 pertained to factory wages payable and $9,400 pertained to employer payroll taxes payable.4. Time tickets indicated that $54,300 was direct labor and $6,700 was indirect labor.5. Manufacturing overhead costs incurred on account were $82,100.6. Depreciation on the company’s office building was $8,400.7. Manufacturing overhead was applied at the rate of 160% of direct labor cost.8. Goods costing $90,200 were completed and transferred to finished goods.9. Finished goods costing $85,000 to manufacture were sold on account for $108,200.Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)No.Account Titles and ExplanationDebitCredit(1)enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amount(2)enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amount(3)enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amount(4)enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amount(5)enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amount(6)enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amount(7)enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amount(8)enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amount(9)enter an account title to record the saleenter a debit amountenter a credit amount enter an account title to record the saleenter a debit amountenter a credit amount (To record the sale) enter an account title to record the cost of the saleenter a debit amountenter a credit amount enter an account title to record the cost of the saleenter a debit amountenter a credit amount (To record the cost of the sale)

The journal entries are prepared to record day to day transactions of the business. The factory…

Answered: rawford Corporation incurred the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Crawford Corporation incurred the following transactions.

1.		Purchased raw materials on account $55,000.
2.		Raw Materials of $36,400 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,100 was classified as indirect materials.
3.		Factory labor costs incurred were $61,000, of which $51,600 pertained to factory wages payable and $9,400 pertained to employer payroll taxes payable.
4.		Time tickets indicated that $54,300 was direct labor and $6,700 was indirect labor.
5.		Manufacturing overhead costs incurred on account were $82,100.
6.		Depreciation on the company’s office building was $8,400.
7.		Manufacturing overhead was applied at the rate of 160% of direct labor cost.
8.		Goods costing $90,200 were completed and transferred to finished goods.
9.		Finished goods costing $85,000 to manufacture were sold on account for $108,200.

Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Account Titles and Explanation	Debit	Credit
(1)	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
(2)	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
(3)	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
(4)	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
(5)	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
(6)	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
(7)	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
(8)	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
(9)	enter an account title to record the sale	enter a debit amount	enter a credit amount
	enter an account title to record the sale	enter a debit amount	enter a credit amount
	(To record the sale)
	enter an account title to record the cost of the sale	enter a debit amount	enter a credit amount
	enter an account title to record the cost of the sale	enter a debit amount	enter a credit amount
	(To record the cost of the sale)

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