Record the following journal entries for Brown Company: (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from any journal entries.) 6. Purchased raw materials on account, $8,000 Date Accounts Debit Credit 6. 7. Used $4,000 in direct materials and 600 in indirect materials in production. Date Accounts Debit Credit 7.

Record the following journal entries for Brown Company: (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from any journal entries.) 6. Purchased raw materials on account, $8,000 Date Accounts Debit Credit 6. 7. Used $4,000 in direct materials and 600 in indirect materials in production. Date Accounts Debit Credit 7.

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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How can I get this problem resolve? The following accounts are from last year’s books at Sharp Manufacturing: Raw Materials Debit Credit Balance 0 (b) 154,200 (a) 164,500 10,300 Work In Process Debit Credit Balance 0 (f) 510,800 (b) 132,100 (c) 168,200 (e) 210,500 0 Finished Goods Debit Credit Balance 0 (g) 461,000 (f) 510,800 49,800 Manufacturing Overhead Debit Credit (b) 22,100 (e) 210,500 (c) 26,100 (d) 156,200 6,100 Cost of Goods Sold Debit Credit (g) 461,000 Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the manufacturing overhead overapplied or underapplied for the year?
Hello, I need help solving this accounting problem.
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 ? ?
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Use lean accounting to prepare the journal entry to record the purchase of $28,000 of raw materials on credit.
1. What is the Raw Material balance at the end of the period?2. What is the Work in process account balance at the end of the period?3. What is the Cash account balance at the end of the period?4. What is the Net Income at the end of the period in the Income Statement?5. What is the Total Inventory balance at the end of the period in the Balance sheet?
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