Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: Materials purchased on account, $750,730. Materials requisitioned, $630,610, of which $81,980 was for general factory use. Factory labor used, $773,250, of which $146,920 was indirect. Other costs incurred on account for factory overhead, $180,180; selling expenses, $277,770; and administrative expenses, $165,160. Prepaid expenses expired for factory overhead were $34,530; for selling expenses, $29,280; and for administrative expenses, $21,020. Depreciation of factory equipment was $34,530; of office equipment, $51,050; and of office building, $100,600. Factory overhead costs applied to jobs, $427,920. Jobs completed, $990,960. Cost of goods sold, $960,930. Required: Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank. a. Materials purchased on account, $750,730. Entry Description Debit Credit a. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 b. Materials requisitioned, $630,610, of which $81,980 was for general factory use. Entry Description Debit Credit b. fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 c. Factory labor used, $773,250, of which $146,920 was indirect. Entry Description Debit Credit c. fill in the blank 17 fill in the blank 18 fill in the blank 20 fill in the blank 21 fill in the blank 23 fill in the blank 24 d. Other costs incurred on account for factory overhead, $180,180; selling expenses, $277,770; and administrative expenses, $165,160. Entry Description Debit Credit d. fill in the blank 26 fill in the blank 27 fill in the blank 29 fill in the blank 30 fill in the blank 32 fill in the blank 33 fill in the blank 35 fill in the blank 36 e. Prepaid expenses expired for factory overhead were $34,530; for selling expenses, $29,280; and for administrative expenses, $21,020. Entry Description Debit Credit e. fill in the blank 38 fill in the blank 39 fill in the blank 41 fill in the blank 42 fill in the blank 44 fill in the blank 45 fill in the blank 47 fill in the blank 48 f. Depreciation of factory equipment was $34,530; of office equipment, $51,050; and of office building, $100,600. Entry Description Debit Credit f. fill in the blank 50 fill in the blank 51 fill in the blank 53 fill in the blank 54 fill in the blank 56 fill in the blank 57 fill in the blank 59 fill in the blank 60 g. Factory overhead costs applied to jobs, $427,920. Entry Description Debit Credit g. fill in the blank 62 fill in the blank 63 fill in the blank 65 fill in the blank 66 h. Jobs completed, $990,960. Entry Description Debit Credit h. fill in the blank 68 fill in the blank 69 fill in the blank 71 fill in the blank 72 i. Cost of goods sold, $960,930. Entry Description Debit Credit i.

Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: Materials purchased on account, $750,730. Materials requisitioned, $630,610, of which $81,980 was for general factory use. Factory labor used, $773,250, of which $146,920 was indirect. Other costs incurred on account for factory overhead, $180,180; selling expenses, $277,770; and administrative expenses, $165,160. Prepaid expenses expired for factory overhead were $34,530; for selling expenses, $29,280; and for administrative expenses, $21,020. Depreciation of factory equipment was $34,530; of office equipment, $51,050; and of office building, $100,600. Factory overhead costs applied to jobs, $427,920. Jobs completed, $990,960. Cost of goods sold, $960,930. Required: Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank. a. Materials purchased on account, $750,730. Entry Description Debit Credit a. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 b. Materials requisitioned, $630,610, of which $81,980 was for general factory use. Entry Description Debit Credit b. fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 c. Factory labor used, $773,250, of which $146,920 was indirect. Entry Description Debit Credit c. fill in the blank 17 fill in the blank 18 fill in the blank 20 fill in the blank 21 fill in the blank 23 fill in the blank 24 d. Other costs incurred on account for factory overhead, $180,180; selling expenses, $277,770; and administrative expenses, $165,160. Entry Description Debit Credit d. fill in the blank 26 fill in the blank 27 fill in the blank 29 fill in the blank 30 fill in the blank 32 fill in the blank 33 fill in the blank 35 fill in the blank 36 e. Prepaid expenses expired for factory overhead were $34,530; for selling expenses, $29,280; and for administrative expenses, $21,020. Entry Description Debit Credit e. fill in the blank 38 fill in the blank 39 fill in the blank 41 fill in the blank 42 fill in the blank 44 fill in the blank 45 fill in the blank 47 fill in the blank 48 f. Depreciation of factory equipment was $34,530; of office equipment, $51,050; and of office building, $100,600. Entry Description Debit Credit f. fill in the blank 50 fill in the blank 51 fill in the blank 53 fill in the blank 54 fill in the blank 56 fill in the blank 57 fill in the blank 59 fill in the blank 60 g. Factory overhead costs applied to jobs, $427,920. Entry Description Debit Credit g. fill in the blank 62 fill in the blank 63 fill in the blank 65 fill in the blank 66 h. Jobs completed, $990,960. Entry Description Debit Credit h. fill in the blank 68 fill in the blank 69 fill in the blank 71 fill in the blank 72 i. Cost of goods sold, $960,930. Entry Description Debit Credit i.

Name: Royal Technology Company uses a job order cost system. The following d
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Description: Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: Materials purchased on account, $750,730. Materials requisitioned, $630,610, of which $81,980 was for general factory

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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