Lost of accounts Accounts PayableAccounts ReceivableAccumulated Depreciation-BuildingsAccumulated Depreciation-EquipmentCashCost of Completed Service ContractsCost of Goods SoldDepreciation ExpenseEmployer Fringe Benefits PayableEmployer Payroll Taxes PayableFactory LaborFactory Wages PayableFinished Goods InventoryManufacturing OverheadOperating OverheadPrepaid Property TaxesRaw Materials InventorySalaries and Wages PayableSales RevenueService Contracts in ProcessService Salaries and WagesSuppliesUtilities PayableWork in Process Inventory Part 2Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets. (Postentries in the order of journal entries presented in the previous part.)JobNo.430431$$Beginning Workin ProcesseTextbook and MediaWork in Process Inventory$DirectMaterialVV$$Job Cost SheetsDirectLabor$ManufactuOverhea Current Attempt in ProgressSandhill Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $4,200 and twojobs in process: Job No. 429 $2,400, and Job No. 430 $1,800. During May, a summary of source documents reveals the following.Job Number429430431General usePart 1(1)(2)(3)May 31431MaterialsRequisition Slips31(4) 31$3,0004,200Sandhill Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completedduring the month.No. Date Account Titles and Explanation5,320Prepare May 31 summary journal entries to record (1) the requisition slips, (2) the time tickets, (3) the assignment ofmanufacturing overhead to jobs, and (4) the completion of Job No. 429. (List all debit entries before credit entries. Credit account titlesare automatically indented when amount is entered. Do not indent manually.)Save for Later$12,520eTextbook and Media1,040List of Accounts$13,560Labor TimeTickets$2,3203,6009,100$15,0201,360$16,380DebitAttempts: 0 of 2 usedCreditSubmit Answer

Name: Lost of accounts Accounts PayableAccounts ReceivableAccumulated Deprec
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Description: Lost of accounts Accounts PayableAccounts ReceivableAccumulated Depreciation-BuildingsAccumulated Depreciation-EquipmentCashCost of Completed Service ContractsCost of Goods SoldDepreciation ExpenseEmployer Fringe Benefits PayableEmployer Payroll Taxe

Journal Entry is the primary step to record the transaction in the books of accounts. The entries…

Answered: Sandhill Company uses a job order cost…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Lost of accounts Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Cash Cost of Completed Service Contracts Cost of Goods Sold Depreciation Expense Employer Fringe Benefits Payable Employer Payroll Taxes Payable Factory Labor Factory Wages Payable Finished Goods Inventory Manufacturing Overhead Operating Overhead Prepaid Property Taxes Raw Materials Inventory Salaries and Wages Payable Sales Revenue Service Contracts in Process Service Salaries and Wages Supplies Utilities Payable Work in Process Inventory

Part 2
Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets. (Post
entries in the order of journal entries presented in the previous part.)
Job
No.
430
431
$
$
Beginning Work
in Process
eTextbook and Media
Work in Process Inventory
$
Direct
Material
V
V
$
$
Job Cost Sheets
Direct
Labor
$
Manufactu
Overhea

Current Attempt in Progress
Sandhill Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $4,200 and two
jobs in process: Job No. 429 $2,400, and Job No. 430 $1,800. During May, a summary of source documents reveals the following.
Job Number
429
430
431
General use
Part 1
(1)
(2)
(3)
May 31
4
31
Materials
Requisition Slips
31
(4) 31
$3,000
4,200
Sandhill Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed
during the month.
No. Date Account Titles and Explanation
5,320
Prepare May 31 summary journal entries to record (1) the requisition slips, (2) the time tickets, (3) the assignment of
manufacturing overhead to jobs, and (4) the completion of Job No. 429. (List all debit entries before credit entries. Credit account titles
are automatically indented when amount is entered. Do not indent manually.)
Save for Later
$12,520
eTextbook and Media
1,040
List of Accounts
$13,560
Labor Time
Tickets
$2,320
3,600
9,100
$15,020
1,360
$16,380
Debit
Attempts: 0 of 2 used
Credit
Submit Answer

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