Introduction To Managerial Accounting
8th Edition
ISBN: 9781259917066
Author: BREWER, Peter C., Garrison, Ray H., Noreen, Eric W.
Publisher: Mcgraw-hill Education,
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Chapter 3.A, Problem 2E
Transaction Analysis L03-5
Adams Company is a manufacturer that completed numerous transactions during the month some of are below.
a.
b. Depreciation was recorded for the monthly (80% rented to factory equipment. and the remainder related to selling and administrative equipment).
c. Prepaid insurance expired during the month, $2,500 (75% rented to production, and 25% related to selling and administration).
d. Applied $115.000 of manufacturing overhead to production during the month,
e. Closed $5,125 of over applied overhead to cost of goods sold.
The table shown below includes a subset of Adams Company’s balance Sheet accounts. Record each of the above transactions using the accounts that are given. If a transaction increases an account balance then account balance, then record the amount in parentheses.
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Transaction Analysis
Dixon Company is a manufacturer that completed numerous transactions during the month, some of which are shown below:
a. Raw materials purchased on account, $100,000.
b. Raw materials used in production, $78,000 direct materials, and $16,000 indirect materials.
c. Sales commissions paid in cash, $45,000.
d. Depreciation was recorded for the month. $60,000 (65% related to factory equipment, and the remainder related to selling and administrative equipment).
e. Sales for the month, $450,000 (70% cash sales and the remainder were sales on account).
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g. Applied $138,000 of manufacturing overhead to production during the month.
h. Various jobs costing a total of $190,000 were completed during the month and transferred to Finished Goods.
i. Cash receipts from customers who had previously purchased on credit, $115,000.
j. Various completed jobs costing a total of $220,000 were sold to customers.
k. Cash paid to raw material…
What is the average collection period for the year for company ERT ( show your work)
Sales-$2,600(30% cash, 70% credit); Inventory-$700;Depreciation -$1,200; Plant & Equipment $3,000; Accounts Receivable - $245; Notes Payable- $155
Info in images
Prepare journal entries to record the preceding transactions.
The raw materials were purchased for use in production, $265,000 on account.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
a.
The raw materials used in production (all direct materials), $250,000.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
b.
The utility bills were incurred on account, $72,000 (85% related to factory operations, and the remainder related to selling and administrative activities).
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
c.
The salary and wage costs accrued were $295,000 (Direct labor), $103,000 (Indirect labor), $175,000 (Selling and administrative salaries).
Note: Enter debits before credits.
Transaction
General Journal
Debit
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d.
The maintenance…
Chapter 3 Solutions
Introduction To Managerial Accounting
Ch. 3.A - Carmen Company is a manufacturer that completed...Ch. 3.A - Transaction Analysis L03-5 Adams Company is a...Ch. 3.A - Transaction Analysis L03-5 Dixon Company is a...Ch. 3.A - A Transaction Analysis L03-5 Morrison Company uses...Ch. 3.A - Prob. 5PCh. 3.A - Transaction Analysis Brooks Corporation uses a...Ch. 3 - What is the link that connect the schedule of cost...Ch. 3 - What account is credited when overhead cost is...Ch. 3 - What is under applied overhead? Over applied...Ch. 3 - Provide two reason why overhead might be under...
Ch. 3 - What adjustment is made for under applied overhead...Ch. 3 - How do you compute the raw materials used in...Ch. 3 - How do you compute the total manufacturing cost...Ch. 3 - How do you compute the cost of goods manufactured?Ch. 3 - How do you compute the unadjusted cost of goods...Ch. 3 - How do direct labor costs flows through a...Ch. 3 - The Excel work sheet form that appears below is to...Ch. 3 - The Excel worksheet form that appears below is to...Ch. 3 - The Excel worksheet form that appears below is to...Ch. 3 - The Excel worksheet form that appears below is to...Ch. 3 - Bunnell Corporation is a manufacturer tint uses...Ch. 3 - Bunnell Corporation is a manufacturer tint uses...Ch. 3 - Bunnell Corporation is a manufacturer tint uses...Ch. 3 - Prob. 4F15Ch. 3 - Prob. 5F15Ch. 3 - Prob. 6F15Ch. 3 - Prob. 7F15Ch. 3 - Prob. 8F15Ch. 3 - Prob. 9F15Ch. 3 - Bunnell Corporation is a manufacturer tint uses...Ch. 3 - Prob. 11F15Ch. 3 - Prob. 12F15Ch. 3 - Prob. 13F15Ch. 3 - Prob. 14F15Ch. 3 - Prob. 15F15Ch. 3 - Prepare Journal Entries L03-1 Larned Corporation...Ch. 3 - Prepare Accounts L03-2, L03-4 Jurvin Enterprises...Ch. 3 - Schedules of Cost of Goods Manufactured and Cost...Ch. 3 - Under applied and Overapplied Overhead Osborn...Ch. 3 - Journal Entries and T-Accounts 103-1,103-2 The...Ch. 3 - EXERCISE 3-6 Schedules of Cost of Goods...Ch. 3 - Applying Overhead; Cost of Goods Manufactured...Ch. 3 - Applying Overhead; Journal Entries; Disposing of...Ch. 3 - Applying Overhead; T-Accounts; Journal Entries...Ch. 3 - Applying Overhead; Journal Entries; T-accounts...Ch. 3 - PROBLEM 3-11 T-Account Analysis of cost Flows...Ch. 3 - PROBLEM 3-12 Predetermined Overhead Rate;...Ch. 3 - Schedules of Cost of Goods Manufactured and Cost...Ch. 3 - Schedule of Cost of Goods Manufactured; Overhead...Ch. 3 - Journal Entries; T-Accounts; Financial Statements...Ch. 3 - Comprehensive problem L03-1, L03-2, L03-4 Gold...Ch. 3 - Cost Flows; T-Accounts; Income Statement L03-z...
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