Journal Entries, T-Accounts, Cost of Goods Manufactured

Journal Entries, T-Accounts, Cost of Goods Manufactured

Journal Entries, T-Accounts, Cost of Goods Manufactured for $19 (Instant Download)

Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold

During May, the following transactions were completed and reported by Jerico Company:

Materials purchased on account, $60,100.

Materials issued to production to fill job-order requisitions: direct materials, $50,000; indirect materials, $8,800.

Payroll for the month: direct labor, $75,000; indirect labor, $36,000; administrative, $28,000; sales, $19,000.

Depreciation on factory plant and equipment, $10,400.

Property taxes on the factory accrued during the month, $1,450.

Insurance on the factory expired with a credit to the prepaid insurance account, $6,200.

Factory utilities, $5,500.

Advertising paid with cash, $7,900.

Depreciation on office equipment, $800; on sales vehicles, $1,650.

Legal fees incurred but not yet paid for preparation of lease agreements, $750.

Overhead is charged to production at a rate of $18 per direct labor hour. Records show 4,000 direct labor hours were worked during the month.

Cost of jobs completed during the month, $160,000.

The company also reported the following beginning balances in its inventory accounts:

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2. Prepare T-accounts for Materials Inventory, Overhead Control, Work-in-Process Inventory, and Finished Goods Inventory. Post the entries to the T-account in the same order in which they were journalized.

Materials Inventory
– Select your answer -Balance(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)Correct 1 of Item 2– Select your answer -Bal.(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)Correct 3 of Item 2
– Select your answer -(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)Correct 5 of Item 2
Balance
Work in Process Inventory
– Select your answer -Balance(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)Correct 1 of Item 3– Select your answer -Bal.(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)Correct 3 of Item 3
– Select your answer -(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)Correct 5 of Item 3
– Select your answer -(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)Correct 7 of Item 3
– Select your answer -(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)Correct 9 of Item 3
Balance
Finished Goods Inventory
– Select your answer -Balance(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)Correct 1 of Item 4
– Select your answer -Bal.(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)Correct 3 of Item 4
Balance
Overhead Control
– Select your answer -(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)Correct 1 of Item 5– Select your answer -(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)Correct 3 of Item 5
– Select your answer -(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)Correct 5 of Item 5
– Select your answer -(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)Correct 7 of Item 5
– Select your answer -(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)Correct 9 of Item 5
– Select your answer -(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)Correct 11 of Item 5
– Select your answer -(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)Correct 13 of Item 5
Balance
Hide3. Prepare a statement of cost of goods manufactured.Jerico CompanyStatement of Cost of Goods ManufacturedFor the Month Ended May 31, 20XX  $      Overhead:  $                      $          Manufacturing costs added$          Cost of goods manufactured$  

4. If the overhead variance is all allocated to cost of goods sold, by how much will cost of goods sold decrease or increase?
– Select your answer -IncreasesDecreasesCorrect 1 of Item 7   by   $

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Rollins Company Journal Entries

Rollins Company Journal Entries in $8 only 

Presented below is information related to Rollins Company

1) The company is granted a charter that authorizes issuance of 15,000 shares of $100 par value preferred stock and 40,000 shares of no par stock.

2) 8,000 shares of common stock are issued to the founders of the corporation for land valued by the board of directors a $300,000. The board establishes a stated value of $5 a share for common stock

Journal Entries to Record the Change in Actuarial Assumptions

Journal Entries to Record the Change in Actuarial Assumptions in $14 only

Your client has asked you to help evaluate the impact of several potential changes to the actuarial assumptions underlying the firm’s pension. The following summarizes the current plan and related assumptions as of January 1, 2016:

J. C.Owner$85,2304%12/31/204050%20
A. J.Baker$57,6104%12/31/204540%20
L. P.Sales clerk$42,1104%12/31/203540%20
V. A.Part-time bookkeeper$16,6204%12/31/203040%20

The estimated present value of the projected benefit obligation (PBO) is $$339,008.09 as of January 1, 2016. Based on this information, Tate would need to make annual payments of $45,569.09 at the end of each year for 12 years to fully fund everyone’s retirement obligations. Both numbers reflect a discount rate of 8.25%.

Journal Entries for Merchandising Activities: Sales and Purchases

Journal Entries for Merchandising Activities: Sales and Purchases in $9 only (Instant Download)

I have reviewed some of the answers posted previously. I do not think they are accurate so I am reposting this question.

Introduction to QuickBooks™: Journal Entries for Merchandising Activities: Sales and Purchases

Register for QuickBooks Online Simple Start 2015: https://qbo.intuit.com

For PC and Mac. You may have to start with a free trial with a credit card and cancel directly after module 5 is completed

Once QuickBooks™ is loaded, you may have to reboot your computer.

1.Setting up company:

Go to Home page, select the widget to the direct top right of the word ‘help’ and select on the left side ‘settings’, then company setting.

For each edit, hit the pen picture on the right hand side of each section. Enter the company name, Pit Bull Sings T-Shirt. Enter information as indicated below:

Company address: c/o CSU- Global; 7800 Orchard Road- Suite 200

City: Greenwood Village, CO 80111

State: CO

ZIP code: 80111

Phone Number: 999.999.9999

Choose Accrual Basis

Go to advanced setting and be sure everything is turned on except the accounting setting for the closing of the books.
X out of this screen, which returns you to the home page.

TIPS:

  • In the home page, go to the top right hand corner, to the right of the name of the company, click the gear symbol, which is the main link for everything you need for changes.
  • Input is on the left-hand side of the home page with links to customers, vendors, and transactions. Add one customer (see tight top corner for the button for new): Lair Corp. Add three vendors: Arotek, Sheng Freight, and Waters Corporation. Also in the left, in chart of accounts, be sure there is a current asset account called accounts receivable and a current liability account called accounts payable.
  • For doing the journal entries below: Go to top panel, in the middle of the top of the screen, where there is a plus sign (+) and select journal entries found in the other section. In the cash on and credit to opening equity, give company an opening balance of $100,000 cash and equity.
  • It is up to you to create the correct accounts, with the proper journal entries

Important to remember:

  1. Do not forget to click on ‘save and new’ after you input and file.
  2. Backup your company information many times as you work. To do this, click the button at the bottom of each screen called: save and new
  3. Always check to be sure your input dates are correct. Transaction input date are on the top left side above the journal entryAlways best to record terms within the journal entry in the extra line provided to the right of A/R or A/P
  4. Always best to record terms within the journal entry in the extra line provided to the right of A/R or A/P

2. Prepare journal entries. Be sure all dates agree with the problem and are not today’s date

  • AUG 1, 2015 – Purchased T-shirts (BI= 0, other assets, inventory) from Arotek. Bought 1950 shirts at $3.846 each. Round to nearest dollar. Arotek, vendor, terms are 1/10, n/30.
  • AUG 4, 2015 – At Arotek’s request, Pit Bull sings paid $200 cash to Sheng Freight for freight expenses on the August 1.
  • AUG 5, 2015 – Sold merchandise to Laird Corp. 1040 T-shirts at $5.00 each. Liar Corporation, customer, is given credit terms to 2/10, n/60, FOB destination. The merchandise had cost of $3.846. Round to nearest dollar.
  • AUG 8, 2015 – Purchased Specialized T-shirts from Waters Corporation. Bought 1000 shirts at $4.50 each. Waters Corporation, vendor, terms are 1/10, n/45.
  • AUG 9, 2015- Pay Arotek Company for the shirts purchased on AUG 1. Round to nearest dollar.
    Instructions: Enter above transactions into QuickBooks. To submit: go to home, reports, balance sheet and be sure your dates include August 1, 2015 to August 8, 2015. Also click on the inventory figure on the balance sheet to see the transactions within inventory. Cut and paste both of these reports into a document to submit.
Sample Answer:
  • AUG 8, 2015 – Purchased Specialized T-shirts from Waters Corporation. Bought 1000 shirts at $4.50 each. Waters Corporation, vendor, terms are 1/10, n/45.

Inventory                                               Debit                      4500

Accounts Payable – Waters Corp    Credit                                     4500

  • AUG 9, 2015- Pay Arotek Company for the shirts purchased on AUG 1. Round to nearest dollar.

Account Payable – Arotek                             Debit                      7300

Inventory                                                           Credit                                     75

 Cash                                                                 Credit                                     7225

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ACC 225 Week 2: Preparing Journal Entries and Trial Balances

ACC 225 Week 2: Preparing Journal Entries and Trial Balances

ANSWER AVAILABLE.

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If you need any type of help regarding Homework, Assignments, Projects,  Case study, Essay writing or any thing else then just email us at [email protected]solvemyquestion.com.  We will get back to you ASAP. Do not forget to maintain the time frame you need you work to be done.