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October 1, 2014

Homework Help: accounting

Posted by Kassai on Tuesday, July 24, 2012 at 7:54pm.

1. Present entries to record the following summarized operations related to production for a company using a job order cost system: Please put a DR before your debits and and CR before credits and enter between each entry.

(a) Materials purchased on account $167,000
(b) Prepaid expenses incurred on account 12,200
(c) Materials requisitioned:
For production orders 153,700
For general factory use 2,700
(d) Factory labor used:
On production orders 141,300
For general factory purposes 12,000
(e) Depreciation on factory equipment 37,000
(f) Expiration of prepaid expenses,
chargeable to factory 6,100
(g) Factory overhead costs incurred on account 67,000
(h) Factory overhead applied, based on machine hours 105,300
(i) Jobs finished 415,300
(j) Jobs shipped to customers: cost, $412,000;
selling price 638,000

(Points : 50)

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