Question

Prepare journal entries to record transactions a through h.

a. Raw materials purchased on credit, $82,000.
b. Direct materials used, $37,500. Indirect materials used, $17,200.
c. Direct labor used, $30,000. Indirect labor used, $10,000. (Record using Factory Wages Payable.)
d. Paid cash for other actual overhead costs, $7,125.
e. Applied overhead at the rate of 125% of direct labor cost.
f. Transferred cost of jobs completed to finished goods, $54,400.
g. Sales of jobs on credit was $77,000.
h. Cost of jobs sold was $54,400.
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Journal entry worksheet
help please

Answer 1

a. Raw Materials A/C Dr. $82,000
Accounts Payable A/C Cr. $82,000

b. Work in Progress A/C Dr. $54,700
Raw Materials A/C Cr. $54,700

c. Factory Wages Payable A/C Dr. $40,000
Work in Progress A/C Cr. $40,000

d. Manufacturing Overhead A/C Dr. $7,125
Cash A/C Cr. $7,125

e. Manufacturing Overhead A/C Dr. $37,500
Accumulated Depreciation A/C Cr. $37,500

f. Finished Goods A/C Dr. $54,400
Work in Progress A/C Cr. $54,400

g. Accounts Receivable A/C Dr. $77,000
Sales A/C Cr. $77,000

h. Cost of Goods Sold A/C Dr. $54,400
Finished Goods A/C Cr. $54,400