90.2K

Verified Solution

Link Copied!

Journal entries of the cost flows shown in T-accounts (You can copy and paste your answers to this post for double the credits https://www.chegg.com/homework-help/questions-and-answers/complete-t-accounts-information-taken-dec-31-2019-adjusted-trial-balance-accounting-record-q59170887?trackid=uPpyayCW)

Accounting Records Of Frank's Furniture Advertising Expense - $ 22250

Depreciation expense Office Equip - 10,440 Depreciation expense Selling Equip - 12,125 Depreciation expense Factory Equip. - 37,400 Direct Labor - 564,500 Factory supervision - 123,400 Factory supplies used (indirect materials) - 8,060 Factory utilities - 39,500 Inventories: Raw Materials, Dec 31, 2018 - 42,375 Raw Materials, Dec 31, 2019 - 72,430 Goods-in-Process, Dec 31, 2018 - 14,500 Goods-in-Process, Dec 31, 2019 - 16,100 Finished Goods, Dec 31, 2018 - 179,200 Finished Goods, Dec 31, 2019 - 143,750 Income taxes expense - 138,700 Indirect labor - 61,000 Misc. Production costs - 10,440 Office salaries expense - 72,875 Raw materials purchased - 896,375 Rent expense office space - 25,625 Rent expense selling space - 29,000 Rent expense factory building - 95,500 Maintenance expense - factory - 32,375 Sales - 5,002,000

Sales Discounts - 59,375 Sales salaries expense - 297,300

1.) Complete the T-accounts with the information taken from the Dec 31, 2019, from the accounting records of Frank's Furniture

2.) Use the general journal below to complete your journal entries of the cost flows shown in your T-accounts.

Thank you!

Complete the T-accounts with the information taken from the Dec 31, 2019, adjusted trial balance from the accounting records of Frank's Furniture RAW MATERIALS GOODS-IN-PROCESS FINISHED GOODS DM COGM DL FOH FACTORY OVERHEAD FACTORY PAYROLL COST OF GOODS SOLD DL FOH IL 0 DATE ACCOUNT NAMES DEBIT CREDIT A Raw Materials Inventory Accounts Payable B Goods-in-Process Inventory Raw Materials Inventory C Factory Payroll Cash D Goods-in-Process Inventory Factory Overhead Factory Payroll E Factory Overhead Accum. Dep., Factory Cash F Goods-in-Process Inventory Factory Overhead G Finished Goods Inventory Goods-in-Process Inventory H Cost of Goods Sold Finished Goods Inventory I Factory Overhead Cost of Goods Sold

Answer & Explanation Solved by verified expert

See Answer