No Transaction General Journal Debit Credit ...

70.2K

Verified Solution

Question

Accounting

No

Transaction

General Journal

Debit

Credit

1

a.

Raw materials inventory

220,000

Accounts payable

220,000

2

b.

Work in process inventory

131,700

Factory overhead

21,500

Raw materials inventory

153,200

3

c.

Factory overhead

15,500

Cash

15,500

4

d.

Work in process inventory

103,700

Factory overhead

25,000

Cash

128,700

5

e.

Work in process inventory

179,000

Factory overhead

179,000

6

f.

Finished goods inventory

359,700

Work in process inventory

359,700

7

g(1).

Accounts receivable

530,000

Sales

530,000

8

g(2).

Cost of goods sold

218,900

Finished goods inventory

218,900

9

h.

Factory overhead

154,000

Accum. depreciationFactory building

68,000

Accum. depreciationFactory equipment

38,000

Prepaid insurance

11,000

Property taxes payable

37,000

10

i.

Work in process inventory

28,400

Factory overhead

28,400

3.

Prepare T-accounts for each of the following general ledger accounts, each of which started the month with a zero balance: Raw Materials Inventory, Work in Process Inventory, Finished Goods Inventory, Factory Payroll, Factory Overhead, Cost of Goods Sold. Post the journal entries from Part 2 to the following T-accounts

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students