50.1K

Verified Solution

Link Copied!

This is accounting class steps one by one from 1-15 entry

NON STOCK FOR CASH. THE PAR VALUE 1. JOURNALIZE THE PURCHASE OF $50,000 RAW MATERIALS 2. JOURNALIZE THE ISSUANCE OF 1,000 SHARES OF COMMON STOCK FOR CASH, IS $2/SH AND THE SELLING PRICE IS $60/SH. 3. JOURNALIZE THE ASSIGNMENT OF MANUFACTURING OVERHEAD TO WORK IN PROL OVERHEAD IS APPLIED AT 110% OF DIRECT LABOR. DIRECT LABOR WAS $70,000, 4. JOURNALIZE THE ISSUANCE OF $250,000 BONDS FOR CASH FOR 98. 5. NAME THE 3 TYPES OF PRODUCT COSTS 6. JOURNALIZE THE DECLARATION OF A 7% STOCK DIVIDEND WHEN THERE WERE 100,000 COMMON SHARES OUTSTANDING, PAR VALUE IS $2/SH AND THE SELLING PRICE IS 560/SH 7. COMPUTE DIRECT MATERIALS USED IF: BEGINNING RAW MATERIALS=$50,000 RAW MATERIALS PURCHASED=$20,000 ENDING RAW MATERIALS=$30,000 8. JOURNALIZE THE PURCHASE OF BONDS IN ANOTHER COMPANY FOR $300,000 CASH. 9. COMPUTE MANUFACTURING OVERHEAD BASED ON THE FOLLOWING: ADVERTISING EXPENSE=$1,000 INDIRECT MATERIAL=$2,000 INDIRECT LABOR=$3,000 FACTORY DEPRECIATION=$4,000 10. JOURNALIZE THE YEAR END ENTRY TO CLOSE OUT $400,000 NET INCOME FOR ABC CORPORATION 11. COMPUTE COST OF GOODS MANUFACTURED BASED ON THE FOLLOWING: BEGINNING WORK IN PROCESS=$20,000 ENDING WORK IN PROCESS=$5,000 DIRECT MATERIALS USED=$6,000 DIREC LABOR=$7,000 MANUFACTURING OVERHEAD=$8,000 12. JOURNALIZE THE PAYMENT OF FACTORY UTILITIES FOR $8,000 13. JOURNALIZE THAT $2,000 RAW MATERIALS WERE REQUESTED INTO PRODUCTION: $1900 SPECIFIC JOBS AND THE BALANCE AS INDIRECT MATERIAL 14. JOURNALIZE THE WEEKLY PAYROLL OF $5,000, $4000 TO WORKERS AND THE BALANCET PAYROLL TAXES 15. JOURNALIZE, BASED ON 14 ABOVE, OUT OF THE $5,000, $3500 WAS FOR THE ASSEMBU WORKERS AND THE BALANCE WAS FOR THE FACTORY INSPECTOR

Answer & Explanation Solved by verified expert

See Answer