Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. velasco co. uses a job order cost system. the foll

Velasco Co. uses a job order cost system. The following data summarize the operations related...

60.1K

Verified Solution

Question

Accounting

Velasco Co. uses a job order cost system. The following data summarize the operations related to production for July:
July
1 Materials purchased on account, $644,380
2 Materials requisitioned, $670,250, of which $71,770 was for general factory use
31 Factory labor used, $637,900, of which $88,640 was indirect
31 Other costs incurred on account for factory overhead, $142,060; selling expenses, $238,560; and administrative expenses, $151,300
31 Prepaid expenses expired for factory overhead, $29,450; for selling expenses, $27,540; and for administrative expenses, $18,720
31 Depreciation of office building was $84,480; of office equipment, $43,730; and of factory equipment, $32,270
31 Factory overhead costs applied to jobs, $379,790
31 Jobs completed, $988,380
31 Cost of goods sold, $921,340
Required:
Journalize the entries to record the summarized operations. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
image

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

Finance
1.2K views

Rust Pipe Co. was established in 1994. Four years later the company went public. At that...

Accounting
1.2K views

In the preparation of fund financial statements, why the notes to financial statements are interesting?

Biology
1.2K views

Which term refers to an individual s outward appearance with respect to a specific characteristic...

Physics
1.2K views

3 67 The elongation of spring is 1 cm and its potential energy is U...

Physics
1.2K views

A massless rod of length b has one end pivoted and the other end joined...

Geometry
1.2K views

3 In Exercises 7 to 16 name the lines if any that must be parallel...

Basic Math
1.2K views

In circle H with m GHJ 120 and GH 15 units find the length of...

Calculus
1.2K views

P Given function f x y x y 147x 243y 3 Find the critical points...

Accounting
1.2K views

1.Toronto Film School has a current ratio of 2, a quick ratio of 1.8, net...

Accounting
1.2K views

PLEASE DO ALL REQUIRED FOR THE QUESTION!! Required: 1. Record transactions for each date. 2....

Accounting
1.2K views

GS Cookie Co. forecasts cash receipts for January and February of $18,000 and $20,000, respectively....

Finance
1.2K views

The Chester's workforce complement will grow by 20% (rounded to the nearest person) next year....