In: Accounting
RUSH
Using the key below,
Accounts receivable |
Materials inventory | Factory overhead | Work in process inventory | Finished goods inventory | Accounts payable | Wages payable | Retained earnings (Income and/or Expense account) | ||||||||
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 |
Where should a manufacturing company record the purchase of materials on account?
3 and 12
4 and 11
15 and 12
Where should a manufacturing company record the transfer (use) of direct materials in production?
7 and 4
3 and 8
6 and 4
4 and 15
Where should a manufacturing company record the use of direct labor wages incurred in production?
7 and 14
5 and 12
5 and 14
15 and 14
Where should a manufacturing company record factory overhead incurred on account in production?
5 and 12
15 and 12
7 and 12
5 and 2
Where should a manufacturing company record factory overhead when it is applied to the product cost?
7 and 6
5 and 8
15 and 6
9 and 6
Where should a manufacturing company record the purchase of materials on account? | |||||||||
Entry for this would be: | |||||||||
Materials | |||||||||
To Accounts Payable | |||||||||
Therefore, it is 3 and 12 |
Where should a manufacturing company record the transfer (use) of direct materials in production? | ||||||||||
Entry for this would be: | ||||||||||
Work in Process Inventory | ||||||||||
To Materials | ||||||||||
Therefore, it is 7 and 4 |
Where should a manufacturing company record the use of direct labor wages incurred in production? | ||||||||||
Entry for this would be: | ||||||||||
Work in Process Inventory | ||||||||||
To Wages Payable | ||||||||||
Therefore, it is 7 and 14 |
Where should a manufacturing company record factory overhead incurred on account in production? | ||||||||||
Entry for this would be: | ||||||||||
Factory Overhead | ||||||||||
To Accounts Payable | ||||||||||
Therefore, it would be 5 and 12 |
Where should a manufacturing company record factory overhead when it is applied to the product cost? | |||||||||||
Entry for this would be: | |||||||||||
Work in Process Inventory | |||||||||||
To Factory Overhead | |||||||||||
Therefore, it would be 7 and 6 |