Question

In: Accounting

RUSH Using the key below, Accounts receivable Materials inventory Factory overhead Work in process inventory Finished...

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

Solutions

Expert Solution

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

ekkarill92 answered 1 year ago

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