Question

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. depreciation—Factory building		68,000
		Accum. depreciation—Factory 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 1

Raw Materials Inventory
Accounts Payable	220000	Work in Progress inventory	131700
		Factory Overhead	21500
		Closing Balance [Bal. Fig.]	66800
	220000		220000
Work in Progress Inventory
Raw Materials Inventory	131700	Finished goods inventory	359700
Factory Overhead [179000+28400]	207400	Closing Balance [Bal. Fig.]	83100
Cash	103700
	442800		442800
Factory Overhead
Cash [15500+128700]	144200
Accumulated depreciation -Factory building	68000	Work in Progress inventory	207400
Accumulated depreciation -Factory equipment	38000	Closing Balance [Bal. Fig.]	112300
Prepaid Insurance	11000
Property Taxes Payable	37000
Raw Materials Inventory	21500
	319700		319700
Finished Goods Inventory
Work in Progress Inventory	359700	Cost of Goods Sold	218900
		Closing Balance [Bal. Fig.]	140800
	359700		359700
Cost of Goods Sold
Finished goods inventory	218900	Sales	218900
	218900		218900