In: Accounting
Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March:
Required:
Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank.
a. Materials purchased on account, $654,750.
Entry | Description | Debit | Credit |
---|---|---|---|
a. | fill in the blank 2 | fill in the blank 3 | |
fill in the blank 5 | fill in the blank 6 |
b. Materials requisitioned, $549,990, of which $71,500 was for general factory use.
Entry | Description | Debit | Credit |
---|---|---|---|
b. | fill in the blank 8 | fill in the blank 9 | |
fill in the blank 11 | fill in the blank 12 | ||
fill in the blank 14 | fill in the blank 15 |
c. Factory labor used, $674,390, of which $128,130 was indirect.
Entry | Description | Debit | Credit |
---|---|---|---|
c. | fill in the blank 17 | fill in the blank 18 | |
fill in the blank 20 | fill in the blank 21 | ||
fill in the blank 23 | fill in the blank 24 |
d. Other costs incurred on account for factory overhead, $157,140; selling expenses, $242,260; and administrative expenses, $144,050.
Entry | Description | Debit | Credit |
---|---|---|---|
d. | fill in the blank 26 | fill in the blank 27 | |
fill in the blank 29 | fill in the blank 30 | ||
fill in the blank 32 | fill in the blank 33 | ||
fill in the blank 35 | fill in the blank 36 |
e. Prepaid expenses expired for factory overhead were $30,120; for selling expenses, $25,540; and for administrative expenses, $18,330.
Entry | Description | Debit | Credit |
---|---|---|---|
e. | fill in the blank 38 | fill in the blank 39 | |
fill in the blank 41 | fill in the blank 42 | ||
fill in the blank 44 | fill in the blank 45 | ||
fill in the blank 47 | fill in the blank 48 |
f. Depreciation of factory equipment was $30,120; of office equipment, $44,520; and of office building, $87,740.
Entry | Description | Debit | Credit |
---|---|---|---|
f. | fill in the blank 50 | fill in the blank 51 | |
fill in the blank 53 | fill in the blank 54 | ||
fill in the blank 56 | fill in the blank 57 | ||
fill in the blank 59 | fill in the blank 60 |
g. Factory overhead costs applied to jobs, $373,210.
Entry | Description | Debit | Credit |
---|---|---|---|
g. | fill in the blank 62 | fill in the blank 63 | |
fill in the blank 65 | fill in the blank 66 |
h. Jobs completed, $864,270.
Entry | Description | Debit | Credit |
---|---|---|---|
h. | fill in the blank 68 | fill in the blank 69 | |
fill in the blank 71 | fill in the blank 72 |
i. Cost of goods sold, $838,080.
Entry | Description | Debit | Credit |
---|---|---|---|
i. | fill in the blank 74 | fill in the blank 75 | |
fill in the blank 77 | fill in the blank 78 |
Particulars |
Debit |
Credit |
|
a |
Materials |
654,750 |
|
Accounts payable |
654,750 |
||
b |
Work in Process |
478,490 |
|
Factory overhead |
71,500 |
||
Materials |
549,990 |
||
c |
Work in Process |
546,260 |
|
Factory overhead |
128,130 |
||
Wages payable |
674,390 |
||
d |
Factory overhead |
157,140 |
|
Selling Expenses |
242,260 |
||
Administrative Expenses |
144,050 |
||
Accounts payable |
543,450 |
||
e |
Factory overhead |
30,120 |
|
Selling Expenses |
25,540 |
||
Administrative Expenses |
18,330 |
||
Prepaid expenses |
73,990 |
||
f |
Factory overhead |
30,120 |
|
Depreciation expense-Office equipment |
44,520 |
||
Depreciation expense-Office building |
87,740 |
||
Accumulated depreciation- Building and Equipment |
162,380 |
||
g |
Work in Process |
373,210 |
|
Factory overhead |
373,210 |
||
h |
Finished goods |
864,270 |
|
Work in Process |
864,270 |
||
i |
Cost of goods sold |
838,080 |
|
Finished goods |
838,080 |
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