The Polaris Company uses a job-order costing system. The following transactions occurred in October:
Raw materials purchased on account, $210,000.
Raw materials used in production, $189,000 ($151,200 direct materials and $37,800 indirect materials).
Accrued direct labor cost of $49,000 and indirect labor cost of $20,000.
Depreciation recorded on factory equipment, $106,000.
Other manufacturing overhead costs accrued during October, $130,000.
The company applies manufacturing overhead cost to production using a predetermined rate of $6 per machine-hour. A total of 76,200 machine-hours were used in October.
Jobs costing $511,000 according to their job cost sheets were completed during October and transferred to Finished Goods.
Jobs that had cost $452,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 28% above cost.
Required:
1. Prepare journal entries to record the transactions given above.
2. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account. Compute the ending balance in each account, assuming that Work in Process has a beginning balance of $36,000.
In: Accounting
The Polaris Company uses a job-order costing system. The following transactions occurred in October:
Required:
1. Prepare journal entries to record the transactions given above.
2. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account. Compute the ending balance in each account, assuming that Work in Process has a beginning balance of $34,000.
In: Accounting
The Polaris Company uses a job-order costing system. The following transactions occurred in October:
Required:
1. Prepare journal entries to record the transactions given above.
2. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account. Compute the ending balance in each account, assuming that Work in Process has a beginning balance of $33,000.
In: Accounting
The Polaris Company uses a job-order costing system. The following transactions occurred in October:
Required:
1. Prepare journal entries to record the transactions given above.
2. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account. Compute the ending balance in each account, assuming that Work in Process has a beginning balance of $37,000.
In: Accounting
Purchases and Cash Payments Journals; Accounts Payable Subsidiary and General Ledgers
AquaFresh Water Testing Service was established on April 16. AquaFresh uses field equipment and field supplies (chemicals and other supplies) to analyze water for unsafe contaminants in streams, lakes, and ponds. Transactions related to purchases and cash payments during the remainder of April are as follows:
| April 16. | Issued Check No. 1 in payment of rent for the remainder of April, $3,500. | |
| April 16. | Purchased field supplies on account from Hydro Supply Co., $5,340. | |
| April 16. | Purchased field equipment on account from Pure Equipment Co., $21,450. | |
| April 17. | Purchased office supplies on account from Best Office Supply Co., $510. | |
| April 19. | Issued Check No. 2 in payment of field supplies, $3,340, and office supplies, $400. | |
| Post the journals to the accounts payable subsidiary ledger. | ||
| April 23. | Purchased office supplies on account from Best Office Supply Co., $660. | |
| April 23. | Issued Check No. 3 to purchase land, $140,000. | |
| April 24. | Issued Check No. 4 to Hydro Supply Co. in payment of April 16 invoice, $5,340. | |
| April 26. | Issued Check No. 5 to Pure Equipment Co. in payment of April 16 invoice, $21,450. | |
| Post the journals to the accounts payable subsidiary ledger. | ||
| April 30. | Acquired land in exchange for field equipment having a cost of $12,000. | |
| April 30. | Purchased field supplies on account from Hydro Supply Co., $7,650. | |
| April 30. | Issued Check No. 6 to Best Office Supply Co. in payment of April 17 invoice, $510. | |
| April 30. | Purchased the following from Pure Equipment Co. on account: field supplies, $1,340, and field equipment, $4,700. | |
| April 30. | Issued Check No. 7 in payment of salaries, $29,400. | |
| Post the journals to the accounts payable subsidiary ledger. |
Required:
1. Journalize the transactions (in chronological order as presented in the data) for April. Use a purchases journal and a cash payments journal, and a two-column general journal. Use debit columns for Field Supplies, Office Supplies, and Other Accounts in the purchases journal. Refer to the following partial chart of accounts:
| 11 | Cash | 19 | Land |
| 14 | Field Supplies | 21 | Accounts Payable |
| 15 | Office Supplies | 61 | Salary Expense |
| 17 | Field Equipment | 71 | Rent Expense |
At the points indicated in the narrative of transactions, post to the following accounts in chronological order in the accounts payable subsidiary ledger:
| Best Office Supply Co. |
| Hydro Supply Co. |
| Pure Equipment Co. |
For those boxes in which no entry is required, leave the box blank. If no other account is needed in the "Other Accounts Dr." column select "No Entry Required".
| PURCHASES JOURNAL | PAGE 1 | |||||||
|---|---|---|---|---|---|---|---|---|
| Date | Account Credited | Post. Ref. | Accounts Payable Cr. | Field Supplies Dr. | Office Supplies Dr. | Other Accounts Dr. |
Post. Ref. |
Amount |
| April 16 | Hydro Supply Co. | ? | No Entry Required | |||||
| April 16 | Pure Equipment Co. | ? | Field Equipment | |||||
| April 17 | Best Office Supply Co. | ? | No Entry Required | |||||
| April 23 | Best Office Supply Co. | ? | No Entry Required | |||||
| April 30 | Hydro Supply Co. | ? | No Entry Required | |||||
| April 30 | Pure Equipment Co. | ? | Field Equipment | |||||
| April 30 | ||||||||
| CASH PAYMENTS JOURNAL | PAGE 1 | |||||
|---|---|---|---|---|---|---|
| Date | Ck. No. | Account Debited | Post. Ref. | Other Accounts Dr. |
Accounts Payable Dr. |
Cash Cr. |
| April 16 | Rent Expense | |||||
| April 19 | Field Supplies | |||||
| Office Supplies | ||||||
| April 23 | Land | |||||
| April 24 | Hydro Supply Co. | ? | ||||
| April 26 | Pure Equipment Co. | ? | ||||
| April 30 | Best Office Supply Co. | ? | ||||
| April 30 | Salary Expense | |||||
| April 30 | Total | |||||
| JOURNAL | PAGE 1 | |||
|---|---|---|---|---|
| Date | Description | Post. Ref. | Debit | Credit |
| April 30 | Land | |||
| Field Equipment | ||||
2. Post the individual entries in chronological order (Other Accounts columns of the purchases journal and the cash payments journal and both columns of the general journal) to the appropriate general ledger accounts. Post to the subsidiary ledger in chronological order. When posting to the general ledger, post in chronological order. However, if there is more than one entry on the same date, post transactions from the purchases journal first, then the cash payments journal before posting from the general journal.
3. Total each of the columns of the purchases journal and the cash payments journal, and post the appropriate totals to the general ledger.
For those boxes in which no entry is required, leave the box blank.
| ACCOUNTS PAYABLE SUBSIDIARY LEDGER | |||||
|---|---|---|---|---|---|
| Date | Item | Post. Ref. | Debit | Credit | Balance |
| Account: Best Office Supply Co. | |||||
| April 17 | |||||
| April 23 | |||||
| April 30 | |||||
| Account: Hydro Supply Co. | |||||
| April 16 | |||||
| April 24 | |||||
| April 30 | |||||
| Account: Pure Equipment Co. | |||||
| April 16 | |||||
| April 26 | |||||
| April 30 | |||||
Post transactions in chronological order. However, if there is more
that one transaction on the same date, post from the purchases
journal first, then from the cash payments journal before posting
from the general journal. (Because the problem does not include
transactions related to cash receipts, the cash account in the
ledger will have a credit balance.)
| GENERAL LEDGER | ||||||
|---|---|---|---|---|---|---|
| Balance | ||||||
| Date | Item | Post. Ref. | Debit | Credit | Dr. | Cr. |
| Account: Cash #11 | ||||||
| April 30 | ||||||
| Account: Field Supplies #14 | ||||||
| April 19 | ||||||
| April 30 | ||||||
| Account: Office Supplies #15 | ||||||
| April 19 | ||||||
| April 30 | ||||||
| Account: Field Equipment #17 | ||||||
| April 16 | ||||||
| April 30 | ||||||
| April 30 | ||||||
| Account: Land #19 | ||||||
| April 23 | ||||||
| April 30 | ||||||
| Account: Accounts Payable #21 | ||||||
| April 30 | ||||||
| April 30 | ||||||
| Account: Salary Expense #61 | ||||||
| April 30 | ||||||
| Account: Rent Expense #71 | ||||||
| April 16 | ||||||
4. Prepare a schedule of the accounts payable creditor balances.
| AQUAFRESH WATER TESTING
SERVICE Accounts Payable Creditor Balances April 30 |
|
|---|---|
| Best Office Supply Co. | $ |
| Hydro Supply Co. | |
| Pure Equipment Co. | |
| Total accounts payable | $ |
5. All are reasons why AquaFresh might consider using a subsidiary ledger for the field equipment EXCEPT:
To secure lower pricing on equipment purchases
In: Accounting
Two automobiles, each of mass 500 kg, are moving at the same speed, 10 m/s, when they collide and stick together. In what direction and at what speed does the wreckage move (a) if one car was driving north and one south; (b) if one car was driving north and one east
thank you!!!
In: Physics
a. What conditions make price discrimination possible?
b. A monopoly can sell its good in the US, where the elasticity of demand is -2, and in South Korea,
where the elasticity of demand is -4. Its marginal cost is $10. At what price does the monopoly sell
its good in each country if resales are not possible?
In: Economics
A wire with a linear mass density of 1.08 g/cm moves at a constant speed on a horizontal surface and the coefficient of kinetic friction between the wire and the surface is 0.250. If the wire carries a current of 1.31 A westward and moves horizontally to the south, determine the magnitude and direction of the smallest magnetic field that can accomplish this.
magnitude ____ T
direction ______
In: Physics
Consider a City with district populations as follows:
North: 9,300 South: 6,400 East: 9,000 West: 5,000
Suppose there are exactly 11 council seats.
In: Physics
The earth’s north pole is a magnetic south pole. The field above the pole is ~0.05mTesla. A proton from the sun with a velocity of 1,000,000 m/s enters this magnetic field.
a) Find the force on the proton if the velocity is perpendicular to the Magnetic field.
b) This is a centripetal force that makes them take circular orbits. Find the radius of the orbit.
In: Physics