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Chap 2 E14 JE T Accounts

 Essay about Chap a couple of E14 U T Accounts

EXERCISE 2-14 Journal Entries and T-accounts

The Polaris Company uses a job-order costing system. The following data relate with October, the first month of the business fiscal 12 months.

a. Raw materials purchased on account, $210, 000.

m. Raw materials released to development, $190, 500 ($178, 1000 direct materials and $12, 000 roundabout materials).

c. Direct labor cost incurred, $90, 1000; indirect labor cost sustained, $110, 1000. d. Depreciation recorded on manufacturing plant equipment, $40, 000.

elizabeth. Other production overhead costs sustained during Oct, $70, 500 (credit Accounts Payable).

n. The company is applicable manufacturing expense cost to production on such basis as $8 every machine-hour. An overall total of 31, 000 machine-hours were registered for Oct. g. Production orders charging $520, 500 according to their job expense sheets had been completed during October and transferred to Completed Goods.

they would. Production orders that got cost $480, 000 to complete according to their job cost sheets were sent to consumers during the month. These products were offered on consideration at 25% above expense.

Required:

1 ) Prepare journal entries to record the data given over. Answer

a. Raw Materials Inventory.................................... Accounts Payable............................................

210, 1000

210, 1000

b. Operate Process................................................. Developing Overhead....................................

Raw Materials Inventory..................................

a hundred and seventy-eight, 000

12, 000

c.

Work in Method................................................. Manufacturing Overhead....................................

Salaries and Wages Payable............................

90, 1000

110, 500

d. Manufacturing Overhead.................................... Gathered Depreciation...............................

forty five, 000

elizabeth. Manufacturing Expense.................................... Accounts Payable............................................

70, 1000

f....

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