Horngren's Financial & Managerial Accounting, The Managerial Chapters (6th Edition)
6th Edition
ISBN: 9780134486857
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 17, Problem 12TI
To determine
Prepare journal entries to record the sale of jobs by Company S to customers on account.
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Todd Lay just began working as a cost accountant for Enteron Industries Inc., which manufactures gift items. Todd is preparing to record summary journal entries for the month. Todd begins by recording the factory wages as follows:Wages Expense 60,000 Wages Payable 60,000Then the factory depreciation:Depreciation Expense—Factory Machinery 20,000 Accumulated Depreciation—Factory Machinery 20,000Todd’s supervisor, Jeff Fastow, walks by and notices the entries. The following conversation takes place:Jeff: That’s a very unusual way to record our factory wages and depreciation for the month.Todd: What do you mean? This is the way I was taught in school to record wages and depreciation. You know, debit an expense and credit Cash or payables or, in the case of depreciation, credit Accumulated Depreciation.Jeff: Well, it’s not the credits I’m concerned about. It’s the debits—I don’t…
Lincoln Company completed jobs that cost $43,000 to produce. In the same period, the company sold jobs for $82,000 that cost $40,500 to produce. Prepare the journal entries for the completion
and sale of the jobs. All sales are on account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Prepare the journal entry to record the completion of jobs.
Accounts and Explanations
Date
Debit
Prepare the journal entry for the cost to produce the jobs that were sold.
Date
Accounts and Explanations
Prepare the journal entry to record the sale of jobs. (Do not include the cost of the sale in this journal entry, it will be prepared in the next step.)
Accounts and Explanations
Debit
Credit
Debit
Credit
Credit
Walle
Journalize the following labor-related transactions for Glamorous Glass Co. at its plant in Portland, Oregon. Assume that the labor has been incurred, but not yet paid.
Plant janitor's wages
Plant furnace operator's wages
Glass blower's wages
$ 610
880
76,000
Journalize the transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Prepare a single compound journal entry)
Credit
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Chapter 17 Solutions
Horngren's Financial & Managerial Accounting, The Managerial Chapters (6th Edition)
Ch. 17 - Would the following companies most likely use a...Ch. 17 - Would the following companies most likely use a...Ch. 17 - Would the following companies most likely use a...Ch. 17 - Would the following companies most likely use a...Ch. 17 - Would the following companies most likely use a...Ch. 17 - Prob. 6TICh. 17 - Record the following journal entries for Smith...Ch. 17 - Prob. 8TICh. 17 - Prob. 9TICh. 17 - Prob. 10TI
Ch. 17 - Prob. 11TICh. 17 - Prob. 12TICh. 17 - The following information pertains to Smith...Ch. 17 - Prob. 14TICh. 17 - Prob. 15TICh. 17 - Prob. 16TICh. 17 - Wesson Company is a consulting firm. The firm...Ch. 17 - Prob. 18TICh. 17 - Would an advertising agency use job order or...Ch. 17 - Prob. 2QCCh. 17 - When a manufacturing company uses indirect...Ch. 17 - When a manufacturing company uses direct labor, it...Ch. 17 - Gell Corporation manufactures computers. Assume...Ch. 17 - Gell Corporation manufactures computers. Assume...Ch. 17 - Gell Corporation manufactures computers. Assume...Ch. 17 - Gell Corporation manufactures computers. Assume...Ch. 17 - A manufacturing company completed work on a job....Ch. 17 - For which of the following reasons would David...Ch. 17 - Why do managers need to know the cost of their...Ch. 17 - What types of companies use job order costing...Ch. 17 - What types of companies use process costing...Ch. 17 - What is the purpose of a job cost record?Ch. 17 - Explain the difference between cost of goods...Ch. 17 - A job was started on May 15, completed on June 27,...Ch. 17 - Give the journal entry for raw materials purchased...Ch. 17 - What is the purpose of the raw materials...Ch. 17 - How does the use of direct and indirect materials...Ch. 17 - Prob. 10RQCh. 17 - Give five examples of manufacturing overhead...Ch. 17 - What is the predetermined overhead allocation...Ch. 17 - What is an allocation base? Give some examples.Ch. 17 - How is manufacturing overhead allocated to jobs?Ch. 17 - A completed job cost record shows the unit cost of...Ch. 17 - Prob. 16RQCh. 17 - Give the journal entry for the completion of a...Ch. 17 - Prob. 18RQCh. 17 - Explain the difference between underallocated...Ch. 17 - If a company incurred 5,250 in actual overhead...Ch. 17 - Prob. 21RQCh. 17 - Explain the terms accumulate, assign, allocate,...Ch. 17 - Prob. 23RQCh. 17 - Prob. 24RQCh. 17 - Would the following companies most likely use job...Ch. 17 - Prob. 2SECh. 17 - Analyze the following T-accounts to determine the...Ch. 17 - Prob. 4SECh. 17 - Oak Outdoor Furniture manufactures wood patio...Ch. 17 - Job 303 includes direct materials costs of 550 and...Ch. 17 - Calculating predetermined overhead allocation...Ch. 17 - Lincoln Company completed jobs that cost 38,000 to...Ch. 17 - Columbus Enterprises reports the following...Ch. 17 - The T-account showing the manufacturing overhead...Ch. 17 - Adjusting Manufacturing Overhead Justice Companys...Ch. 17 - Prob. 12SECh. 17 - Prob. 13SECh. 17 - Prob. 14SECh. 17 - Prob. 15ECh. 17 - Defining terminology Match the following terms to...Ch. 17 - Prob. 17ECh. 17 - Goldenrod Company makes artificial flowers and...Ch. 17 - Selected cost data for Classic Print Co. are as...Ch. 17 - Prob. 20ECh. 17 - Prob. 21ECh. 17 - Prob. 22ECh. 17 - Jordan Company has the following information for...Ch. 17 - Journalize the following transactions for Marges...Ch. 17 - Prob. 25ECh. 17 - Analyze the following T-accounts, and determine...Ch. 17 - Prob. 27ECh. 17 - Clement Manufacturing makes carrying cases for...Ch. 17 - Ki Technology Co. manufactures DVDs for computer...Ch. 17 - Superior Construction, Inc. is a home builder in...Ch. 17 - Accounting for manufacturing overhead Prestige...Ch. 17 - Mighty Stars produces stars for elementary...Ch. 17 - Bluebird Design, Inc. is a Web site design and...Ch. 17 - Sutherland Manufacturing makes carrying cases for...Ch. 17 - Ye Technology Co. manufactures DVDs for computer...Ch. 17 - Meadow Construction, Inc. is a home builder in...Ch. 17 - Accounting for manufacturing overhead Elegant...Ch. 17 - Hero Stars produces stars for elementary teachers...Ch. 17 - Skylark Design, Inc. is a Web site design and...Ch. 17 - Accounting for manufacturing overhead This problem...Ch. 17 - Granite Construction Incorporated is a major...Ch. 17 - Hiebert Chocolate, Ltd. is located in Memphis. The...Ch. 17 - Prob. 1FC
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- Journalize the following transactions for Carla Vista Company. (a) Purchased 5,900 units of raw materials on account for $10,930. The standard cost was $11,800. (b) Issued 5,600 units of raw materials for production. The standard units were 5,740. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation (a) (b) Raw Materials Inventory Materials Price Variance Accounts Payable Work in Process Inventory Materials Quantity Variance Raw Materials Inventory Debit 11800 Credit 10930arrow_forwardRecord the following journal entries for Brown Company: A (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from any journal entries.) 6. Purchased raw materials on account, $8,000. Date Accounts Debit Credit 7. Used $4,000 in direct materials and 600 in indirect materials in production. Date Accounts Debit Credit 7. 000 bich 700/ Iabor 6.arrow_forwardInfo in images Prepare journal entries to record the preceding transactions. The raw materials were purchased for use in production, $265,000 on account. Note: Enter debits before credits. Transaction General Journal Debit Credit a. The raw materials used in production (all direct materials), $250,000. Note: Enter debits before credits. Transaction General Journal Debit Credit b. The utility bills were incurred on account, $72,000 (85% related to factory operations, and the remainder related to selling and administrative activities). Note: Enter debits before credits. Transaction General Journal Debit Credit c. The salary and wage costs accrued were $295,000 (Direct labor), $103,000 (Indirect labor), $175,000 (Selling and administrative salaries). Note: Enter debits before credits. Transaction General Journal Debit Credit d. The maintenance…arrow_forward
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