Accounting Factory Ledger Accounts Journal Entries And Trial Balances Homework Help
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Factory Ledger Accounts, Journal Entries, and Trial Balances.
The Colorado Manufacturing Company has a cost accounting system using both general and factory ledgers. On December 31, 19A, after closing, the ledgers contained the following account balances
|Accounts Receivable||25,000||Accrued Payroll||2,250|
|Work in Process||4,500||Retained Earnings||21,250|
|Finished Goods||9,500||Factory Ledger||24,000|
Inventory accounts are kept in the factory ledger.
During the month of January, 19B,the following transactions were completed
(a) Materials purchased, $92,000.
(b) Sundry factory overhead incurred, $18,500.
(c) Labor was consumed as follows : for direct production, $60,500; indirect labor, $12,500; sales salaries, $8,000; administrative salaries, $5,000. Credit Accrued Payroll for total gross wages. The employer’s payroll tax cost is based on labor purchased. The state and federal unemployment insurance tax rates are 1.6% and .5%, respectively; and the employer’s PICA tax is $5,160. Of the PICA tax, $480 pertained to sales and $300 to administrative salaries.
(d) Gross payrolls totaling $75,750 were paid (10% of wages paid was withheld for income taxes, and $4,545 for PICA taxes). Debit Accrued Payroll for total gross wages of $75,750. Credit Accounts Payable for employee earnings after deductions; then record the cash payment to employees.
(e) Materials were consumed as follows: direct materials, $82,500; indirect materials, $8,300.
(f) Pactory overhead applied to production was 76% of the direct labor cost.
(g) Work finished and placed in stock cost $188,000.
(h) All but $12,000 of the finished goods were sold, terms 2/10, n/60. The markup was 30% above production cost.
(i) 80% of the accounts receivable was collected, less 2% discount.
(j) Various marketing and administrative expenses, 60% marketing, 40% administrative, incurred during the month amounted to $30,000, the credit being to Accounts Payable.
(k) The check register showed payments of accounts other than for payrolls in the amount of $104,000.
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(1) Set up trial balances of the general ledger and of the factory ledger as of January 1, 19B.
(2) Open general ledger and factory ledger accounts from the January 1 trial balances and record the balances.
(3) Post the January transactions directly into the ledger accounts without journal entries. Open new accounts whenever necessary.
(4) Prepare trial balances of the general ledger and the factory ledger as of January 31, 19B.
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