Accounting Factory Ledger Entries Assignment Homework Help Online
- November 4, 2017
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- Category: Accounting QA
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Factory Ledger Entries
The Emco Plastic Company has its general office in Louisville, but has a major plant in Evansville. A separate set of records is kept at the home office and at the factory. On November 1 the factory trial balance showed the following
Dr. | Cr. | |
Materials | $ 3,500 | |
Work in Process | 7,800 | |
Finished Goods | 6,400 | |
General Ledger | $17,700 | |
Total | $17,700 | $17,700 |
For the month of November the following transactions occurred
(a) Materials purchased on account, $23,000.
(b) Direct materials of $12,000 were requisitioned, along with indirect materials of $6,500 and $2,500 of supplies.
(c) Total payroll for November was $30,000. The home office prepared the payroll and the checks and also deducted 6% for PICA tax and 10% for federal income tax. The liability for employer payroll taxes is kept on the home office books. The state unemployment insurance tax rate is 2.1%; the federal unemployment insurance tax rate is .5%. The Evansville payroll consisted of: $3,000, office salaries; $8,000, sales salaries; $6,000, indirect labor; and $13,000, direct labor.
(d) Factory overhead is applied at a rate of 210% of direct labor cost.
(e) Materials costing $275 were defective and were returned to the supplier.
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(f) Payments made to vendors on account, $21,500.
(g) $12,000 of various factory overhead expenses is recorded, including $2,000 depreciation on factory machinery.
(h) Goods completed totaled $48,300.
(i) Goods costing $45,000 were sold for $60,000.
Required
Journal entries on the books of the general office and the factory to record the above transactions
Product Code: ACC619
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