Accounting Factory Ledger Entries Homework Help
- November 4, 2017
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- Category: Accounting QA
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Factory Ledger Entries
Electronics Incorporated maintains its factory in Stillwater, Oklahoma, but has its main office in Tulsa. On September 1, the factory trial balance appeared as follows
Accounts | Dr. | Cr. |
Materials | $ 19,500 | |
Work in Process | 68,250 | |
Finished Goods | 23,000 | |
Factory Overhead Control | 540,000 | |
Factory Machinery | 120,000 | |
Applied Factory Overhead | $536,400 | |
Accumulated Depreciation — Factory Machinery | 36,000 | |
General Ledger | 198,350 | |
Total | $770,750 | $770,750 |
The following transactions were completed during September
(a) Direct materials purchased on terms of 2/10, n/30, $120,000.
(b) The factory payroll for $45,000 direct labor and $9,000 indirect labor was mailed to the home office. The home office payroll was $15,000 for sales salaries and $21,000 for office salaries. Employee payroll deductions were recorded at the home office at these rates: 6% of gross earnings for PICA tax; 18% of gross earnings for federal income tax.
(c) Indirect materials and supplies amounting to $26,250 were purchased; terms 2/10, n/30.
(d) Employer payroll tax expense is recorded on the home office books. State unemployment rate, 1.8%; federal unemployment, .5% ; PICA tax, 6%.
(e) Analysis of the materials requisitions (all supplies are kept at the factory)
Production orders | $60,000 |
Maintenance and repairs | 15,000 |
Shipping supplies | 4,500 |
(f) Defective shipping supplies returned to the vendor, $900.
(g) Accounts payable totaling $142,500, including the accrued payroll, were paid,
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(h) Depreciation at an annual rate of 10% of the original cost was recorded on the factory machinery,
(i) Sundry factory expenses of $6,900 were recorded as liabilities,
(j) Pactory overhead was applied to production at the rate of $3 per direct labor hour; the factory worked 12,000 hours in September,
(k) Goods completed with a total cost of $126,000 were transferred to finished goods.
(1) Sales for September were $150,000 which cost $96,000 to produce,
(m) At the end of September the factory overhead accounts are closed, and any over- or underapplied balance is closed to the cost of goods sold account. Draw up the two factory overhead accounts; post applicable transactions therein and determine the over- or underapplied amount.
Required
Journal entries to record the above transactions on the general office books and on the factory books.
Product Code: ACC617
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