Cost Accounting Cycle Entries Assignment Homework Help
- November 2, 2017
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Cost Accounting Cycle Entries.
During September these transactions took place at the Grand Rapids Manufacturing Company : Sept. 1. Purchased raw materials from Harvey Manufacturing Company, $5,500. Terms: 2/10, n/60. Purchases are recorded at the gross amount.
1. Received a $2,500 invoice for factory equipment from Becker & Company. Terms: net 90 days.
3. Sent C. E. Olsen, a company salesman, a $205 check for traveling expenses.
5. Paid and distributed weekly payroll
Federal | |||
Gross | Income Tax | PICA | |
Earnings | Withheld | Tax | |
Factory (20% of the factory payroll is indirect | |||
labor) | $3,200 | $320 | $192 |
Marketing | 1,400 | 140 | 84 |
Office | 1,200 | 120 | 72 |
5. Employer’s payroll taxes on weekly payroll : FICA tax, 6% ; state unemployment tax, 2.7%; federal unemployment, .5%. Charge factory payroll taxes to factory overhead.
8. Paid Lackawanna Railroad Company $105 for freight on a machine bought on September 1.
9. Paid Becker & Company $340 for installing machinery bought on September 1.
10. Paid Harvey Manufacturing Company for September 1 invoice.
11. Received advertising bill from the Ayres Advertising Agency, $300. Terms : net 30 days.
12. Paid and distributed weekly payroll:
Federal | ||||
Gross Income | Income Tax | |||
Earnings | Withheld | FICA | ||
Factory (25% of the factory payroll is | Tax | |||
indirect labor) | $3,280 | $328 | $196.80 | |
Marketing | 1,350 | 135 | 81.00 | |
Office | 1,200 | 120 | 72.00 |
12. Employer’s payroll taxes on weekly payroll (see Sept. 5 transaction for instructions).
14. Purchased factory supplies from Haines & Company, $1,560. Terms: 2/10, n/30. Charge factory overhead.
Sept. 16. Bought tools for factory use from Tower Machinery Company for cash, $60. Charge factory overhead.
17. Paid Brown Garage Company for service and repair of trucks, $800. Of this amount, charge 60% to the factory and the balance to marketing.
18. Paid the bill of the Ayres Advertising Agency.
18. Bought raw materials from Clark Manufacturing Company, $7,500. Terms: net 30 days.
19. Paid and distributed weekly payroll
Federal | |||
Gross | Income Tax | FICA | |
Earnings | Withheld | Tax | |
Factory (20% of the factory payroll is indirect labor) | $3,250 | $325 | $195.00 |
Marketing | 1,320 | 132 | 79.2 |
Office | 1,190 | 119 | 71.4 |
19. Employer’s payroll taxes on weekly payroll.
21. Returned to Clark Manufacturing Company the raw materials received in damaged condition on the 18th; billed price, $600.
22. Purchased raw materials from Boyer Manufacturing Company for cash, $3,000.
23. Paid Haines & Company for September 14 invoice.
24. Paid Apex Service Company for repairs to factory building, $575. Charge factory overhead.
25. Paid Reading Railroad Company for freight as follows: freight-in, $145; freight-out, $120.
25. Paid Franklin Insurance Agency $960 for a 3-year fire insurance premium.
26. Paid and distributed weekly payroll
Federal | |||
Gross | Income Tax | FICA | |
Earnings | Withheld | Tax | |
Factory (20% of the factory payroll is indirect labor) | $3,300 | $330 | $198.00 |
Marketing | 1,330 | 133 | 79.8 |
Office | 1,200 | 120 | 72 |
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26. Employer’s payroll taxes on weekly payroll.
26. Paid Clark Manufacturing Company for Sept. 18 invoice less damaged materials returned.
30. Paid Central Telephone Company bill, $210 (charge 10%, to factory, 60% to marketing, and 30% to office).
30. The beginning raw materials inventory was $2,000; the ending inventory is $2,200. Transfer the difference to Work in Process after posting the purchase transactions.
30. Factory overhead for September to be applied based on a rate of 70% of direct labor cost.
30. The following information relates to expiration of insurance and accrual of depreciation for September
Depreciation on factory equipment | $420 |
Depreciation on delivery equipment | 330 |
Depreciation on office equipment | 210 |
Insurance expired on factory | 350 |
Insurance expired on delivery equipment | 430 |
Insurance expired on office equipment | 1 80 |
Sept. 30. | Other necessary end-of-month information is as follows: | |
Costs transferred from Work in Process to Finished Goods. | 31,927 | |
Opening inventory, Work in Process | 3,500 | |
Cost of goods sold | 32,085 | |
Opening inventory. Finished Goods | 3,875 | |
Sales on account | 61,320 |
30. Determine the amount of over- or underapplied factory overhead, and transfer the balance to Cost of Goods Sold.
Required
Record the preceding transactions in general journal entry form.
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