Cost Accounting Cycle Entries Assignment Homework Help
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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
|Factory (20% of the factory payroll is indirect|
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:
|Gross Income||Income Tax|
|Factory (25% of the factory payroll is||Tax|
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
|Factory (20% of the factory payroll is indirect labor)||$3,250||$325||$195.00|
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
|Factory (20% of the factory payroll is indirect labor)||$3,300||$330||$198.00|
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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.
Record the preceding transactions in general journal entry form.
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