The following transactions were incurred by Keystone Fabricators during January,

Question

The following transactions were incurred by Keystone Fabricators during January, the first month of its fiscal year (Click the icon to view the transactions.) Read the requirements Requirement 1. Record the proper journal entry for each transaction. (Record debits first, then credits. Exclude explanations from any journal entries ) a. $185,000 of materials was purchased on account. Record the entry Journal Entry Date Accounts Debit Credit b. $166,000 of materials was used in production; of this amount, $161,000 were used on specific jobs. Record the entry Journal Entry Choose from any list or enter any number in the input fields and then continue to the next question

Explanation / Answer

Trans Accounts Title Dr Cr a Raw Material Inventory $185,000 Accounts Payable $185,000 b Work In process Inventory $161,000 Manufacturing Overhead 5000 Raw Material Inventory $166,000 c Work In process Inventory $190,000 Manufacturing Overhead 25000 Wages payable $215,000 d Manufacturing Overhead $32,000 Accumulated Depreciation-Equipment $24,000 Accounts payable 8000 e Work In process Inventory $61,000 Manufacturing Overhead $61,000 ans 2 Actual manufacturing overhead $62,000 (5000+25000+32000) By the end of January total of $61000 has been allocated It has been underapplied by $1000 If any doubt please comment. If satisfied you can rate

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