Journalize the September transactions. Sept 1 Purchased $970,000 of raw material
ID: 2443189 • Letter: J
Question
Journalize the September transactions.Sept 1 Purchased $970,000 of raw material on account
Sept 4 Issued $950,000 of raw material as follows: Job #75, $144,800;
Job #78, $126,300; Job #82, $496,100; Job #86, $156,200; and indirect
material, $26,600
Sept 15 Prepared and paid the $378,500 factory payroll for Sept. 1-15.
Analysis of this payroll showed the following information:
Job #75 4,830 hours $42,300
Job #78 13,160 hours 133,600
Job #82 10,150 hours 101,500
Job #86 5,140 hours 55,400
Indirect wages 45,700
Sept 15 On each payroll date, Vital Ventures applies manufacturing overhead
to jobs at a rate of $8.50 per direct labor hour.
Sept 15 Job #75 was completed, accepted by the customer, and billed at a
selling price of cost plus 25 percent. Selling prices are rounded to
the nearest whole dollar.
Sept 20 Paid the following monthly factory bills: utilities, $19,800; rent, $35,300
and accounts payable (accured in August), $98,400.
Sept 24 Purchased raw material on account, $312,000
Sept 30 Recorded additional factory overhead costs as follows: depreciation,
$104,500; expired prepaid insurance, $32,700; and accrued taxes and licenses, $16,200
Sept 30 Recorded and paid the factory payroll for Sept. 16-30 of $357,200.
Analysis of the payroll follows:
Job #78 8,940 hours $88,700
Job #82 13,650 hours 114,200
Job #86 9,980 hours 121,800
Indirect wages 32,500
Sept 30 Applied overhead for the second half of the month to jobs.
Explanation / Answer
Sept 1 Materials (Debit) 970,000
Accounts Payable (Credit) 970,000
Sept 4 Job # 75 (D) 144,800
Job # 78 (D) 126,300
Job # 82 (D) 496,100
Job # 86 (D) 156,200
Misc. Materials (D) 26,600
Materials (C) 950,000
Sept 15 Job # 75 Wages Pay (D) 42,300
Job # 78 Wages Pay (D) 133,600
Job # 82 Wages Pay (D) 101,500
Job # 86 Wages Pay (D) 55,400
Misc. Wages Pay (D) 45,700
Cash (Cr) 378,500
Sept 15 Account Receivable (D) 233,875
Job #75 Wages Pay (Cr) 42,300
Job #75 Materials (Cr) 144,800
Revenue- Job # 75 (Cr) 46,775
Sept 20 Utilities Expense (D) 19,800
Rent Expense (D) 35,300
Accounts Pay (D) 98,400
Cash (Cr) 153,500
Sept 24 Materials (D) 312,000
Accounts Pay (Cr) 312,000
Sept 30 Job # 78 Wages Pay (D) 88,700
Job # 82 Wages Pay (D) 114,200
Job # 86 Wages Pay (D) 121,800
Misc. Wages Pay (D) 32,500
Cash (Cr) 357,200
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