Managerial Accounting Chapter 3. Thank you 5. 10.00 value: 10.00 points During i

Question

Managerial Accounting Chapter 3. Thank you

5. 10.00 value: 10.00 points During its first month of operation, Portia Company purchased $90,000 of materials on account and requisitioned $64,000 of materials for use in production. The company recorded $30,000 of direct labor cost and applied $20,000 of manufacturing overhead. Prepare Portia's journal entries to record these events. (If no entry is required for a transaction/event select "No Journal Entry Required" in the first account field.) view transaction list view general journal Journal Entry Worksheet 1230 Record the purchase of materials. Transaction General Journal Debit Credit *Enter debits before credits done clear entry record entry

Explanation / Answer

Journal Entries for Portia company 1.       Closing Income accounts to Income Summary To Record the purchase of materials Date Account Titles Debit Credit Raw Materials Inventory $        90,000 Accounts payable $        90,000 2 To Record the transfer of materials to production Date Account Titles Debit Credit Goods in process inventory $        64,000 Raw materials inventory $        64,000 3 To Record the cost of labor Date Account Titles Debit Credit Goods in process inventory $        30,000 Factory Payroll $        30,000 4 To record the application of manufacturing overhead Date Account Titles Debit Credit Goods in process $        20,000 Manufacturing overhead $        20,000

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