E3-27A (similar to) 1 More Info The following transactions were incurred by Jack
ID: 2610510 • Letter: E
Question
E3-27A (similar to) 1 More Info The following transactions were incurred by Jackson Fabricators during January, the first month of its fiscal year. (Click the icon to view the transactions.) Requirements 1. Record the proper journal entry for each transaction 2. By the end of January, was manufacturing overhead overallocated or underallocated? By how much? $185.000 of materials was purchased on account. $158,000 of materials was used in production; of this amount, $149,000 was used on specific jobs. Manufacturing labor and salaries for the month totaled $240,000. A total of $175,000 of manufacturing labor and salaries was traced to specific jobs, and the remainder was indirect labor used in the factory. The company recorded $20,000 of depreciation on the plant and plant equipment. The company also received a plant utility bill for $6,000 which will be paid at a later date. a. b. a. $185,000 of materials was purchased on account. Record the entry. (Record debits first, then credits. Exclude ec. Journal Entry Date Accounts Debit Credit d. e. $85,000 of manufacturing overhead was allocated to specific jobs. f. The company received a bill for CAD design services for $1.000. Print Done Choose from any list or enter any number in the input fields and then click Check AnswerExplanation / Answer
Journal entry :
2. Actual manufacturing overhead = (9000+65000+26000) = 100000
Allocated overhead = 85000
Under allocated overhead = 100000-85000 = 15000
Date accounts Debit credit a Raw material a/c 185000 Account payable a/c 185000 b. Work in process a/c 149000 Manufacturing overhead a/c 9000 Raw material a/c 158000 c Work in process a/c 175000 Manufacturing overhead a/c 65000 Wages payable a/c 240000 d manufacturing overhead 26000 Accumlated dep 20000 Utilities payable 6000 e Work in process a/c 85000 Manufacturing overhead 85000 f Design service fees a/c 1000 Account payable 1000Related Questions
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