Smith & Ce Balance Sheet December 31,2017 Assets $15,000 Accounts Receivable Pre

Question

Smith & Ce Balance Sheet December 31,2017 Assets $15,000 Accounts Receivable Prepaid Insurance Material Inventory WIP inventory FG inventory 3,000 2,000 2,900 1,200 Assun Dep) Total Assets 0,000) Liabilitics &Equity; Accounts Payable Wages Payable Property Taxes Payable Common Saock Retained Earnings Total Liabilities & Equity $20,000 3,000 1,000 22,100 Instructions: 1. Open the balances in the general ledger 2. Post the entries for job order production costs to the general ledger 3. Prepare a statement of cost of goods manufactured and cost of goods sold, an income staternent and a balance sheet Estries for Job Order Production Cests 1· Raw Materials Inverary 3,650 Accounts Payable 3,650 Acquired materials on credit for factory use. 2. Work in Process Inventory 1,700 Raw Materials leventory 1,700 To assign costs of direct materials used 3. Factory Overhead 650 Raw Materials Ieventory 650 To record use of indirect materials.

Explanation / Answer

1. & 2.

Note: The entry to close the underapplied factory overheads to the cost of goods sold has not been shown in the general ledger since not asked for in the question.

3.

Cash Accounts Receivable Beg. Bal. 15000 5350 4 Beg. Bal. 22000 10 10600 5100 7 End. Bal 15150 End. Bal 22000 Prepaid Insurance Material Inventory Beg. Bal. 3000 Beg. Bal. 2000 1700 2 1 3650 650 3 End. Bal 3000 End. Bal 3300 WIP Inventory FG Inventory Beg. Bal. 2900 8980 9 Beg. Bal. 1200 5560 10 2 1700 9 8980 5 4100 8 5740 End. Bal 5460 End. Bal 4620 Equipment Accumulated Depreciation-Equipment Beg. Bal. 50000 Beg. Bal. 10000 End. Bal 50000 End. Bal 10000 Accounts Payable Wages Payable Beg. Bal. 20000 Beg. Bal. 3000 3650 1 End. Bal 23650 End. Bal 3000 Property Taxes Payable Common Stock Beg. Bal. 1000 Beg. Bal. 40000 End. Bal 1000 End. Bal 40000 Retained Earnings Sales Beg. Bal. 22100 10600 10 End. Bal 22100 End. Bal 10600 Factory Overhead Factory Payroll 3 650 5740 8 4 5350 4100 5 6 1250 1250 6 7 5100 End. Bal 1260 End. Bal 0 Cost of Goods Sold 10 5560 End. Bal 5560

Related Questions

Navigate

• Browse (All)
• Browse S
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.