15 Jan Cost Accounting Cycle Entries. During September th
Cost Accounting Cycle Entries. During September these transactions took place at the Grand Rapids Manufacturing Company : Sept. 1. Purchased raw materials from Harvey Manufacturing Company, $5,500. Terms: 2/10, n/60. Purchases are recorded at the gross amount. 1. Received a $2,500 invoice for factory equipment from Becker & Company. Terms: net 90 days. 3. Sent C. E. Olsen, a company salesman, a $205 check for traveling expenses. 5. Paid and distributed weekly payroll: Federal Gross Income Tax PICA Earnings Withheld Tax Factory (20% of the factory payroll is indirect labor) $3,200 $320 $192 Marketing 1,400 140 84 Office 1,200 120 72 5. Employer's payroll taxes on weekly payroll : FICA tax, 6% ; state unemployment tax, 2.7%; federal unemployment, .5%. Charge factory payroll taxes to factory overhead. 8. Paid Lackawanna Railroad Company $105 for freight on a machine bought on September 1. 9. Paid Becker & Company $340 for installing machinery bought on September 1. 10. Paid Harvey Manufacturing Company for September 1 invoice. 1 1 Received advertising bill from the Ayres Advertising Agency, $300. Terms : net 30 days. 12. Paid and distributed weekly payroll: Federal Gross Income Income Tax Earnings Withheld FICA Factory (25% of the factory payroll is Tax indirect labor) $3,280 $328 $196.80 Marketing 1,350 135 81.00 Office 1,200 120 72.00 12. Employer's payroll taxes on weekly payroll (see Sept. 5 transaction for instructions). 14. Purchased factory supplies from Haines & Company, $1,560. Terms: 2/10, n/30. Charge factory overhead. Sept. 16. Bought tools for factory use from Tower Machinery Company for cash, $60. Charge factory overhead. 17. Paid Brown Garage Company for service and repair of trucks, $800. Of this amount, charge 60% to the factory and the balance to marketing. 18. Paid the bill of the Ayres Advertising Agency. 18. Bought raw materials from Clark Manufacturing Company, $7,500. Terms: net 30 days. 1 9. Paid and distributed weekly payroll Federal Gross Income Tax FICA Earnings Withheld Tax Factory (20% of the factory payroll is indirect labor) $3,250 $325 $195.00 Marketing 1,320 132 79.2 Office 1,190 119 71.4 19. Employer's payroll taxes on weekly payroll. 21. Returned to Clark Manufacturing Company the raw materials received in damaged condition on the 18th; billed price, $600. 22. Purchased raw materials from Boyer Manufacturing Company for cash, $3,000. 23. Paid Haines & Company for September 14 invoice. 24. Paid Apex Service Company for repairs to factory building, $575. Charge factory overhead. 25. Paid Reading Railroad Company for freight as follows: freight-in, $145; freight-out, $120. 25. Paid Franklin Insurance Agency $960 for a 3-year fire insurance premium. 26. Paid and distributed weekly payroll Federal Gross Income Tax FICA Earnings Withheld Tax Factory (20% of the factory payroll is indirect labor) $3,300 $330 $198.00 Marketing 1,330 133 79.8 Office 1,200 120 72 26. Employer's payroll taxes on weekly payroll. 26. Paid Clark Manufacturing Company for Sept. 18 invoice less damaged materials returned. 30. Paid Central Telephone Company bill, $210 (charge 10%, to factory, 60% to marketing, and 30% to office). 30. The beginning raw materials inventory was $2,000; the ending inventory is $2,200. Transfer the difference to Work in Process after posting the purchase transactions. 30. Factory overhead for September to be applied based on a rate of 70% of direct labor cost. 30. The following information relates to expiration of insurance and accrual of depreciation for September: Depreciation on factory equipment $420 Depreciation on delivery equipment 330 Depreciation on office equipment 210 Insurance expired on factory 350 Insurance expired on delivery equipment 430 Insurance expired on office equipment 1 80 Sept. 30. Other necessary end-of-month information is as follows: Costs transferred from Work in Process to Finished Goods. 31,927 Opening inventory, Work in Process 3,500 Cost of goods sold 32,085 Opening inventory. Finished Goods 3,875 Sales on account 61,320 30. Determine the amount of over- or underapplied factory overhead, and transfer the balance to Cost of Goods Sold. Required: Record the preceding transactions in general journal entry form.
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Writedemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.