19 Feb Cost Accounting Cycle Entries. Bayside Company com
Cost Accounting Cycle Entries. Bayside Company completed transactions during the first half of September: Sept. 1. Purchased grease, oil, and cleaning compound for factory use from Deaton Supply Company, $400. Terms 1/10, n/30. 3. Purchased an electric motor from Lee Electrical Manufacturing Company listed at $3,400. Freight charges amounted to $225 and testing and installation charges were $175. Terms of sale were: one half down plus freight and installation charges with a cash discount of 1% on the list price; balance due in two equal monthly installments with a 2% discount on the first installment if paid by October 1. 5. Paid Terrell Service Company for repairs to factory machinery, $125. 6. Purchased raw materials from Ramel & Ruble Assembling Company, $5,000. Terms: 2/10, n/30. 8. Recorded payroll for the week, $1,900. Payroll was distributed as follows: Federal Income FICA Tax Withheld Tax Factory(indirect labor) $1,200 $180 $72 Marketing 400 60 24 Administrative 300 45 18 1 1 . Returned $ 1 80 of water damaged cleaning compound for credit purchased on September 1 from Deaton Supply Company. 13. Paid account of Ramel & Ruble Assembling Company. 15. Paid rent bill from Highside Realtors, $300. Of this amount, 10% is for administrative office and 30% for sales office. Required: Record the above transactions by means of journal entries.
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