Questions by odamore - Page 37
Date Account Titles and Explanation Debit Credit Dec. 31 Sales Revenue 653031 \begin{tabular}{|l|l|l|} \hline Income Summary & \\ \hline \end{tabular} (To elose revenue account) (To close expense accounts) Dec: 31 Lncomesuminary Retained Earnings? (To close net income / (loss)) Allowance for Doubtful Accounts Inventory, December 31 Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold 84,550 5,970 $679 98,000 Salaries and Wages Expense (sales) 61,700 Advertising Expense 7,240 Salaries and Wages Expense (administative) 61,020 Supplies Expense Cash Inventory Prepaid Insurance Common Stock Salaries and Wages Expense (Sales) Retained Earnings Accounts Recelvable Equipment Notes Payable Advertising Expense Allow, for Doubtful Accts. Accum. Depr.-Equipment 37810 Salaries and Wages Expense (Administrative) No. Account Titles and Explanation Debit Credit 1. Bad Debt Expense Allowance for Doubtful Accounts 2. Depreciation Expense 14000 Accumulated Depreciation-Equipment 14000 3. Insurance Expense 2698 Prepaid insurance 2698 4. Interest Expense 3389 Interest Payable 3389 5. Salaries and Wages Expense-Sales 2422 Salaries and Wages Payable 6. PrepaidAdvertising 2422 Advertising Expense Bal. Bal. Cash Prepaid Insurance Bal. 9,380 Accounts Receivable Sales Revenue Bal. 653,031 Advertising Expense \begin{tabular}{ll|l|l|l|l|} \hline Bal. & 7,240 & Adj. & & \\ \hline \end{tabular} \begin{tabular}{ll|l|l|l|l|} \hline & Supplies Expense & \\ \hline Bal. & 5,480 & Ad. & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{l|l|l|l|l|l|} \hline & Costof Goods Sold \\ \hline Bal. & 435,600 & \end{tabular} Allow, for Doubtrul Accts. Bal
Rediger Incorporated a manufacturing Corporation, has provided the following data for the month of June. The balance in the Work in Process inventory account was $28,000 at the beginning of the month and $20,000 at the end of the month. During the month, the Corporation incurred direct materials cost of $56,200 and direct labor cost of $29,800. The actual manufacturing overhead cost incurred was $53,600. The manufacturing overhead cost applied to Work in Process was $52,200. The cost of goods manufactured for June was: Multiple Choice $147,600. $146,200. $138,200. $139,600.