1. Journal entries using process costing. From the following list of accounts, record the account(s)...
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Accounting
1. Journal entries using process costing.
From the following list of accounts, record the account(s) to be debited and credited for each of the transactions below. Assume that these transactions occur in a company that utilizes a process cost accounting system.
AccountsAccounts
Cost of Goods Sold Payroll
Factory Overhead Various Credits
Factory OverheadMixing Accounts Payable
Factory OverheadBlending Work in ProcessMixing
Finished Goods Work in ProcessBlending
Materials
Transaction
Debit
Credit
1. Materials and supplies purchased on account..
Materials
Accounts Payable
2. Direct materials issued to both departments and supplies issued to the factory.......................
Work in Process-Mixing
Materials
3. Direct labor cost incurred in both departments and indirect labor in the factory
4. Other factory costs incurred
5. Factory overhead distributed to both departments.....
6. Factory overhead applied to production in both departments................
7. Units transferred from Mixing to Blending.....
8. Units completed in Blending and transferred
9. Units sold (ignore recording the revenue on the sale)
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