e. Maintenance costs incurred on account in the factory, $55,000 f. Advertising costs incurred on...
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e. Maintenance costs incurred on account in the factory, $55,000 f. Advertising costs incurred on account, $137,000. g. Depreciation recorded for the year, $85,000 (70\% related to factory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurred on account, $110,000 (75\% related to factory facilities, and the remainder related to selling and administrative facilities). i. Manufacturing overhead cost applied to jobs, \$ ? j. Cost of goods manufactured, $780,000. k. Sales for the year (all on account) totaled $1,250,000. These goods cost $810,000 according to their job cost sheets. The beginning balances in the inventory accounts were: Required: 1. Prepare journal entries to record the preceding transactions. 2. Post your entries to T-accounts. (Don't forget to enter the beginning inventory balances above.) 3. Prepare a schedule of cost of goods manufactured. 4A. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. 4B. Prepare a schedule of cost of goods sold. 5. Prepare an income statement. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the preceding transactions. Notes: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. e. Maintenance costs incurred on account in the factory, $55,000 f. Advertising costs incurred on account, $137,000. g. Depreciation recorded for the year, $85,000 (70\% related to factory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurred on account, $110,000 (75\% related to factory facilities, and the remainder related to selling and administrative facilities). i. Manufacturing overhead cost applied to jobs, \$ ? j. Cost of goods manufactured, $780,000. k. Sales for the year (all on account) totaled $1,250,000. These goods cost $810,000 according to their job cost sheets. The beginning balances in the inventory accounts were: Required: 1. Prepare journal entries to record the preceding transactions. 2. Post your entries to T-accounts. (Don't forget to enter the beginning inventory balances above.) 3. Prepare a schedule of cost of goods manufactured. 4A. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. 4B. Prepare a schedule of cost of goods sold. 5. Prepare an income statement. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the preceding transactions. Notes: If no entry is required for a transaction/event, select "No journal entry required" in the first account field
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e. Maintenance costs incurred on account in the factory, $55,000 f. Advertising costs incurred on account, $137,000. g. Depreciation recorded for the year, $85,000 (70\% related to factory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurred on account, $110,000 (75\% related to factory facilities, and the remainder related to selling and administrative facilities). i. Manufacturing overhead cost applied to jobs, \$ ? j. Cost of goods manufactured, $780,000. k. Sales for the year (all on account) totaled $1,250,000. These goods cost $810,000 according to their job cost sheets. The beginning balances in the inventory accounts were: Required: 1. Prepare journal entries to record the preceding transactions. 2. Post your entries to T-accounts. (Don't forget to enter the beginning inventory balances above.) 3. Prepare a schedule of cost of goods manufactured. 4A. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. 4B. Prepare a schedule of cost of goods sold. 5. Prepare an income statement. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the preceding transactions. Notes: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. e. Maintenance costs incurred on account in the factory, $55,000 f. Advertising costs incurred on account, $137,000. g. Depreciation recorded for the year, $85,000 (70\% related to factory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurred on account, $110,000 (75\% related to factory facilities, and the remainder related to selling and administrative facilities). i. Manufacturing overhead cost applied to jobs, \$ ? j. Cost of goods manufactured, $780,000. k. Sales for the year (all on account) totaled $1,250,000. These goods cost $810,000 according to their job cost sheets. The beginning balances in the inventory accounts were: Required: 1. Prepare journal entries to record the preceding transactions. 2. Post your entries to T-accounts. (Don't forget to enter the beginning inventory balances above.) 3. Prepare a schedule of cost of goods manufactured. 4A. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. 4B. Prepare a schedule of cost of goods sold. 5. Prepare an income statement. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the preceding transactions. Notes: If no entry is required for a transaction/event, select "No journal entry required" in the first account field 