Prepare summary journal entries to record the following transactions for a company in its first...
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Accounting
Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $104,000. b. Direct materials used in production, $43,000. Indirect materials used in production, $19,400. c. Paid cash for factory payroll, $60,000. Of this total, $42.000 is for direct labor and $18,000 is for indirect labor. d. Paid cash for other actual overhead costs, $8,500. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $77,800. 91. Jobs that had a cost of $77,800 were sold. g2. Sold jobs on account for $110,000. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 Record raw materials purchased on account. Note: Enter debits before credits Transaction General Journal Dobit Credit
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