I need managerial accounting help please? Journal Entries?
1-Dec Raw Materials purchased on account, $17,000.
5-Dec All Raw Materials needed for Job #1 were requisitioned from the material storage for use during the month. Assume all materials are direct.
10-Dec The following employee costs were incurred but not paid during the month:
Total cost incurred for direct labor for Job #1 Cost Sheet.
Salary for supervisor of the factory $4,000.
Administrative Salary $2,000.
15-Dec All Raw Materials needed for Job #2 were requisitioned from the material storage for use during the month. Assume all materials are direct.
16-Dec Rent for the month of December for the factory building incurred but not paid $1,300.
17-Dec Advertising costs incurred but not paid for the month was $1,400.
20-Dec Depreciation for the month of December was recorded on equipment was $750 ($150 for equipment used in the factory and the remainder for equipment used in selling and administrative activities).
22-Dec Manufacturing overhead cost was applied based on direct labor hours to Job #1 based on the POHR determined on the "Job Cost Sheet".
26-Dec Job #1 was completed and transferred to Finished Goods during the month.
- ProfLv 73 years ago
Are you asking for help or are you asking for a solution to your homework? If you want help, you should show your work and you can get help. If you just want someone to do your work, that is not help, you would learn nothing and it would be a disservice to you. Using another person's solution is plagiarism and is unethical.
If you need help with the problem you should indicate what you need. For example, you might need help in getting started, or you do not understand the format of a calculation, or you get so far in a problem and do not know where to go from there. You should show your work so someone can help you by pointing out where you are wrong and by explaining areas where you show weaknesses. Presumably you studied this material and have some idea what to do. This is not a free homework solving service. You learn this by doing it. No one will help you when you get a similar problem in a test.
Decide which entries are financial transactions and which are manufacturing transactions. For example, the Dec. 17 entry is simply a financial transaction: Debit advertising expense and credit accounts payable. Manufacturing transactions involve moving amounts from one account to another. Dollar amounts move from materials inventory to work in process: Debit WIP and credit materials. When jobs are finished they move from work in process to finished goods.
Assigning your work to others to solve for you is not appropriate. Students who do that do not belong in business school.
- olliverLv 63 years ago
DR: Raw materials inventory 17000
CR: Accounts payable 17000