Record in General Journal Form the Following Transactions for Marble $\$ 10$

question 48

Essay

Record in general journal form the following transactions for Marble Manufacturing:
Feb. 4 Raw materials of $\$ 10$ , 000 were issued from the storeroom.
Feb. 7 Charged $\$ 20,000$ of direct labor to production.
Feb. 10 Supplies costing $\$ 6,000$ were issued from the storeroom.
Feb. 15 The following expenses were charged to overhead: depreciation $\$ 5,000$ , rent $\$ 4,000$ , and electricity $\$ 1,500$ .
Feb. 20 Overhead was applied at $80 \%$ of direct labor dollars.
Feb. 21 Transferred completed goods costing $\$ 8,000$ to finished goods.

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Definitions:

Money Stock

The total quantity of money available in an economy at a specific time, including cash and deposits.

M1

A category of the money supply that includes all physical money like coins and currency, as well as demand deposits and other liquid assets held by the central bank.

Currency

Currency refers to the system of money in general use in a particular country, including both physical coins and banknotes, as well as digital or electronic forms.

Money Market Mutual Funds

Investment funds which gather capital from investors to buy short-term, low-risk securities such as Treasury bills and commercial paper.