Journalize the Following Entries for December 31

question 80

Essay

Journalize the following entries for December 31. Explanations are not required.
a. Wages incurred but not yet paid for $256.
b. Interest earned but not yet received for $190.
c. Depreciation expense on machinery for $388.

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Definitions:

Cost of Goods Sold

The direct costs attributable to the production of the goods sold in a company, including materials, labor, and manufacturing overhead.

Cost of Goods Available

The total cost of inventory that is available for sale at the beginning of a period, including purchases made during that period.

Schedule of Cost

A detailed list showing the various components contributing to the total cost of manufacturing a product or providing a service.

Underapplied Manufacturing Overhead

The situation where the allocated manufacturing overhead costs are less than the actual overhead costs incurred.