Prepare Journal Entries to Record the Following Transactions and Events

question 155

Essay

Prepare journal entries to record the following transactions and events for April using a job order cost accounting system.
(a) Purchased raw materials on credit, $69,000.
(b) Raw materials requisitioned: $26,000 direct and $5,400 indirect.
(c) Factory payroll totaled $46,000 (paid in cash), including $9,500 indirect labor.
(d) Paid other actual overhead costs totaling $14,500 cash.
(e) Applied overhead totaling $28,200.
(f) Finished and transferred jobs totaling $77,500.
(g) Jobs costing $58,800 were sold on credit for $103,000.

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Definitions:

Car Rental

A service industry that offers temporary usage of vehicles for a specified period, typically catering to travelers.

Prospective Renters

Individuals who are in the process of or considering renting property, including apartments, houses, or commercial spaces.

Cloud-Based Storage

A method of storing data on remote servers accessible from the internet, allowing for easy access, sharing, and collaboration.

Organizational Data

Information collected and stored by a business or enterprise that pertains to its operations, performance, employees, or customers.