Jiminez Company Engaged in the Following Transactions During May 2014

question 9

Essay

Jiminez Company engaged in the following transactions during May 2014:
1.Purchased raw materials for cash,$400
2.Used raw materials to begin jobs,$284
3.Paid wages of production employees,$180
4.Applied overhead at rate of $1.25 per direct labor dollar
5.Completed job that had cost $320
6.Sold for $440 cash,goods that had cost $295 to complete
Required:
Use the horizontal statements model provided to indicate how each of these events affected Juarez's financial statements.Show dollar amounts of increases and decreases.If an item is not affected by a transaction,indicate by writing NA.

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Definitions:

Artisans

Skilled manual workers who craft goods or products with their hands, often resulting in unique, functional art or functional items.

Separatists

Separatists are individuals or groups who seek a form of cultural, ethnic, tribal, religious, racial, governmental or gender separation from larger groups.

Puritan Congregationalists

A group of Reformed Protestants in the 16th and 17th centuries within the Church of England advocating for a more purified form of worship and governance.

Church of England

The Church of England is the principal Christian church in England, serving as the mother church of the worldwide Anglican Communion, characterized by its establishment as the state church of England with the monarch as its supreme governor.