Michael Paints Has Two Processes-Coloring Department and Mixing Department

question 64

Essay

Michael Paints has two processes-Coloring Department and Mixing Department. Michael sold 200 gallons of paint for $220,000 of which $150,000 was sold on account. The total cost of processing was $385,000 for 5,500 gallons of paint. What are the journal entries to record a sale if Michael follows a process costing system?

---

Definitions:

Cognitive Therapists

Mental health professionals who provide therapy based on the concept that thoughts, feelings, and behaviors are interconnected and that altering one can change the others.

Depression-prone

Refers to individuals who have a higher susceptibility or tendency toward experiencing depression.

Cognitive-behavioral Therapy

A form of psychotherapy that treats problems by modifying dysfunctional emotions, behaviors, and thoughts.

Maladaptive Beliefs

Thoughts or beliefs that are counterproductive or harmful to one’s ability to function effectively.