Prepare Journal Entries for the Following Transactions for Jane's Violin

question 57

Essay

Prepare journal entries for the following transactions for Jane's Violin Shop applying the perpetual inventory system.Omit explanations.
$\begin{array}{llcc} \text { Mar: } & \text { 12 Purchased on account 2 boxes of bows for \( \$ 120 \) } & \\ &\text { 16 Returned 1 bow for \( \$ 10 \) credit. } &\\& \text { 22 Sold 3 bows for \( \$ 150 \), cost \( \$ 50 \). } &\\& \text {29 Paid the balance diue on account } &\\\end{array}$

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Definitions:

Wage Payable

The amount of salary or wages that a company owes to its employees at the end of a financial period but has not yet paid.

Manufacturing Overhead

Indirect costs related to manufacturing that cannot be directly traced to specific products, such as factory rent, utilities, and equipment maintenance.

Overtime

Additional time worked beyond the standard working hours, usually compensated at a higher rate than regular hours.

Cost of Goods Manufactured

The total production cost of goods that were completed during a specific accounting period, including materials, labor, and overhead.