Prepare Journal Entries Without Explanations for the Following Transactions Involving

question 146

Essay

Prepare journal entries without explanations for the following transactions involving notes payable for Gomez Company,whose fiscal year ends June 30.
$\begin{array}{|l|l|l|}\hline \text { June } &20& \text { Pad a trade account payable with a } 90 \text {-day, } 9 \text { percent } \$ 60,000 \text { note. Interest is } \\&&\text { in addition to the face value. }\\\hline & 30 & \text { Made end-of-year adjusting entry to accrue interest expense for the note. } \\\hline & 30 & \text { Made end-of-year closing entry pertaining to interest expense. } \\\hline \text { Sept. } & 18 & \text { Paid amount due on note, plus interest. }\\\hline \end{array}$

Calculate predetermined overhead rates and understand their use in cost allocation.

Identify the components of manufacturing costs, including direct materials, direct labor, and factory overhead.

Comprehend the flow and accounting treatment of materials, labor, and overhead in a job order costing system.

Record and interpret journal entries related to the job order cost accounting cycle.

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Definitions:

Restructuring

The process of organizing a company, department, or team in a new way to reduce costs or improve efficiency.

Public Relations

The professional maintenance of a favorable public image by a company, organization, or famous person.

Catering Company

A business that provides food services to events and locations, or prepares and delivers meals to customers.

Brand Image Damage

The harm or negative impact on a company's reputation, often resulting from controversial incidents, poor customer experiences, or negative media coverage.