Journalize the Following Transactions for Malone Custom Furniture Manufacturing

question 6

Essay

Journalize the following transactions for Malone Custom Furniture Manufacturing:
a.Incurred and paid advertising expenses,$3,500.
b.Incurred manufacturing wages of $30,000,60% of which was direct labor and 40% of which was indirect labor.
c.Purchased raw materials on account,$27,000.
d.Used in production: direct materials,$12,000; indirect materials,$5,500
e.Recorded manufacturing overhead: depreciation on plant,$14,000; plant insurance (previously paid),$1,800; plant property tax,$4,500 (credit Property Tax Payable).
f.Allocated manufacturing overhead to jobs,150% of direct labor costs.
g.Completed production on jobs with costs of $55,000.
h.Sold inventory on account,$64,000; cost of goods sold,$35,000.
i.Adjusted for overallocated or underallocated overhead.

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Definitions:

Francesco Crispi

An Italian statesman and a key figure in the unification of Italy who served as Prime Minister at various times between 1887 and 1896.

Political Alliances

Agreements between two or more parties, often countries, to work together toward common goals.

Northern Industrialists

Entrepreneurs and business owners in the northern United States before and during the Civil War who benefited from and supported industrialization and the abolition of slavery.

Southern Landowners

Traditionally refers to the wealthy individuals who owned expansive tracts of agrarian land in the Southern United States, playing a crucial role in the region's economy, politics, and social structure, particularly in the era of slavery.