Prepare Journal Entries to Record the Following Transactions and Events

question 155

Essay

Prepare journal entries to record the following transactions and events for April using a job order cost accounting system.
(a) Purchased raw materials on credit, $69,000.
(b) Raw materials requisitioned: $26,000 direct and $5,400 indirect.
(c) Factory payroll totaled $46,000 (paid in cash), including $9,500 indirect labor.
(d) Paid other actual overhead costs totaling $14,500 cash.
(e) Applied overhead totaling $28,200.
(f) Finished and transferred jobs totaling $77,500.
(g) Jobs costing $58,800 were sold on credit for $103,000.

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Definitions:

KISS Rule

"Keep It Simple, Stupid" rule advises that simplicity should be a key goal in design and unnecessary complexity should be avoided.

Salespeople

Individuals who are responsible for selling products or services to customers, focusing on meeting the customers' needs and closing sales.

KISS Rule

A design principle stating "Keep It Simple, Stupid", emphasizing the importance of simplicity in products and systems.

Salespeople

Individuals specializing in the sale and promotion of products or services, often employing various techniques to meet sales targets.