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amm1812
3 years ago
13

Present journal entries (account titles only) for each of the following transactions:

Business
1 answer:
Alekssandra [29.7K]3 years ago
7 0

Answer:

Present journal entries (account titles only)

a.

Raw Materials (debit)

Accounts Payable (credit)

<em>purchases of materials on account</em>

b.

Wages Expenses (debit)

Wages Payable (credit)

<em>wages not yet paid</em>

c.

Work In Process ; Direct Materials (debit)

Work In Process ; Direct Materials (debit)

Raw Materials (credit)

<em>Assignment of direct and indirect material costs to production.</em>

d.

Work In Process ; Direct Labor (debit)

Work In Process ; Direct Labor (debit)

Raw Materials (credit)

<em>Assignment of direct and indirect labor costs to production.</em>

e.

Work In Process ; Depreciation - factory (debit)

Work In Process ;  factory property tax (debit)

Accumulated Depreciation - factory (credit)

Property Tax Payable (credit)

<em>Factory depreciation and accrued factory property tax</em>

f.

Work In Process (debit)

Overheads (credit)

<em>Overheads Applied </em>

g.

Finished Goods (debit)

Work In Process (credit)

<em>Completed work on products</em>

h.

Accounts Receivable (debit)

Costs of Sales (debit)

Sales Revenue (credit)

Finished Goods (credit)

<em>Sell of finished goods on account.</em>

Explanation:

See the journal entries (account titles only) with narrations that i have prepared above.

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total expenditures equal total production.

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13.. Francisco leased equipment from Julio on December 31, 2021. The lease is a 10-year lease with annual payments of $150,000 d
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Answer:

$800,239.40

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Calculation for the balance in Francisco lease liability at December 31, 2022

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Liability as on 31st December 2021=Initial Value of the Liability - Annual Payment

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31st December 2021 Liability =$1,013,854-$150,000

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Interest =$863,854×10%

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Third step is to less the interest amount from the Annual payment

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Lease liability balance=$800,239.40

Therefore What should be the balance in Francisco lease liability at December 31, 2022 will be $800,239.40

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Electro Company manufactures an innovative automobile transmission for electric cars. Management predicts that ending finished g
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Instructions are below.

Explanation:

Giving the following information:

Beginning inventory= 208,500 units.

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third quarter= 469,000 units

fourth quarter= 289,500 units.

Desired ending inventory= 50% of the next quarter's budgeted sales.

To calculate the production for each quarter, we need to use the following formula:

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Beginning inventory= (208,500)

Total production= 443,000

Third-quarter:

Sales= 469,000

Desired ending inventory= 0.5*289,500= 144,750

Beginning inventory= (234,500)

Total production= 379,250

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