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Katarina [22]
3 years ago
7

"E3-26A Record manufacturing overhead (Learning Objectives 5 & 6) Refer to the data in Exercise 3-25A. Smith’s accountant fo

und an error in the expense records from the year reported. Depreciation on manufacturing plant and equipment was actually $364,000, not the $480,000 that had originally been reported. The unadjusted Cost of Goods Sold balance at year-end was $610,000."
a. Prepare the journal entry (entries) to record manufacturing overhead costs incurred.
b. Prepare the journal entry to record the manufacturing overhead allocated to jobs in production.
c. Use a T-account to determine whether manufacturing overhead is underallocated or overallocated, and by how much.
d. Record the entry to close out the underallocated or overallocated manufacturing overhead.
Business
1 answer:
Kipish [7]3 years ago
4 0

Explanation:

Journal entries are used by Accountants to post transactions into the respective General Ledger of a business.

It typically shows a debit side which records increase to expenses or Assets, it also could be a reduction to Income or Liabilities (if it is an adjustment Journal). And it also shows a credit side which records an increase to Income or Liability, it could also be a reduction to expense or Asset (if it's an adjustment journal)

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8 0
2 years ago
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3 years ago
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7 0
2 years ago
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King Corporation owns machinery with a book value of $760,000. It is estimated that the machinery will generate future cash flow
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