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ad-work [718]
3 years ago
14

During the current month, Sheffield Company incurs the following manufacturing costs. (a) Purchased raw materials of $17,800 on

account. (b) Incurred factory labor of $40,700. Of that amount, $30,600 relates to wages payable and $10,100 relates to payroll taxes payable. (c) Factory utilities of $3,900 are payable, prepaid factory property taxes of $2,800 have expired, and depreciation on the factory building is $9,800. Prepare journal entries for each type of manufacturing cost. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Business
1 answer:
patriot [66]3 years ago
5 0

Answer:

Explanation:

The journal entries are shown below:

a. Raw material inventory A/c Dr $17,800

     To Accounts payable A/c $17,800

(Being raw material is purchased on credit)

b. Factory labor A/c Dr $40,700

        To Factory wages payable $30,600

        To Payroll taxes payable    $10,100

(Being factor labor cost is recorded)

c. Manufacturing overhead A/c Dr $16,500

      To Factory utility payable A/c                   $3,900

      To Prepaid factory property taxes A/c     $2,800

      To Factory building - accumulated depreciation  $9,800

(Being manufacturing overhead cost recorded)

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Answer:

Explanation:

The correct amounts are shown below:

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2. Liabilities = Liabilities balance + employees wages earned

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