Answer:
Entries are given
Explanation:
We will record assets and expenses on the debit as they increase during the year and will record liabilities and capital on the credit side as they increase during the year or vice versa.
Account DEBIT CREDIT
1
raw material inventory 300,000
accounts payable 300,000
-
2
work in process inventory- Mixing 210,000 -
work in process inventory- Packaging 45,000
raw material inventory 255,000
-
3
Factory payroll 258,900 -
Wages payable 258,900
-
4
work in process Labor- Mixing 182,500 -
work in process Labor Packaging 76,400
Factory payroll 258,900
-
5
Manufacturing overhead 810,000 -
overhead payable 810,000
-
6
work in process Mixing 672,000 -
work in process Packaging 144,000
Manufacturing overhead 816,000
-
7
work in process Labor Packaging 979,000 -
work in process Labor- Mixing 979,000
-
8
Finished goods 1,315,000 -
work in process Labor Packaging 1,315,000
-
9
Accounts receivable 2,500,000 -
Sales 2,500,000
-
Cost of goods sold 1,604,000 -
Finished goods 1,604,000
