Answer:
March 1
Supplies $2,000 (debit)
Trade Payable $2,000 (credit)
March 2
Work - In - Progress $1,300 (debit)
Supplies $1,300 (credit)
March 3
Work - In - Progress $72,300 (debit)
Salaries Payable $72,300 (credit)
March 4
Overheads $47,900 (debit)
Cash $47,900 (credit)
March 5
Work - In - Progress $52,056 (debit)
Overheads $52,056 (credit)
March 6
Finished Goods $79,400 (debit)
Work - In - Progress $79,400 (credit)
Explanation:
March 1
Recognise Asset-Supplies and Recognise Liability-Trade Payable
March 2
Recognise cost - Work - In - Progress and De-recognise asset - Supplies
March 3
Recognise cost - Work - In - Progress and Recognise a liability - Salaries Payable
March 4
Recognise expense - Overheads and de-recognise asset - Cash
March 5
Recognise cost - Work - In - Progress and de-recognise expense - Overheads
March 6
Recognise asset - Finished Goods and de-recognise cost - Work - In - Progress
