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Tomtit [17]
2 years ago
6

Crawford Corporation incurred the following transactions.

Business
1 answer:
-BARSIC- [3]2 years ago
6 0

Answer:

Crawford Corporation

Journal Entries:

1. Debit Raw materials inventory $53,800

Credit Accounts payable $53,800

To record the purchase of raw materials on account.

2. Debit Work-in-Process $28,000

Debit Manufacturing overhead $8,500

Credit Raw materials inventory $36,500

To record the requisition of materials.

3. Debit Factory Wages $61,900

Credit Factory Wages Payable $50,000

Credit Employer Payroll Taxes Payable $11,900

To record the factory labor costs.

4. Debit Work-in-Process $54,900

Debit Manufacturing overhead $7,000

Credit Factory Wages $61,900

To record the direct and indirect labor costs.

5. Debit Manufacturing overheads $82,300

Credit Accounts payable $82,300

To record overheads incurred on account.

6. Debit Depreciation expense $9,000

Credit Accumulated depreciation -office building $9,000

To record depreciation expense.

7. Debit Work-in-Process $87,840

Credit Manufacturing overheads $87,840

To record overhead applied at the rate of 160% of direct labor cost.

8. Debit Finished Goods Inventory $96,600

Credit Work-in-Process $96,600

To record the transfer of goods to finished goods.

9. Debit Cost of Goods Sold $79,400

Credit Finished Goods Inventory $79,400

To record the cost of goods sold.

9. Debit Accounts Receivable $106,800

Credit Sales Revenue $106,800

To record the sale of goods on account.

Explanation:

Journal entries are used by Crawford Corporation to record its business transactions as they occur daily.  They are the first records of business transactions in the accounting books.  They show the accounts to be debited and the others to be credited.

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As of December 31, 2016, Nala Incorporated reported accounts receivable for $275,000 less allowance for doubtful accounts of $27
Rudik [331]

Answer:

a. 1. Debit Accounts receivable $180,000

Credit Sales $180,000

2. Debit cash $125,000

Credit Accounts receivable $125,000

3. Debit Sales return $20,000

Credit $20,000

4. Debit Provision for bad debts expense $35,000

Credit Accounts receivable $35,000

5. Debit Accounts receivable $ $2,500

Credit Provision for bad debts expense $2,500

Debit Cash $2,500

Credit Accounts receivable $2,500

B. Debit Bad debts expense $27,500

Credit provision for bad debt expense $27,500

Explanation:

1. Sale on account will increase the accounts receivable. So we have to debit accounts receivable and credit to sales in the amount of $180,000

2. Collections will decrease the accounts receivable due payments made by the customer. So we have to debit cash and credit accounts receivable by $125,000

3. Sales return is a contra asset account that will decrease the accounts receivable and also the net sales. So we will debit sales return and credit accounts receivable in the amount of $20,000

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5. Recovery of bad debts previously written off has no effect in accounts receivable but will increase the provision for bad debts due to reversal of entry previously made. First, we will reverse the original written off entry. Debit Accounts receivable and credit provision for bad debts expense in the amount of $2,500. Then we will record the collection by debiting cash and crediting accounts receivable in the amount of $2,500

B. Let’s determine the balance of accounts receivable first,

Beg. $275,000 + 180,000 sale on account - 125,000 collection - 20,000 sales return - 35,000 write-off = $275,000

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Entry:

Debit Bad debts expense $27,500

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<h3>Explanation</h3>

get here first Expected Profit that is express as

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expected Profit = $23187.50

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Projected Increase in Retained Earnings  = $23187.50 - $6956.25

Projected Increase in Retained Earnings = $16231.25

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b. $17,500

c. $18,300

d. $20,600

e. $21,000

Thus, the correct option is a. $16231

For more details about the question, click here:

brainly.com/question/14275701

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