Question

Barnes Company uses a job order cost system. The following data summarize the operations related ...

Answer 1

Answer:

                  Journal Entries

October 1

Materials Dr $315,500

Accounts payable Cr $315,500

October 2

Work in process Dr $281,950

Factory overhead Dr $8,150

Materials Cr $290,100

October 31

Work in process Dr $455,300

Factory overhead Dr $34,200

Wages payable Cr $489,500

October 31

Factory overhead Dr $600,000

Selling expense Dr $150,000

Administrative expense Dr $100,000

Accounts payable Cr $850,000

October 31

Factory overhead Dr $18,000

Selling expense Dr $6,000

Administrative expense Dr $5,000

Prepaid expense Cr $29,000

October 31

Depreciation expense - Office Building Dr $30,000

Depreciation expense - Office Equipment Dr $7,500

Factory overhead Dr $60,000

Accumulated depreciation- Buildings and equipment Cr $97,500

October 31

Work in process Dr $711,600

Factory overhead Cr $711,600

October 31

Finished goods $1,425,000

Work in process Cr $1,425,000

October 31

Cost of goods Dr $1,380,000

Finished goods Cr $1,380,000