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Lena [83]
3 years ago
14

Schrager Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $4,300, Work in Proc

essâCutting $3,000, Work in ProcessâAssembly $10,700, and Finished Goods $32,000. During July, the following transactions occurred.
1. Purchased $62,600 of raw materials on account.
2. Incurred $60,100 of factory labor. (Credit Wages Payable.)
3. Incurred $71,000 of manufacturing overhead; $41,000 was paid and the remainder is unpaid.
4. Requisitioned materials for Cutting $15,800 and Assembly $9,000.
5. Used factory labor for Cutting $33,100 and Assembly $27,000.
6. Applied overhead at the rate of $19 per machine hour. Machine hours were Cutting 1,690 and Assembly 1,750.
7. Transferred goods costing $67,700 from the Cutting Department to the Assembly Department.
8. Transferred goods costing $135,000 from Assembly to Finished Goods.
9. Sold goods costing $151,000 for $201,000 on account.

Required:
Journalize the transactions.
Business
1 answer:
Semmy [17]3 years ago
8 0

Answer:

Item 1

Debit : Raw Materials $62,600

Credit : Accounts Payable $62,600

Item 2

Debit :  Wages expense $60,100

Credit : Wages Payable $60,100

Item 3

Debit : Overhead expenses $71,000

Credit : Cash $41,000

Credit : Accounts Payable $30,000

Item 4

Debit : Work in Process - Cutting $15,800

Debit : Work in Process - Cutting $9,000

Credit : Raw Materials $24,800

Item 5

Debit : Work In Process - Cutting $33,100

Debit : Work In Process - Assembly $27,000

Credit : Wages Expense $60,100

Item 6

Debit : Work in Process - Cutting  $32,110

Debit : Work in Process - Assembly $33,250

Credit : Overheads  $65,360

Item 7

Debit : Work in Process - Assembly Department $67,700

Credit : Work in Process - Cutting Department $67,700

Item 8

Debit : Finished Goods Inventory $135,000

Credit : Work in Process - Assembly Department $135,000

Item 9

Debit : Accounts Receivable $201,000

Debit : Cost of Sales $151,000

Credit : Sales Revenue $201,000

Credit : Finished Goods Inventory $151,000

Explanation:

<u>When Costs are Incurred :</u>

Debit the Account to which cost is accumulating and Credit cash when the cash is paid or Accounts Payable when there is no immediate payment.

<u>When items are used in Production :</u>

Debit the Work in Process Account to which the cost relates to and Credit the Account attached to that cost.

<u>When there is a transfer :</u>

Debit the Work in Process Account to which the items are flowing to and Credit the Work in Process Account from which the items are flowing.

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