Summary Journal Entries & T-account

Get perfect grades by consistently using www.college-experts.com. Place your order and get a quality paper today. Take advantage of our current 20% discount by using the coupon code GET20


Order a Similar Paper Order a Different Paper


E2-2 Stine Company uses a job order costsystem. On May 1, the company has a balance in Work in Process Inventory of$3,500 and two jobs in process: Job No. 429 $2,000, and job no. 430 $1,500.During May, a summary of source documents reveals the following.


Job Number


Materials                              Labor


Requisition Slips                   Time Tickets



429                   $2,500                                 $1,900


430                   3,500                                  3,000


431                   4,400       $10,400               7,600              $12,500


General use  ___                      800                                          1,200


$11,200


$13,700


StineCompany applies manufacturing overhead to jobs at an overhead rate of 60% ofdirect labor cost. Job No. 429 is completed during the month.


Instructions


  1. Prepare summary journal entries torecord (i) the requisition slips, (ii) the time tickets, (iii) the assignmentof manufacturing overhead to jobs, and (iv) the completion of Job No. 429.


  2. Post the entries to Work in ProcessInventory, and prove the agreement of the control account with the job costsheets. (Use a T-account.)

Writerbay.net

Do you need help with this or a different assignment? We offer CONFIDENTIAL, ORIGINAL (Turnitin/LopesWrite/SafeAssign checks), and PRIVATE services using latest (within 5 years) peer-reviewed articles. Kindly click on ORDER NOW to receive an A++ paper from our masters- and PhD writers.

Get a 15% discount on your order using the following coupon code SAVE15


Order a Similar Paper Order a Different Paper