ournalize the following transactions for Becah's Bakery:Becah's Bakerya. Incurred and paid Website expenses, $2,760.b. Incurred manufacturing wages of $10,100, of which 70% was for direct labor and 30% of which was for indirect labor.c. Purchased raw materials on account, $19,180.d. Used in production: direct materials, $8,020; indirect materials $3,720.e. Recorded manufacturing overhead: depreciation on plant, $14,150; plant insurance (previously paid), $1,340; plant property tax, $3,670 (credit Property Tax Payable).f. Allocated manufacturing overhead to jobs, 230% of direct labor costs.g. Completed production on jobs with costs of $36,770.h. Sold inventory on account, $26,680; cost of goods sold, $12,230.i. Adjusted for overallocated or underallocated overhead. Datea.b.C.d.e.f.g.h.h.Website ExpenseCashWork-in-ProcessManufacturing OverheadWages PayableRaw Materials InventoryAccounts PayableWork-in-ProcessDescriptionManufacturing OverheadRaw Materials InventoryManufacturing Overhead✓Accounts ReceivableXPrepaid Insurance✓Property Tax PayableWork-in-ProcessManufacturing OverheadFinished Goods InventoryWork-in-ProcessAccounts ReceivableSales RevenueCost of Goods SoldFinished Goods InventoryCost of Goods SoldManufacturing OverheadManufacturing Overhead3,030✔3,720✔19,500 ×26,250 XSubmit All Parts16,261 X9,989 XVDebit2,760 ✓7,070 ✓3,030✔19,180✔8,020✔3,720✔19,500 ×16,261 X36,770✔26,680✔12,230✔9,989 xCredit2,760 ✓10,100✔19, 180✔11,740✔14,150 ✓1,340 ✓3,670 ✓16,261 X36,770✔26,680✔12,230✔9,989 x

Journal Entry is the primary step in recording the transactions in the books of accounts.The…

Answered: ournalize the following transactions…

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter2: Basic Managerial Accounting Concepts

Section: Chapter Questions

Problem 2MCQ: Product (or manufacturing) costs consist of a. direct materials, direct labor, and selling costs. b....

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Question

ournalize the following transactions for Becah's Bakery:

Becah's Bakery

a. Incurred and paid Website expenses, $2,760.
b. Incurred manufacturing wages of $10,100, of which 70% was for direct labor and 30% of which was for indirect labor.
c. Purchased raw materials on account, $19,180.
d. Used in production: direct materials, $8,020; indirect materials $3,720.
e. Recorded manufacturing overhead: depreciation on plant, $14,150; plant insurance (previously paid), $1,340; plant property tax, $3,670 (credit Property Tax Payable).
f. Allocated manufacturing overhead to jobs, 230% of direct labor costs.
g. Completed production on jobs with costs of $36,770.
h. Sold inventory on account, $26,680; cost of goods sold, $12,230.
i. Adjusted for overallocated or underallocated overhead.

Date
a.
b.
C.
d.
e.
f.
g.
h.
h.
Website Expense
Cash
Work-in-Process
Manufacturing Overhead
Wages Payable
Raw Materials Inventory
Accounts Payable
Work-in-Process
Description
Manufacturing Overhead
Raw Materials Inventory
Manufacturing Overhead
✓
Accounts Receivable
X
Prepaid Insurance
✓
Property Tax Payable
Work-in-Process
Manufacturing Overhead
Finished Goods Inventory
Work-in-Process
Accounts Receivable
Sales Revenue
Cost of Goods Sold
Finished Goods Inventory
Cost of Goods Sold
Manufacturing Overhead
Manufacturing Overhead
3,030✔
3,720✔
19,500 ×
26,250 X
Submit All Parts
16,261 X
9,989 X
V
Debit
2,760 ✓
7,070 ✓
3,030✔
19,180✔
8,020✔
3,720✔
19,500 ×
16,261 X
36,770✔
26,680✔
12,230✔
9,989 x
Credit
2,760 ✓
10,100✔
19, 180✔
11,740✔
14,150 ✓
1,340 ✓
3,670 ✓
16,261 X
36,770✔
26,680✔
12,230✔
9,989 x

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