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ch 15 Example 1 Solution.docx - Chapter 15 Example 1...

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Chapter 15 Example 1 SolutionAccounting 21FerrellJournalize the following transactions for Fit Feet Corporation. Fit Feet is a specialshoe manufacturer that makes shoes for special order only. All shoes aremanufactured to the exact specifications of the customer. These shoes are usuallycorrective shoes prescribed by podiatrists.1.On September 1, the company purchased on account leather, canvas, rubber,shoe laces, padding, thread, dye and cement glue for $5,000.
2.During the month they incurred $12,000 employee salaries and payroll taxesof $2,000 which they have not yet paid.
3.The following costs have been incurred which relate to manufacturing asfollows: supplies purchased on account $4,000, factory equipmentdepreciation $3,000, and insurance of $1,000 has expired.

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Term
Fall
Professor
FERRELL
Tags
Generally Accepted Accounting Principles, Factory Labor

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