Chapter 2 Handout Solution

Chapter 2 Handout Solution - ACC 200 Introduction to...

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ACC 200 Introduction to Managerial Accounting Chapter 2 Handout Solution 1 Record the following transactions for the month of September. Assume the accrual basis of accounting. a. Purchased $10,000 worth of raw materials (lumber) on account. b. Moved $8,000 of lumber into production (transfer from RM Inventory to WIP c. Paid direct labor costs of $3,000. d. Paid factory supervisor salary of $200. e. Paid utilities expense (for factory) of $300. f. Paid for repairs and maintenance of factory equipment totaling $500. g. Purchased indirect factory materials costing $250. h. Paid $400 for advertising for the current month. i. Paid utilities expense (for the administrative office) in the amount of $1,000 j. Paid salary of human resource manager of $200. k.. Purchased a factory machine for $25,000 by signing a one-year note payable. Machine has an estimated 5 year life with no residual salvage value. l.
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This note was uploaded on 03/10/2011 for the course ACC 210 taught by Professor Staff during the Spring '07 term at N.C. State.

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Chapter 2 Handout Solution - ACC 200 Introduction to...

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