End of chapter solutions

End of chapter solutions - ACC 377 SUMMER 2010 CASE STUDIES...

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ACC 377 SUMMER 2010 CASE STUDIES PROBLEM 2-14R (1) Cash WIP Inventory Materials Prepaid Insurance 12,000 35,000 51,000 3,000 12,000 35,000 51,000 3,000 Machinery A/D - Machinery Office Equipment A/D - Off Equip 125,000 10,500 30,000 4,800 125,000 (10,500) 30,000 (4,800) Office Furniture A/D - Off Furn Accounts Payable Capital Stock 20,000 2,500 30,000 182,200 20,000 (2,500) (30,000) (182,200) Retained Earnings 46,000 (46,000) (2) (a) WIP Inventory 28,000 Factory Overhead 3,000 Payroll 31,000 To record payroll (b) Factory Supplies 1,000 Cash 1,000 To record purchase of factory supplies (c) Materials Inventory 22,000 Accounts Payable 22,000 To record purchase of materials (d) Accounts Receivable 126,375 Sales 126,375 To record sales (e) Cash 72,500 Accounts Receivable 72,500 To record collection of cash (f) WIP Inventory 54,340 Materials Inventory 54,340 Toi record requisition of materials: Chain: 12,000 $2.00 $24,000 2,000 $2.20 $4,400 14,000 $28,400 Pulleys: 4,000 $5.00 $20,000 400 $5.10 $2,040 4,400 $22,040 4,000 $0.50 $2,000 4,000 $2,000 Steel plates: 3,800 $0.50 $1,900 3,800 $1,900 $54,340 (g) Payroll 31,000 Cash 31,000 To record payment of payroll (h) Factory Overhead 650 Factory Supplies 650 To record usage of supplies ($1,000 - $350)
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(i) Factory Overhead 3,000 Accounts Payable 3,000 To record utilities for month (j) Office Salaries Expense 6,000 Cash 6,000 To record salaries (k) Advertising Expense 2,000 Cash 2,000 To record advertising (l) Factory Overhead 1,800 Cash 1,800 To record factory superintendent salary (m) Factory Overhead 300 Insurance Expense 100 Prepaid Insurance 400 To record insurance expired (n) Factory Overhead 2,000 Cash 2,000 To record rent (o) Factory Overhead 1,200 Depreciation Expense 580 A/D - Off Equip
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This note was uploaded on 05/04/2011 for the course ACC 377 taught by Professor Davegarrison during the Spring '11 term at Mercer.

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End of chapter solutions - ACC 377 SUMMER 2010 CASE STUDIES...

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