Using assumed data - (c) Factory utilities of $2,200 are...

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Using assumed data, the summary entry for manufacturing overhead in Wallace Manufacturing Company is: Manufacturing Overhead Utilities Payable Prepaid Insurance Accounts Payable (for repairs) Accumulated Depreciation Property Taxes Payable (To record overhead costs) The company subsequently assigns manufacturing overhead to work in process. During the current month, Ringling Company incurs the following manufacturing costs: (a) Raw materials purchases of $4,200 on account. (b) Used factory labor of $18,000. Of that amount, $15
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wages payable and $3,000 relates to payroll taxes p
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Unformatted text preview: (c) Factory utilities of $2,200 are payable, prepaid fac $1,800 has expired, and depreciation on the factory $3,500. Prepare journal entries for each type of manufacturing cost. (a) Raw Materials Inventory 4,200 Accounts Payable 4,200 (Purchases of raw materials on account) (b ) Factory Labor 18,000 Factory Wages Payable 15,000 Employee Payroll Taxes Payable 3,000 (To record factory labor costs) (c) Manufacturing Overhead 7,500 Utilities Payable 2,200 Prepaid Insurance 1,800 Accumulated Depreciation 3,500 (To record overhead costs)...
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This note was uploaded on 12/25/2011 for the course ACCOUNTING ac 202 taught by Professor - during the Fall '11 term at Montgomery.

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Using assumed data - (c) Factory utilities of $2,200 are...

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