Chapter 15 T-Accounts(1)

Chapter 15 T-Accounts(1) - 2 Direct Materials used 3 Direct...

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1 Recording the purchase of Direct Materials 2 Recording the purchase of Direct Materials 3 Recording the amount of Direct Materials used in Production 4 Recording the amount of Indirect Materials used in Production 5 Recording the accrual of pending payroll distribution 6 Posting the amount of Direct Labor to WIP 7 Posting the amount of actual Indirect Labor to Overhead 8 Recording the amount of Insurance to be paid 9 Recording the amount of Utilities to be paid 10 Posting the amount of Insurance related to production to Overhead 11 Posting the amount of Utilities related to production to Overhead 12 Applying Factory Overhead to WIP at Standard 13 Transfering WIP to Finished Goods Inventory 14 Transfering Finished Goods Inventory to COS upon Sale 15 Clearing of Over/Under Applied Overhead to COS Transaction Descriptions
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Raw Material Inventory Accounts Payable 1 Purchase of Direct Materials Purchase of Direct Materials 1 2 Purchase of Indirect Materials Purchase of Indirect Materials
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Unformatted text preview: 2 Direct Materials used 3 Direct and Indirect Payroll 5 Indirect Materials used 4 Insurance Paid 8 Utilities Paid 9 Goods In Process Factory Overhead 3 Direct Materials used 4 Indirect Materials used 6 Direct Labor Applied to Job 7 Indirect Labor Applied to Job 12 Factory O/H Applied (@ Standard) 10 Insurance Applied to Job Transfer of Finished Job 13 11 Utilities Applied to Job Factory O/H Applied (@ Standard) 12 15 Clearing of Overapplied O/H Clearing of Underapplied O/H 15 Payroll Expense Other Expenses 5 Direct and Indirect Payroll 8 Insurance Paid Direct Labor Applied to Job 6 9 Utilities Paid Indirect Labor Applied to Job 7 Insurance Applied to Job 10 Utilities Applied to Job 11 Finished Goods Inventory Cost of Goods Sold 13 Transfer of Finished Job 14 Invoicing of Finished Job Invoicing of Finished Job 14 15 Clearing of Underapplied O/H Clearing of Overapplied O/H 15...
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Chapter 15 T-Accounts(1) - 2 Direct Materials used 3 Direct...

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