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The post-closing trial balance of Hokie Manufacturing Co. on April 30 is reproduced as follows: Hokie Manufacturing Co.

This question was answered on Jan 18, 2013. View the Answer
The post-closing trial balance of Hokie Manufacturing Co. on April 30 is reproduced as follows:
Hokie Manufacturing Co.
Post-Closing Trial Balance
April 30,2013
Cash 25000
Accounts Receivable 65000
Finished Goods 120000
Work in Process 35000
Materials 18000
Building 480000
Accumulated Depreciation-Building 72000
Factory Equipment 220000
Accumulated Depreciation-Factory Equipment 66000
Office Equipment 60000
Accumulated Depreciation-Office Equipment 36000
Accounts Payable 95000
Capital Stock 250000
Retained Earnings 504000
1023000 1023000

During May, the following transactions took place:
a. Purchased raw materials at a cost of $45,000 and general factory supplies at a cost of $13,000 on account (recorded materials and supplies in the materials account)
b. Issued raw materials to be used in production, costing $47,000, and miscellaneous factory supplies costing $15,000
c. Recorded the payroll, the payments to employees, and the distribution of the wages and salaries earned for the months as follows: factory wages (including $12,000 indirect labor) $41,000; and selling and administrative salaries, $7000. Additional account titles include Wages Payable and Payroll (ignore payroll withholdings and deductions)
d. Recognized depreciation for the month at an annual rate of 5% on the building, 10% on the factory equipment, and 20% on the office equipment. The sales and administrative staff uses approximately one-fifth of the building for its offices.
e. Incurred other expenses totaling $11000. One-fourth of this amount is allocable to the office function
f. Transferred total factory overhead cost to Work in Process.
g. Completed and transferred goods with a total cost of $91,000 to the finished goods storeroom
h. Sold goods costing $188,000 for $362,000. (Assume that all sales were made on an account)
i. Collected accounts receivable in the amount of $345,000
j. Paid accounts payable totaling $158,000

Prepare journal entries to record transactions

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Solution:Particulars (a) Raw material Supplies Accounts payable Debit $45,000 $13,000 $58,000 Credit (b) Work in progress Factory overhead Raw material Supplies $47,000 $15,000 $47,000 $15,000 (c)...

This question was asked on Jan 18, 2013 and answered on Jan 18, 2013.

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