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Hokie Manufacturing Co.

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

Set up T-accounts. Post the beginning trial balance and the journal entries prepared in (1) to the accounts and determine the balances in the accounts on May 31
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4/30 (i) Cash 25,000 (c) 362,000 (j) 48,000 158,000
206,000 4/30 (h) Accounts Receivable 65,000 (i) 362,000 345,000 387,000 181,000 410,000 48,000 4/30 (g) Finished Goods 120,000 (h) 188,000 91,000...

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