Journal entry Flashcards
What entry to assign costs to direct material
DT-goods on process inventory
CT-raw material inventory
What entry for acquiring materials on credit for factory use
DT-raw materials inventory
CT-accounts payable
What entry to record indirect materials
DT-factory overhead
CT-raw materials inventory
What entry to record salaries and wages of factory workers
DT-factory payroll
CT-cash (other accounts )
What entry to account costs for direct labor
DT-goods in process inventory
CT-factory payroll
What entry to record indirect labor costs
DT-factory overhead
CT-factory payroll
What entry to record factory overhead -insurance-utilities-rent-depreciation
DT-factory overhead
CT-cash (other accounts)
What entry to apply overhead at 160% of direct labor
DT-goods in process inventory
CT-factory overhead
What entry to record complete job B15, B16, B17
DT-finished goods inventory
CT-goods in process inventory
What entry to record sale of job B15, B16
DT-cost of goods sold
CT-finished goods inventory
