Indicated the titles of the accounts to be devited and credited in recording the
ID: 2513470 • Letter: I
Question
Indicated the titles of the accounts to be devited and credited in recording the selected operations given below by inserting the letter or letters of the account titles listen in the appopriate columns. (Do not record the amounts.)
A. Accounts Payable B. Accounts Receivable C. Cash D. Cost of Goods Sold E. Factory Overhead (Dept A)
F. Factory Overhead (Dept B) G. Finished Goods H. Materials I. Sales J. Wages Payable K. Work in Process (Dept A) L. Work in Process (Dept B)
TWO COLUMNS TO THE RIGHT ARE FOR DEBIT/CREDIT (IN THAT ORDER)
1 Materials requisitioned by Department A, $52,000, for use directly in the manufacture of the product ___ ___ 2. Labor used in Department A, $18,000, of which $12,500 was used directly in the manufacture of the product ___ ___ 3. Factory overhead applied to prodcution in Department A, $1.50 per machine hour ___ ___ 4. Goods finished in Department A and transferred to Department B, $85,300 ___ ___ 5. Goods finished in Department B and transferred to Department A, $69,100 ___ ___ 6. Cost of finished Goods Sold ___ ___Explanation / Answer
Debit Credit 1. Material requisition by Deptt A for use directly in manufacture Work in Process (A) Material 2. labour used Deppt A , of which 12500 is directly in manufacture Work in Process (A) Wages payable 3. factory OH applied to Deptt A Work in Process (A) Factory Overheads (A) 4. Goods finished in Deppt A transferred to Deppt. B Work in Process (B) Work in Process (A) 5. Goods finished from Deptt B transferred to deptt A. Work in Process(A) Work in Process (B) 6. Cost of finished goods sold Cost of Goods sold Finished Goods