Accounts

UNIVERSITY OF THE SOUTHERN CARIBBEAN P.O. Box 175, Port of Spain, Trinidad. W.I.

Assignment Four

A Project Prepared in Partial Fulfillment for the Requirements for the Course ACCT122- FUNDAMENTAL OF ACCOUNTING II

INSTRUCTOR: Dr. Raghavalu Ramella, MA., MBA., Ph. D

Phoebe Connor 2011110048

DATE OF SUBMISSION: 9 June 2013

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E17-15

Sloan Trailers Job Costs T-Accounts

E17-16

Judy's Sofas Job Order Costing Journal Entries December 31, 2012
Date	ACCOUNTS	DR ($)	CR ($)
a)	Website Expenses	2,900
	Cash		2,900
	Paid Web site expenses
b)	Work in process inventory (direct labor)	9,000
	Manufacturing overhead (indirect labor)	6,000
	Wages payable		15,000
	Manufacturing wages
c)	Materials inventory	24,000
	Accounts payable		24,000
	Materials Purchased on account
d)	Work in process inventory (direct materials)	9,500
	Manufacturing overhead (indirect materials)	4,500
	Materials inventory		14,000
	The company used materials in production
e)	Manufacturing overhead	15,500
	Depreciation on plant		10,000
	Plant insurance		1,300
	Property tax payable		4,200
	The company recorded manufacturing costs
f)	Work in process inventory	22,500
	Manufacturing overhead		22,500
	manufacturing overhead to jobs 250% of direct labor costs.
g)	Finished goods inventory	38000
	Work in process inventory		38000
	Completed Production
h)	Accounts receivable	20,000
	Sales revenue		20,000
	The business sold inventory on account
h2)	Cost of goods sold	10,000
	Finished goods inventory		10,000
	The business shipped the sofas to customer
i)	TOTAL	161,900	161,900

English: View of the International Financial Centr...

Poker Night at the Inventory

Inventory screen.