During the first year of operations, Sharpin Tool accumulated the following manufacturing costs:…
During the first year of operations, Sharpin Tool accumulated the following manufacturing costs: Accounting Transactions NO. Transactions Amount 1. Raw materials purchased on account $12,000 2. Factory labor accrued $6,000 3. Incurred manufacturing overhead on account $4,000 Prepare separate journal entries for each manufacturing cost using the chart of accounts provided. Chart of Accounts Assets Liabilities Stockholders' Equity cash accounts payable common stock accounts receivable unearned revenue retained earnings raw materials inventory factory wages payable sales revenue work in process inventory notes payable cost of goods sold factory labor taxes payable utility expense manufacturing overhead interest payable supplies expense finished goods inventory employer payroll taxes payable selling expense supplies employer fringe benefits payable insurance expense prepaid insurance depreciation expense equipment building land accumulated depreciation list debit transactions first and then list credit transactions. use account provided in the chart of accounts above. do not create your own account. when typing your responses, do not include a dollar sign. for example, if your answer is $10,000, you should be typing 10,000 or 10,000.00 without any dollar sign. General Journals No. Account titles and explanation debit ($) credit ($) 1. to record raw materials purchased on account 2. to record factory labor accrued 3. to record manufacturing overhead on account How do I solve this? Apr 09 2022 01:31 PM
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