Here is a list of accounts:Accounts PayableAccounts ReceivableAccumulated…
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Here is a list of accounts:Accounts PayableAccounts ReceivableAccumulated Depreciation-BuildingsAccumulated Depreciation-EquipmentCashCost of Completed Service ContractsCost of Goods SoldDepreciation ExpenseEmployer Fringe Benefits PayableEmployer Payroll Taxes PayableFactory LaborFactory Wages PayableFinished Goods InventoryManufacturing OverheadOperating OverheadPrepaid InsurancePrepaid Property TaxesProperty Taxes PayableRaw Materials InventorySalaries and Wages PayableSales RevenueService Contracts in ProcessSuppliesUtilities PayableWork in Process Inventory
Stine Company uses a job order
cost accounting system. On May 1, the company has a balance in Work in
Process Inventory of $2,720 and two jobs in process: Job No. 429
$1,910, and Job No. 430 $810. During May, a summary of source documents
reveals the following.
Job Number
Materials
Requisition Slips
Labor
Time Tickets
429
$2,280
$2,160
430
3,530
2,990
431
4,350
$10,160
7,700
$12,850
General
use
670
1,470
$10,830
$14,320
Stine Company applies manufacturing overhead to jobs at an overhead rate
of 90% of direct labor cost. Job No. 429 is completed during the
month.
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Prepare
summary journal entries on May 31 to record: (i) the requisition slips,
(ii) the time tickets, (iii) the assignment of manufacturing overhead to
jobs, and (iv) the completion of Job No. 429. (Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
No.
Date
Account Titles and Explanation
Debit
Credit
(i)
May 31
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(ii)
May 31
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(iii)
May 31
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(iv)
May 31
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