LESSON 20-1 Journalizing Manufacturing Accounting Transactions

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Presentation transcript:

LESSON 20-1 Journalizing Manufacturing Accounting Transactions 9/20/2018 LESSON 20-1 Journalizing Manufacturing Accounting Transactions RED

FLOW OF MANUFACTURING COSTS LESSON 20-1 9/20/2018 FLOW OF MANUFACTURING COSTS page 585 1. Record materials purchased. 1 2 6 7 2. Record materials transferred. 3 3. Record factory payroll. 5 4. Close individual manufacturing expense accounts. 5. Record applied overhead. 4 6. Record cost of products completed. 7. Record cost of products sold. LESSON 20-1 RED

JOURNAL ENTRIES TO RECORD FACTORY PAYROLL FOR A MONTH LESSON 20-1 9/20/2018 JOURNAL ENTRIES TO RECORD FACTORY PAYROLL FOR A MONTH page 586 1 2 3 4 5 6 January 15 1. Debit the factory accounts. January 31 4. Debit the factory accounts. 2. Credit the three tax withholding accounts. 5. Credit the three tax withholding accounts. 3. Credit cash for the next payroll. 6. Credit cash for the next payroll. LESSON 20-1 RED

RECORDING MATERIALS PURCHASES LESSON 20-1 9/20/2018 RECORDING MATERIALS PURCHASES page 587 LESSON 20-1 RED

RECORDING MATERIALS REQUISITIONS LESSON 20-1 9/20/2018 RECORDING MATERIALS REQUISITIONS page 587 LESSON 20-1 RED

MATERIALS AND LABOR USED IN PRODUCTION LESSON 20-1 9/20/2018 MATERIALS AND LABOR USED IN PRODUCTION page 588 Work in Process Bal. 82,579.00 Jan. 15 Direct Labor 39,245.00 Jan. 31 Direct Labor 44,255.00 Jan. 31 Direct Materials 156,477.00 Factory Overhead Jan. 15 Indirect Labor 11,774.00 Jan. 31 Indirect Labor 13,276.00 Jan. 31 Indirect Materials 11,447.50 LESSON 20-1 RED

JOURNALIZING ACTUAL FACTORY OVERHEAD LESSON 20-1 9/20/2018 JOURNALIZING ACTUAL FACTORY OVERHEAD page 588 LESSON 20-1 RED

RECORDING APPLIED OVERHEAD LESSON 20-1 9/20/2018 RECORDING APPLIED OVERHEAD page 589 LESSON 20-1 RED

DISPOSING OF OVERAPPLIED AND UNDERAPPLIED FACTORY OVERHEAD BALANCES page 589 LESSON 20-1

RECORDING FINISHED GOODS TRANSACTIONS LESSON 20-1 9/20/2018 RECORDING FINISHED GOODS TRANSACTIONS page 590 LESSON 20-1 RED

RECORDING SALES AND COST OF GOODS SOLD LESSON 20-1 9/20/2018 RECORDING SALES AND COST OF GOODS SOLD page 590 LESSON 20-1 RED

TERMS REVIEW underapplied overhead overapplied overhead page 592 LESSON 20-1