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14 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Purchase and issue of materials |
Debit: Raw materials Credit: Accounys payable |
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Issue of direct and indirect materials |
Debit: Work In Process (direct) Debit: Manufact. Overhead (indirect) Credit: Raw materials |
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Record manufacturing overhead costs |
D: Manufacturing Overhead C: accounts payable |
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Record property tax |
D: Manufacturing Overhead C: Property tax |
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Prepaid Insurance |
D: Manufacturing overhead C: prepaid insurance |
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Depreciation of Factory Equipment |
D: Manufacturing overhead C: Accum. Depreciation |
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Applying Manufacturing overhead |
D: Work in process C: Manufacturing overhead |
When a job is completed |
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Employee Salaries |
D: Salaries Expense C: Salaries and wages payable |
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Office Equipment depreciation |
D: Depreciation expense C: Accum. Depreciation |
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Advertising and Administrative Expenses |
D: Advertising Expense D: Administrative Expense C: Accounts Payable |
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Costs of goods manufactured |
D: Finished goods C: Work in process |
When job is completed but merchandise it not sold yet |
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Cost of goods sold |
D: Accounts Receivable C: Sales D: Cost of goods sold C: Finished goods |
When completed jobs are shipped/sold |
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Close out Manufacturing Overhead (Overapplied) |
D: Manufacturing overhead C: Cost of goods sold |
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Close out Manufacturing overhead (Underapplied) |
D: Cost of goods sold C: Manifacturing overhead |
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