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Question
Gardner Machine Shop uses a predetermined manufacturing overhead rate of $63.20 per direct labor hour. In January, Gardener completed job number A33, which included 15 direct labor hours. Which of the following correctly describes the journal entry needed to allocate overhead to the job?
A) Debit Finished goods for $948, credit Manufacturing overhead for $948
B) Debit Manufacturing overhead for $948, credit Work in process for $948
C) Debit Work in process for $948, credit Manufacturing overhead for $948
D) Debit Cost of goods sold for $948, credit Finished goods for $948
Answer
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Related questions
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A) chart of accounts.
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Answer: B
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B) Revenues decrease owner's equity, so a revenue account's normal balance is a debit balance.
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Q:
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B) finding the account number in the chart of accounts.
C) recording the transaction, including a brief explanation.
D) copying the information from the journal to the ledger.
Q:
In the accounting system, the first place that transactions are recorded is the ledger.
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For liabilities and revenues, a debit increases the account.