Question

For the transactions in questions 24- 30 , indicate the TITLE of the debit and the TITLE of the credit

1. Finished up goods

24A) Dr.

24B) Cr.

2. Applied FOH

25A) Dr.

25B) Cr.

3. Sold goods for cash ( the entry for the selling price)

26A) Dr.

26B) Cr.

4. Sold goods on account ( the entry for the cost)

27A) Dr.

27B) Cr.

5. Used indirect labor on account

28A) Dr.

28B) Cr.

6. Used indirect materials

29A) Dr.

29B) Cr.

7. Used up factory insurance.

30A) dr

30B) Cr

Answer 1

Finished up goods:

24A) Dr. Finished Goods Inventory a/c

24B) Cr. Work in Process a/c

Applied FOH:

25A) Dr. Work in Process a/c

25B) Cr. FOH a/c

Sold goods for cash (the entry for the selling price)

26A) Dr. Cash a/c

26B) Cr. Sales a/c

Sold goods on account (the entry for the cost)

27A) Dr. Cost of Goods Sold a/c

27B) Cr. Finished Goods Inventory a/c

Used Indirect labor on account

28A) Dr. FOH a/c

28B) Cr. Wages Payable a/c

Used Indirect Materials

29A) Dr. FOH a/c

29B) Cr. Materials Inventory a/c

Used up Factory Insurance

30A) Dr. FOH a/c

30B) Cr. Factory Insurance a/c