Just Do 5 and 6(Please answer completely, thanks so much)
Each student on your team will present the journal entries for two consecutive transactions undertaken by Kodiak Company in the month of October. There are a total of 8 transactions, so teams with 3 members will present a total of 6 journal entries, while teams with 4 members will present 8 journal entries.
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PARTICULARS
Kodiak Company uses a job-order costing system. The following data relate to October, the first month of the company’s fiscal year.
Purchased $210,000 of raw materials on account on October 3.
Used a total of $178,000 of direct materials in the production of Jobs 225 and 226, recorded on materials requisitions dated October 6.
Incurred $12,000 of indirect materials costs, supported by materials requisitions, on October 7.
Note: transactions 5, 6, 7, and 8 should all be recorded as of October 31.
Sl.No | Date | Account Titles and Explanation | Debit | Credit |
5 | 31-10-20XX | Factory Overheads | 70,000 | |
Accounts Payable | 70,000 | |||
(Being factory overheads incurred for the month of October) | ||||
6 | 31-10-20XX | Work-in-Progress | 240,000 | |
Factory Overheads | 240,000 | |||
(Being Factory overheads of October month charged to cost of production - 30,000 x $8) |
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