Southwestern ACCT111 Chapter 2 Quiz Latest 2021

ACCT111 Managerial Accounting

Chapter 2 Quiz

Question 14J Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of March.

Mar 1 Purchased raw materials for $25,000 on account.

Account Titles

Debit

Credit

  [x]

 [y]

 [z]

 [a]

Question 24J Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of March.

4J Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of March.

March 8 Raw materials requisitioned by production:

            Direct materials $12,000

           Indirect materials 2,000

Account Titles

Debit

Credit

    [x]

   [y]

   [z]

   [a]

  [b]

Question 3   4J Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of March.

Mar 15 Paid factory utilities $3,000 and factory manager's salary $2,000. Hint: expenses are being paid out in cash on this day

 

Account Titles

Debit

Credit

 [x]

 [y]

 [z]

 [a]

Question 44J Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of March.

Mar 25 Incurred $63,000 of factory labor

Account Titles

Debit

Credit

 [x]

 [y]

 [z]

[a]

Question 54J Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of March.

Mar 26  Time tickets indicated the following:

             Direct labor (6,000 hours * $10 per hr) = $60,000

             Indirect labor (3,000 hours * $1 per hr) = $ 3,000

                                                                               $63,000

Account Titles

Debit

Credit

[x]

 [y]

 [z]

 [a]

 [b]

 [c]

Question 64J Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of March.

Mar 27 Applied manufacturing overhead to production the 6,000 direct labor hours worked previously, based on a predetermined overhead rate of $6 per direct labor hour worked

Account Titles

Debit

Credit

 [x]

 [y]

 [z]

 [a]

               

Question 74J Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of March.

Mar 28 Goods costing $15,000 were completed in the factory adn were transferred to finished goods

Account Titles

Debit

Credit

   [x]

 [y]

 [z]

 [a]

Question 84J Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of March.

Mar 30 Goods costing $18,000 were sold for $22,000 on account

Account Titles

Debit

Credit

 [x]

 [y]

 

 [z]

 [a]

 [b]

 [c]

  [d]

 [e]