Accounting > A Level Question Paper > Managerial Accounting (with Complete Solutions (All)

Managerial Accounting (with Complete Solutions

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A manufacturing company used cash to purchase raw materials costing $3,000. What should be included in the journal entry necessary to record this purchase of raw materials? Credit to work-in-process... inventory for $3,000. Credit to raw materials inventory for $3,000. Credit to accounts payable for $3,000. Credit to cash for $3,000. - answer Credit to cash for $3,000. A company's actual manufacturing overhead was $156,000, and applied manufacturing overhead was $172,000. What should be included in the journal entry necessary to close the manufacturing overhead account? Debit to manufacturing overhead for $16,000. Debit to cost of goods sold for $16,000. Debit to cost of goods sold for $156,000. Debit to manufacturing overhead for $156,000. - answer Debit to manufacturing overhead for $16,000 A company that manufactures wood furniture paid $12,500 in cash for the wages of woodworkers who create the wood furniture in the factory. What should be included in the journal entry necessary to record this payment of wages to the woodworkers? Credit to work-in-process inventory for $12,500. Debit to work-in-process inventory for $12,500. Credit to manufacturing overhead for $12,500. Debit to manufacturing overhead for $12,500. - answer Debit to work-in-process inventory for $12,500. Data for an art supplies company for the year are as follows: [Show More]

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