ACCT 301 SEU Journal Entries

Instructions:

-Students must include these details(Name, Student ID, CRN, Date of submission)

-Do NOT remove the questions in the answer papers. But write your answers below each question.

-Answer the ALLquestions.

• Assignments should be submitted in MS Wordformat
• Font should be Times New Romanwith 14 points.

-You are required to work in this assignment individually.

-You should submit theassignment via the Blackboard.

-Students who submit assignments after deadline, will get ZERO.

-If you engaged in plagiarism, you will get ZEROmarks in the assignment or course.

Question:

• Prepare the journal entries for the following: (4 Points)

• When raw materials are received, Give an example
• When raw materials are sent to the factory floor, Give an example
• When a job is completed, what happen to the cost, Give an example
• Overhead expenses ( salary) paid by cheque $ 5000
• Utilities (Indirect expenses) paid in cash $ 10000

f) Salaries totaling $5,000 are accrued; 35% of these costs are direct labor, 40% are indirect labor and 25% are overhead expense. Prepare the journal entry.

g) Overhead costs are allocated to work in process using an allocation rate of 150% of direct labor costs and 300% of overhead expenses.

Prepare the journal entry. (Give different examples- examples should not be same)