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.

Prepare the journal entries for the following:

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  • 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)