Homework Clinic

Social Science Clinic => Accounting => Topic started by: savannahhooper on Mar 6, 2021

Title: River Falls Manufacturing uses a normal cost system and had the following data available for 2018: ...
Post by: savannahhooper on Mar 6, 2021

Question 1

Payment of the factory rent would require debits and credits to which accounts?
◦ Debit: Work-in-Process Control account 
Credit: Cash
◦ Debit: Manufacturing Overhead Control account 
Credit: Cash
◦ Debit: Cost of Goods Sold account
Credit: Prepaid Rent
◦ Debit: Factory Depreciation account
Credit: Accumulated Depreciation Control

Question 2

River Falls Manufacturing uses a normal cost system and had the following data available for 2018:



The journal entry to record the materials placed into production would include a ________.
◦ credit to Direct Materials Inventory for $84,000
◦ debit to Direct Materials Inventory for $150,000
◦ credit to WIP Inventory for $84,000
◦ debit to WIP Inventory for $150,000

Title: River Falls Manufacturing uses a normal cost system and had the following data available for 2018: ...
Post by: Laurenleakan on Mar 6, 2021

Answer 1

Debit: Manufacturing Overhead Control account 
Credit: Cash

Answer 2

credit to Direct Materials Inventory for $84,000