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Home > Business & Careers > Accounting   »   Process Cost Sytem - journal entries

 
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Old Nov 11, 2007, 09:06 AM
LisaLisa13
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Process Cost Sytem - journal entries

I've been working on the problem below all morning and can't seem to figure this out. Can someone please help.

Learning Objectives 18-1, 18-2, 18-3
EXERCISE 18-19
Cost of production and journal entries
Papyrus Paper Company manufactures newsprint. The product is manufactured in two departments, Papermaking and Converting. Pulp is first placed into a vessel at the beginning of papermaking production. The following is the information concerning production in the Papermaking Department for July.


a. Prepare the following July journal entries for the Papermaking Department:
1. Prepare the July journal entry for the Papermaking Department for the materials charged to production.

Account Debit Credit







2. Prepare the July journal entry for the Papermaking Department for the conversion costs charged to production.

Account Debit Credit










3. Prepare the July journal entry for the Papermaking Department for the completed production transferred to the Converting Department.

Account Debit Credit







b. Determine the Work in Process - Papermaking Department July 31 balance.

$ ________________

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