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WIP journal entries
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The following account appears in the ledger after only part of the postings have been completed for July, the first month of the current fiscal year: Work in Process Balance, July 1 53,200 | Direct materials 147,000 | Direct labor 120,000 | Factory overhead is applied to jobs at the rate of...
Politte Supply uses a sales journal, a purchases journal, a cash receipts journal, a
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Politte Supply uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements Journal, and a general journal. The following transactions occur in the month of April. Apr. 3 Purchased merchandise for $2,750 on credit from Scott, Inc. terms 210, n30. 9 Issued check no....
Redmon Company uses a sales journal, a purchases journal, a cash receipts journal, a
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Redmon Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements Journal, and a general journal. The following transactions occur in the month of June. June 1 Purchased $8,100 of merchandise on credit from Vick, Inc. terms n30. 8 Sold merchandise costing...
WIP Journal and Depreciation
[ 2 Answers ]
Hi All, I am firstly after some help on WIP Journals. New construction company I am at has WIP posted to P&L (under opening and closing wip/stock) and Balance Sheet under Assets. Having not dealt with WIP before is this correct? If not please advise as to a normal journal posting dbt/crdt... View more questions Search
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