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31 August, 18:43

EB13.

LO 4.7During the month, Job Arch2 used specialized machinery for 350 hours and incurred $700 in utilities on account, $400 in factory depreciation expense, and $200 in property tax on the factory. Prepare journal entries for the following:

Record the expenses incurred.

Record the allocation of overhead at the predetermined rate of $1.50 per machine hour.

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  1. 31 August, 20:42
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    Journal entries to record the expenses incurred are given below.

    Debit Factory Overhead Control Account $ 1300

    Credit Utilities bills account $ 700

    Credit Accumlated factory depreciation $ 400

    Credit property tax payable $ 200

    Journal entries to record the allocation of overhead at the predetermined rate of $1.50 per machine hour are given below.

    Debit WiP process account $ 525

    Credit Factory overhead applied account $ 525

    (1.5 * 350 (machine hours))
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