Summary Journal Entries & T-account

Mar 8th, 2015
Price: $10 USD

Question description

E2-2 Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,500 and two jobs in process: Job No. 429 $2,000, and job no. 430 $1,500. During May, a summary of source documents reveals the following.

Job Number                   Materials                              Labor

                   Requisition Slips                   Time Tickets

429                   $2,500                                 $1,900

  430                   3,500                                  3,000

  431                   4,400       $10,400               7,600              $12,500

General use  ___                      800                                           1,200 

                                           $11,200                                      $13,700

Stine Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month.


  1. Prepare summary journal entries to record (i) the requisition slips, (ii) the time tickets, (iii) the assignment of manufacturing overhead to jobs, and (iv) the completion of Job No. 429.

  2. Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets. (Use a T-account.)

Tutor Answer

(Top Tutor) Daniel C.
School: UC Berkeley

Studypool has helped 1,244,100 students

Review from our student for this Answer

Mar 11th, 2015
"Goes above and beyond expectations !"
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1826 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors