3. Prepare a revised list of account balances as of December 31. Hint. Use the prior year's Retained Earnings balance of $271,000 in this list. Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent BERGO BAY COMPANY List of Account Balances December 31 Accounts payable Factory wages payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit Credit

3. Prepare a revised list of account balances as of December 31. Hint. Use the prior year's Retained Earnings balance of $271,000 in this list. Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent BERGO BAY COMPANY List of Account Balances December 31 Accounts payable Factory wages payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit Credit

Accounting Information Systems

10th Edition

ISBN:9781337619202

Author:Hall, James A.

Publisher:Hall, James A.

Chapter2: Introduction To Transaction Processing

Section: Chapter Questions

Problem 21MCQ

See similar textbooks

Similar questions

Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit $ 75,000 44,000 Credit 27,000 0 9,000 3,000 $ 9,600 12,600 30,000 90,000 204,800 115,000 25,000 49,000 $ 347,000 $ 347,000 These six documents must be processed to bring the accounting records up to da Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 53: Labor time ticket 54: $ 4,000 direct materials to Job 402 $ 7,700 direct materials to Job…
Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit $ 75,000 44,000 27,000 0 12,000 4,000 106,000 25,000 54,000 $ 347,000 Credit $ 8,800 11,800 40,000 84,000 202,400 $ 347,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 53: Labor time ticket 54: $ 4,800 direct materials to Job 402 $ 7,600 direct materials to…
Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit $ 68,000 37,000 23,500 Labor time ticket 53: Labor time ticket 54: 0 9,000 3,000 113,000 25,000 45,000 $ 323,500 Credit $ 10,800 13,800 30,000 93,000 175,900 $ 323,500 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: $4,700 direct materials to Job 402 $ 7,300 direct materials to…
Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit $ 75,000 44,000 Credit 27,000 0 9,000 3,000 $ 9,600 12,600 30,000 90,000 204,800 115,000 25,000 49,000 $ 347,000 $ 347,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 53: Labor time ticket 54: $ 4,000 direct materials to Job 402 $ 7,700 direct materials to…
Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit $ 77,000 46,000 28,000 0 9,000 3,000 108,000 26,000 49,000 $ 346,000 Credit $ 10,000 13,000 30,000 82,000 211,000 $ 346,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 53: Labor time ticket 54: $ 4,700 direct materials to Job 402 $ 7,300 direct materials to…
Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit $ 71,000 Credit 40,000 25,000 0 12,000 4,000 $ 10,000 13,000 40,000 94,000 171,000 112,000 24,000 40,000 $ 328,000 $ 328,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 53: Labor time ticket 54: $ 4,800 direct materials to Job 402 $ 7,400 direct materials…
Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Notes payable Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Common stock Retained earnings (prior year) Sales Cost of goods sold Debit $ 75,000 44,000 Credit 27,000 0 9,000 3,000 $ 9,600 12,600 30,000 90,000 204,800 Factory overhead General and administrative expenses 115,000 25,000 49,000 $ 347,000 $ 347,000 Totals These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 53: Labor time ticket 54: $ 4,000 direct materials to Job 402 $ 7,700 direct materials to…
Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Debit Credit Notes payable Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Common stock Retained earnings (prior year) Sales Cost of goods sold $ 75,000 44,000 27,000 9,000 3,000 $ 11,500 14,500 38,000 78,000 206,000 115,000 Factory overhead 26,000 General and administrative expenses 41,000 $ 340,000 $340,000 Totals These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor tine ticket 52: Labor tine ticket 53: Labor tine ticket 54: $ 4,700 direct materials to Job 482 $ 7,600 direct materials to…
[The following information applies to the questions displayed below.] Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Credit Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit $ 170,000 75,000 80,000 0 15,000 3,000 218,000 115,000 60,000 $ 736,000 $ 17,000 25,000 50,000 271,000 373,000 $ 736,000 These six documents must be processed to bring the accounting records up to date. $ 10,200 direct materials to Job 402 $ 18,600 direct materials to Job 404 $ 5,600 indirect materials Materials requisition 10:…
[The following information applies to the questions displayed below.] Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit $ 170,000 75,000 80,000 0 Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: 15,000 3,000 Labor time ticket 53: Labor time ticket 54: 218,000 115,000 60,000 $ 736,000 Credit $ 17,000 25,000 50,000 271,000 373,000 These six documents must be processed to bring the accounting records up to date.…
Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Credit Debit $ 73,000 42,000 26,000 Canh Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounta payable Notes payable Common stock Retained earnings (prior year) Sales 6,000 2,000 $ 8,800 11,800 20,000 78,000 197,400 Cost of goods nold Factory overhead General and administrative expenses 102,000 26,000 39,000 $ 316,000 Totals $ 316,000 These six documents must be processed to bring the accounting records up to date. Materials requinition 10: Materials requinition 111 Materials requinition 121 Labor time ticket 521 Labor time ticket 53 Labor time ticket 54: $4,600 direct materials to Job 402 $ 7,900 direct materials to Job…
Required information [The following information applies to the questions displayed below.] Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Cash Accounts receivable Raw materials inventory. Work in process inventory. Finished goods inventory Prepaid rent Accou Accounts payable Notes payable Comme Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals a. Direct materials. b. Direct labor. c. Overhead applied. d. Indirect materials. e. Indirect labor. View transaction list No Debit $ 70,000 39,000 24,500 View journal entry worksheet 0 6,000 2,000 Transaction 108,000 25,000 37,000 $ 311,500 These six documents must be processed to bring the accounting records up…