Journalize the transactions using t-accounts


The following inventory information is available for Ricci Manufacturing Corporation for the year ended December 31, 2008:

                        Beginning     Ending
Inventories:

Raw materials    $17,000      $19,000
Work in process     9,000       14,000
Finished goods     11,000         8,000
Total                 $37,000      $41,000

In addition, the following transactions occurred in 2008:

1. Raw materials purchased on account, $95,000.

2. Incurred factory labor, $110,000, all is direct labor. (Credit Factory Wages Payable).

3. Incurred the following overhead costs during the year: Utilities $11,800, Depreciation on manufacturing machinery $10,000, Manufacturing machinery repairs $9,200, Factory insurance $9,000 (Credit Accounts Payable and Accumulated Depreciation).

4. Assigned $110,000 of factory labor to jobs.

5. Applied $44,000 of overhead to jobs.

Instructions:

Journalize the above transactions using T-Accounts.

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Accounting Basics: Journalize the transactions using t-accounts
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