Required information
Problem 15-3A (Algo) Computing and recording job costs; preparing income statement and balance sheet LO P1, P2, P3, P4
[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.
able[[,Debit,Credit],[Cash,$70,000,],[Accounts receivable,39,000,],[Raw materials inventory,24,500,],[Work in process inventory,0,],[Finished goods inventory,15,000,],[Prepaid rent,5,000,],[Accounts payable,,11,400],[Notes payable,,14,400],[Common stock,,50,000],[Retained earnings (prior year),88,000,],[Sales,102,000,171,700],[Cost of goods sold,27,000,],[Factory overhead,53,000,],[General and administrative expenses,$335,500,$335,500
Required information Problem 15-3A (Algo) Computing and recording job costs; preparing income statement and balance sheet LO P1,P2,P3,P4 [The following information applies to the questions displayed below.]
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 $70,000 20000 24,500
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
15,000 5,000
$11,400 14,400 50,000 88,000 171,700
102,000 27,000 53,000 $335,500
$335,500
These six documents must be processed to bring the accounting records up to date
