Prepare summary journal entries to record the following transactions and events a through h for a company in its first month of operations.

a. Raw materials purchased on account, $90,000.
b. Direct materials used in production, $39,500. Indirect materials used in production, $18,000.
c. Paid cash for factory payroll, $60,000. Of this total, $40,000 is for direct labor and $20,000 is for indirect labor.

d. Paid cash for other actual overhead costs, $7,625.
e. Applied overhead at the rate of 125 percent of direct labor cost.
f. Transferred cost of jobs completed to finished goods, $65,000.
g. Sold jobs on account for $92,800. The jobs had a cost of $65,000.
h. Close underapplied or overapplied overhead to cost of goods sold.

Responsible for setting the goals and planning for the future as well as leading and controlling the work of others. out the decisions of top management. often responsible for various departments such as the production, marketing, and accounting departments. process or function of planning organizing leading and controlling. the resources arranged in an orderly and functional way to accomplish goals and objectives. the company on track and making sure goals are met. for the daily operations of a business. examples of this are supervisors, office managers, and crew leaders. act or process of creating goals and objectives as well as the strategies to meet them. for the daily operations of a business. examples of this are supervisors, office managers, and crew leaders. how the firm is structured and who is in charge of whom. direction and vision

What two things do you consider when evaluating the time value of money

In year 1, the bennetts' 25-year-old daughter, jane, is a full-time student at an out-of-state university but she plans to return home after the school year ends. in previous years, jane has never worked and her parents have always been able to claim her as a dependent. in year 1, a kind neighbor offers to pay for all of jane's educational and living expenses. which of the following statements is most accurate regarding whether jane's parents would be allowed to claim an exemption for jane in year 1 assuming the neighbor pays for all of jane's support? a.no, jane must include her neighbor's gift as income and thus fails the gross income test for a qualifying relative.b.yes, because she is a full-time student and does not provide more than half of her own support, jane is considered her parent's qualifying child.c.no, jane is too old to be considered a qualifying child and fails the support test of a qualifying relative.d.yes, because she is a student, her absence is considered as "temporary." consequently she meets the residence test and is a considered a qualifying child of the bennetts.