Schrager Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $4,300, Work in ProcessâCutting $3,000, Work in ProcessâAssembly $10,700, and Finished Goods $32,000. During July, the following transactions occurred. 1. Purchased $62,600 of raw materials on account.
2. Incurred $60,100 of factory labor. (Credit Wages Payable.)
3. Incurred $71,000 of manufacturing overhead; $41,000 was paid and the remainder is unpaid.
4. Requisitioned materials for Cutting $15,800 and Assembly $9,000.
5. Used factory labor for Cutting $33,100 and Assembly $27,000.
6. Applied overhead at the rate of $19 per machine hour. Machine hours were Cutting 1,690 and Assembly 1,750.
7. Transferred goods costing $67,700 from the Cutting Department to the Assembly Department.
8. Transferred goods costing $135,000 from Assembly to Finished Goods.
9. Sold goods costing $151,000 for $201,000 on account.

Required:
Journalize the transactions.

Item 1

Debit : Raw Materials $62,600

Credit : Accounts Payable $62,600

Item 2

Debit :  Wages expense $60,100

Credit : Wages Payable $60,100

Item 3

Debit : Overhead expenses $71,000

Credit : Cash $41,000

Credit : Accounts Payable $30,000

Item 4

Debit : Work in Process - Cutting $15,800

Debit : Work in Process - Cutting $9,000

Credit : Raw Materials $24,800

Item 5

Debit : Work In Process - Cutting $33,100

Debit : Work In Process - Assembly $27,000

Credit : Wages Expense $60,100

Item 6

Debit : Work in Process - Cutting  $32,110

Debit : Work in Process - Assembly $33,250

Credit : Overheads  $65,360

Item 7

Debit : Work in Process - Assembly Department $67,700

Credit : Work in Process - Cutting Department $67,700

Item 8

Debit : Finished Goods Inventory $135,000

Credit : Work in Process - Assembly Department $135,000

Item 9

Debit : Accounts Receivable $201,000

Debit : Cost of Sales $151,000

Credit : Sales Revenue $201,000

Credit : Finished Goods Inventory $151,000

Explanation:

When Costs are Incurred :

Debit the Account to which cost is accumulating and Credit cash when the cash is paid or Accounts Payable when there is no immediate payment.

When items are used in Production :

Debit the Work in Process Account to which the cost relates to and Credit the Account attached to that cost.

When there is a transfer :

Debit the Work in Process Account to which the items are flowing to and Credit the Work in Process Account from which the items are flowing.

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