Hickory Furniture Company Paid For The Following Costs During The Month Of May
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Hickory sold 32 000 of the inventory and has agreed to pay warranty expenses for its customers.
Hickory furniture company paid for the following costs during the month of may. Hired two employees to work in the warehouse. A company shows a balance in salaries and wages payable of 34 000 at the end of the month. Charlie company uses a perpetual inventory system. Eric clapton invested 50 000 cash in the company as its sole owner.
They will each be paid a salary of 2 800 per month. The following transactions took place during the first month. Slowhand services was formed on may 1 2008. Direct materials direct labor a.
Utilities expense incurred but not paid on may 31 2014 r 200. While the company s highest paid employees received cuts ranging from 20 to 40 about 45 of the remaining staff will see a 15 pay cut all of which will take effect from may 4 to sept. Signed a 2 year rental agreement on a warehouse. Conversion costs 240 000 prime costs 210 000 manufacturing overhead 115 000 what was the amount of direct materials and direct labor used for the year.
The motors cost charlie 26 each. The insurance policy is for 2 years. Paid 24 000 cash in advance for the. The casual furniture company manufactures outdoor furniture and incurred the following costs during the month of january.
May 16 one defective motor was returned to charlie. Hickory furniture company had the following costs paid during the month of may. R 500 of supplies have been used during the month. May 13 sold 8 motors at a cost of 45 each to scruffy brothers supply company terms 4 10 n 30.
Timber 25 000 paint 5 000 glue 500 wages ssembly personnel 20 000 wages factory supervisor 3 500 factory cleaner s wages 2 000 sales commissions 10 000 administrative staff salaries 4 000 depreciation factory equipment 3 000 depreciation sales office equipment 1 000. The next payroll amounting to 50 000 is to be paid in the following month. During may the following transactions and events occurred. These are expected to be 1 600 and occur evenly over the next four months starting in june.
Incurred the following costs during 2016. Hickory furniture company paid for the following costs during the month of may. What will be the journal entry to record the payment of salaries. Transactions on may 1.
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The Accounts In The Ledger Of Hickory Furniture Company As Of December 31 2019 Are Listed In Alphabetical Order As Follows All Accounts Have Normal Balances The Balance Of The Cash Account
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