Preparing job order costing journal entries Journalize the following transactions for Marge's Sofas.

a. Incurred and paid Web site expenses, $2,000.
b. Incurred manufacturing wages of $15,000, 75% of which was direct labor and 25% of which was indirect labor.
c. Purchased raw materials on account, $24,000.
d. Used in production: direct materials, $7,500; indirect materials, $5,000.
e. Recorded manufacturing overhead: depreciation on plant, $18,000; plant insurance (previously paid), $1,500; plant property tax, $3,900 (credit Property Tax Payable).
f. Allocated manufacturing overhead to jobs, 200% of direct labor costs.
g. Completed production on jobs with costs of $40,000.
h. Sold inventory on account, $22,000; cost of goods sold, $18,000.
i. Adjusted for overallocated or underallocated overhead.

Item a

Debit : Website expenses $2,000

Credit : Cash $2,000

Item b

Debit : Work in Process : Direct labor $11,250

Debit : Work in Process : Indirect labor $3,750

Credit : Wages Payable  $15,000

Item c

Debit : Raw Materials $24,000

Credit : Accounts Payable $24,000

Item d

Debit : Work in Process : Direct Materials  $7,500

Debit : Work in Process : Indirect Materials $5,000

Credit : Raw Materials $12,500

Item e

Debit : Work in Process : Depreciation $18,000

Credit : Accumulated depreciation $18,000

Item e

Debit : Work in Process : Pant Insurance  $1,500

Credit : Prepaid insurance  $1,500

Item e

Debit : Work in Process : Property tax  $3,900

Credit : Property Tax Payable  $3,900

Item f

Debit : Overheads $11,250 x 200% $22,500

Credit : Work in Process $22,500

Item g

Debit : Finished Goods Inventory $40,000

Credit : Work in Process $40,000

Item h

Debit : Accounts Receivables   $22,000

Debit : Cost of Sales  $18,000

Credit : Sales Revenue  $22,000

Credit : Finished Goods Inventory $18,000

Explanation:

The journals for the transactions have been prepared above.

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.

in terms of experimental research, mcdonald’s charging different prices in the two cities relates to