Cost Patterns and Concepts

| September 29, 2018

Eddison Electronic Company

Journal Entries 2005

“000”
Omitted

Activity

1
Sales not on account
$29,440

2
Sales on account
28,060

3
Selling Expense
3,220

4
Administrative Expense
6,210

5
Supplies Factory
3,450

6
Insurance Factory
920

7
Indirect Labor
6,900

8
Factory Salaries
288

9
Factory Property Tax
173

10
Maintenance Expense Factory
2,001

11
Depreciation Expense Factory
3,726

12
Utilities Factory
828

13
Purchases of Raw Materials
17,250

14
Direct Labor Factory
3,450

15
Raw Material Inventory, January
1
2,070

16
Raw Material Inventory, December
31
1,380

17
Work in Process Inventory,
January 1
4,140

18
Work in Process Inventory,
December 31
2,300

19
Finished Goods Inventory,
January 1
5,980

20
Finished Goods Inventory,
December 31
4,830

21
Bad Debt Expense
276

22
Accounts Receivable, net
9,430

23
Prepaid Expenses
840

24
Land
2,760

25
Plant and Equipment
37,950

26
Cash 1/1/05
4,646

27
Accounts Payable
14,410

28
Interest Expense
28

29
Notes Payable, 10%
2,070

30
Bonds Payable 8%
8,510

31
Stockholders’ Equity
31,510

32
Retained Earnings
6,670

33
Income tax rate
30%

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