In an integrated accounting system what is the correct entry to record direct labour costs?
A: Debit Production overhead, Credit Wages
B: Debit Wages, Credit Production overhead
C: Debit Work in progress, Credit Wages
D: Debit Wages, Credit Work in progress
A: Debit Production overhead, Credit Wages
B: Debit Wages, Credit Production overhead
C: Debit Work in progress, Credit Wages
D: Debit Wages, Credit Work in progress
举一反三
- The wages paid to employees working directly on a company's products would be shown as A: debit to Cash. B: debit to Work in Process. C: credit to Work in Process. D: debit to Manufacturing Overhead.
- At the end of the day, the cash register's record shows $1,250, but the count of cash in the cash register is $1,245. The correct entry to record the cash sales is A: Debit Cash $1,245; Credit Sales $1,245. B: Debit Cash $1,245; debit Cash Over and Short $5; credit Sales $1,250. C: Debit Cash $1,250; credit Sales $1,250. D: Debit Cash $1,250; credit Sales $1,245, credit Cash Over and Short $5. E: Debit Cash Over and Short $5, credit Sales $5.
- Matthew Company purchases a trading security for $12,000 cash. The journal entry to record this transaction will include a: A: debit to the Investment in Trading Securities account and a credit to Cash. B: debit to Cash and a credit to the Investment in Trading Securities account. C: debit to Long-term Investment and credit Cash. D: debit to Dividend Revenue and credit to Cash.
- An attorney performs services of $1,100 for a client and receives $400 cash, with the remainder on account. The journal entry for this transaction would A: debit Cash, debit Service Revenue, credit Accounts Receivable. B: debit Cash, debit Accounts Receivable, credit Service Revenue. C: debit Cash, credit Service Revenue. D: debit Cash, credit Accounts Receivable, credit Service Revenue.
- A company receives £500 of cash as an additional investment in the company by its owner, Mary Smith. The company's Cash account is increased and Mary Smith, Capital is increased. Should the £500 entry to the Cash account and to Mary Smith, Capital be a debit or a credit, respectively? A: a debit; a debit B: a debit; a credit C: a credit; a debit D: a credit; a credit