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Crown Rug Company had the following credit sales transactions during August 2010:
The August 1 inventory was $44,500, consisting of:
During August, Crown Rug Company purchased the following rugs from Royal Importers:
The general ledger includes the following accounts:Account Number Account 11 Accounts Receivable12 Merchandise Inventory21 Accounts Payable41 Sales51 Cost of Merchandise Solda. Record the sales in a two-column sales journal. Use the sales journal form shown in Appendix 1 at the end of this chapter. Begin with Invoice No. 93.
b. Record the purchases in a purchases journal. Use the purchases journal form shown in Appendix 1 at the end of this chapter.
c. Assume that you have posted the journal entries to the appropriate ledgers. Insert the correct posting references in the sales and purchases journals.
d. Determine the August 31 balance of MerchandiseInventory.
Discuss what has happened in recent industrial history to reduce the usefulness of direct labor as the primary basis for allocating overhead to products.
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