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2. XYZ Company uses a job costing system. The time tickets of production workers in the factory included 100 hours of work assembling the product and 10 hours of setting up the line for production, and 5 hours of maintenance on machines during the day. An appropriate journal entry recording these time tickets would include: A) a debit to work in process, a credit to manufacturing overhead control, and a credit to wages payable B) a credit to work in process, a debit to wages and salaries payable, credit to manufacturing overhead control C)) a debit to finished goods, a credit to work in process D)) a debit to work in process, a debit to manufacturing overhead control, and a credit to wages payable E) None of the above 3·The national sales manager for your company has pulled you aside and asked you to prepare a sales invoice for one of the company\'s largest clients before the end of the fiscal year which ends this month. The sales manager asks you to record the revenue during the current fiscal year. This invoice will include items that have not yet been shipped and are not planned for shipment until after the fiscal year. What would be appropriate actions in this situation? A) Invoice the client as asked by the national sales manager. B) Invoice the client since this is consistent with past transactions near fiscal year-end. C) Contact the client and notify them that credit terms are being extended on this invoice since the goods have not been shipped. D If available, follow your organization\'s established policies for accounting for this type of transaction. Additionally, consider contacting your accounting supervisor and discuss with him/her the appropriate actions. 4. Which of the following companies is more suitable for using a job costing system? A) Chemical plant where only one product, methanol, is produced. B) Petroleum product manufacturer where only regular gasoline is produced. C) Cookie manufacturer where only chocolate chip cookies are produced. DA construction company that builds several different buildings with varying specifications for several different clients. E) The companies in A, B, and C above would most likely use a job costing system.

Solution

Q-2 The correct alternative is D. In the alternative A, credit to Manufacturing overhead controll is not possible as time ticket is an expense In the alternative B, Credit to work in process and manufacturing overhead is not possible as time ticket is an expense and debit to Wages & salaries payable is not possible as it’s a liability. In the alternative C, Finished goods does not come into picture at this stage and credit to work in process is not possible So, the correct answer is alternative D Debit to work in process, debit to manufacturing overhead control and credit to wages payable As per the policy of chegg, we are not supposed to answer more than one question at a time. Thank You.