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question record journal entries for the following a ruiz engineering contractors inc 4291451

Question

Record journal entries for the following:

A) Ruiz Engineering Contractors incurred service salaries and wages of $36,600 ($26,800 direct and $9,800 indirect) on an engineering project. The company applies overhead at a rate of 24% of direct labor.

B) Record the entries to assign service salaries and wages and to apply overhead.

C) At December 31, balances in Manufacturing Overhead are Shimeca Company—debit $1,240, Garcia Company—credit $958.

D) Prepare the adjusting entry for each company at December 31, assuming the adjustment is made to cost of goods sold.

E) During the current month, Standard Corporation completed Job 310 and Job 312. Job 310 cost $65,000 and Job 312 cost $45,000. Job 312 was sold on account for $85,000.

F) Journalize the entries for the completion of the two jobs and the sale of Job 312.

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