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What account is the controlling account for the cost ledger?
The controlling account for the cost ledger is typically the Work in Process (WIP) account. This account aggregates all costs related to production, including direct materials, direct labor, and manufacturing overhead. It provides a summary of the total costs associated with unfinished goods and is reconciled with the detailed cost records in the subsidiary ledgers. Ultimately, the WIP account helps in managing and monitoring production costs effectively.
What type of balance is the finished goods account have a debit or credit?
credit bal
All sales on account are recorded in the?
All sales on account are recorded in the accounts receivable ledger. This ledger tracks amounts owed by customers for goods or services sold on credit, reflecting the company's outstanding receivables. Additionally, these sales are recorded in the general journal and subsequently posted to the general ledger, impacting both sales revenue and accounts receivable accounts.
In a process costing system what account is debited when manufacturing overhead costs are applied to the cost of production?
the finished goods inventroy account
Does the returns inwards affect the debtors control account in the general ledger?
Yes, returns inwards affect the debtors control account in the general ledger. When goods are returned by customers, it results in a reduction of accounts receivable, which is reflected in the debtors control account. This decrease is typically recorded as a debit entry to the returns inwards account and a corresponding credit entry to the debtors control account, thereby adjusting the total amount owed by customers.
What account is the controlling account for the cost ledger?
The controlling account for the cost ledger is typically the Work in Process (WIP) account. This account aggregates all costs related to production, including direct materials, direct labor, and manufacturing overhead. It provides a summary of the total costs associated with unfinished goods and is reconciled with the detailed cost records in the subsidiary ledgers. Ultimately, the WIP account helps in managing and monitoring production costs effectively.
In accounting what is the rule for entering in the ledger?
Debit an account that has received goods or money; and credit account that has given goods
What type of balance is the finished goods account have a debit or credit?
credit bal
Returned the defectiv goods to mribrar costing rs7000 how to make the ledger account of the entry?
Is a one of the most nice helping site for student
All sales on account are recorded in the?
All sales on account are recorded in the accounts receivable ledger. This ledger tracks amounts owed by customers for goods or services sold on credit, reflecting the company's outstanding receivables. Additionally, these sales are recorded in the general journal and subsequently posted to the general ledger, impacting both sales revenue and accounts receivable accounts.
In a process costing system what account is debited when manufacturing overhead costs are applied to the cost of production?
the finished goods inventroy account
Does an account payable ledger record credits or debits?
Accounts payable is created when goods purchased on credit so it records the credits that is how much amount payable to creditors.
Does the returns inwards affect the debtors control account in the general ledger?
Yes, returns inwards affect the debtors control account in the general ledger. When goods are returned by customers, it results in a reduction of accounts receivable, which is reflected in the debtors control account. This decrease is typically recorded as a debit entry to the returns inwards account and a corresponding credit entry to the debtors control account, thereby adjusting the total amount owed by customers.
What is muccadam?
supervision , controlling and Monitoring of bank pledge in industries of Raw material or finished goods and provide report of banks regarding issue or receving etc
What is the journal entry for selling finished goods?
[Debit] Cash /bank / accounts receivable [Credit] Sales revenue account
What is the journal entry to move finished goods from Work In Process to Finished Goods Inventory?
[Debit] Finished Goods [Credit] Work in process
Journal entry for goods written off?
The general ledger journal entry for the uncollectible bad debt would be considered a loss in ledger. Debit the account named Bad Debt Expense for the amount and credit the account Accounts Receivable for the amount.
