Eddison Electronic Company Journal Entries 2005 "000" Omitted ...

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Eddison Electronic Company 		 		 			Journal Entries 2005 		 		 			 			 			"000" Omitted 		 		 			 			Activity 			 			 			 		 		 			1 			Sales not on account 			$29,440 			 			 		 		 			2 			Sales on account 			28,060 			 			 		 		 			3 			Selling Expense 			3,220 			 			 		 		 			4 			Administrative Expense 			6,210 			 			 		 		 			5 			Supplies Factory 			3,450 			 			 		 		 			6 			Insurance Factory 			920 			 			 		 		 			7 			Indirect Labor 			6,900 			 			 		 		 			8 			Factory Salaries 			288 			 			 		 		 			9 			Factory Property Tax 			173 			 			 		 		 			10 			Maintenance Expense Factory 			2,001 			 			 		 		 			11 			Depreciation Expense Factory 			3,726 			 			 		 		 			12 			Utilities Factory 			828 			 			 		 		 			13 			Purchases of Raw Materials 			17,250 			 			 		 		 			14 			Direct Labor Factory 			3,450 			 			 		 		 			15 			Raw Material Inventory, January 1 			2,070 			 			 		 		 			16 			Raw Material Inventory, December 31 			1,380 			 			 		 		 			17 			Work in Process Inventory, January 1 			4,140 			 			 		 		 			18 			Work in Process Inventory, December 31 			2,300 			 			 		 		 			19 			Finished Goods Inventory, January 1 			5,980 			 			 		 		 			20 			Finished Goods Inventory, December 31 			4,830 			 			 		 		 			21 			Bad Debt Expense 			276 			 			 		 		 			22 			Accounts Receivable, net 			9,430 			 			 		 		 			23 			Prepaid Expenses 			840 			 			 		 		 			24 			Land 			2,760 			 			 		 		 			25 			Plant and Equipment 			37,950 			 			 		 		 			26 			Cash 1/1/05 			4,646 			 			 		 		 			27 			Accounts Payable 			14,410 			 			 		 		 			28 			Interest Expense 			28 			 			 		 		 			29 			Notes Payable, 10% 			2,070 			 			 		 		 			30 			Bonds Payable 8% 			8,510 			 			 		 		 			31 			Stockholders' Equity 			31,510 			 			 		 		 			32 			Retained Earnings 			6,670 			 			 		 		 			33 			Income tax rate 			30%

Robert · Accepted Answer

Running Head: JOB ORDER COSTING AND PROCESS ORDER COSTING – EEC – 1.5 
GB             1
Job order costing and Process order costing – EEC – 1.5 GB  
Student’s Name 
Date
JOB ORDER COSTING AND PROCESS ORDER COSTING – EEC – 1.5 GB   2 
Job order costing and Process order costing – EEC – 1.5 GB  
Introduction 
Costing System is one of the most important aspect with which the company is able to 
allocate the cost, expenses which has been incurred in manufacturing a product. The costing 
system which used by the companies are categorized under the process costing and job order 
costing. Process costing is used for standardized goods whereas job order costing is used for 
service or customized goods. 
Process Costing: 
Process costing is the method of allocation of manufacturing cost to products so as to 
determine per unit cost. It is used for those products which are similar and identical. The 
primary focus of this method is on processes involved in producing homogeneous products. 
Process costing is applicable where output results from continuous or repetitive operations 
and products are identical and cannot be distinguished.

Eddison Electronic Company Journal Entries 2005 "000" Omitted Activity 1 Sales not on account $29,440 2 Sales on account 28,060 3 Selling Expense 3,220 4 Administrative Expense 6,210 5 Supplies...

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Eddison Electronic Company
Journal Entries 2005
"000" Omitted
Activity
1	Sales not on account	$29,440
2	Sales on account	28,060
3	Selling Expense	3,220
4	Administrative Expense	6,210
5	Supplies Factory	3,450
6	Insurance Factory	920
7	Indirect Labor	6,900
8	Factory Salaries	288
9	Factory Property Tax	173
10	Maintenance Expense Factory	2,001
11	Depreciation Expense Factory	3,726
12	Utilities Factory	828
13	Purchases of Raw Materials	17,250
14	Direct Labor Factory	3,450
15	Raw Material Inventory, January 1	2,070
16	Raw Material Inventory, December 31	1,380
17	Work in Process Inventory, January 1	4,140
18	Work in Process Inventory, December 31	2,300
19	Finished Goods Inventory, January 1	5,980
20	Finished Goods Inventory, December 31	4,830
21	Bad Debt Expense	276
22	Accounts Receivable, net	9,430
23	Prepaid Expenses	840
24	Land	2,760
25	Plant and Equipment	37,950
26	Cash 1/1/05	4,646
27	Accounts Payable	14,410
28	Interest Expense	28
29	Notes Payable, 10%	2,070
30	Bonds Payable 8%	8,510
31	Stockholders' Equity	31,510
32	Retained Earnings	6,670
33	Income tax rate	30%