Sparklin Automotive Company
Journal Entries 2011
“000” Omitted
Activity
2Sales on account168,000
3Selling Expense1,560
4Administrative Expense3,000
5Supplies Factory3,500
6Insurance Factory800
7Indirect Labor16,000
8Factory Salaries12500
9Factory Property Tax7500
10Maintenance Expense Factory8700
11Depreciation Expense Factory1,600
12Utilities Factory3650
13Purchases of Raw Materials33,710
14Direct Labor Factory8,500
15Raw Material Inventory, January 119360
16Raw Material Inventory, December 3110000
17Work in Process Inventory, January 11,800
18Work in Process Inventory, December 317,000
19Finished Goods Inventory, January 125,360
20Finished Goods Inventory, December 3136,360
21Bad Debt Expense120
22Accounts Receivable, net9130
24Land1,000
25Plant and Equipment80,000
26Cash 1/1/0638,440
27Accounts Payable33,000
28Interest Expense19146
29Notes Payable, 10%15000
30Bonds Payable 8%150
31Stockholders’ Equity109,200
32Retained Earnings4,000
33Income tax rate30%
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