1. Journalize the transactions for the company. 2. T-accounts for the general ledger, the Raw Materials...

     

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1. Journalize the transactions for the company. 2. T-accounts for the general ledger, the Raw Materials Inventory subsidiary ledger, the Work-in-Process Inventory subsidiary ledger, and the Finished Goods Inventory subsidiary ledger have been opened for you along with each account's balance as given. Post the journal entries to the T-accounts using the transaction letters as a reference. 3. Prepare a trial balance at June 30, 2024. 4. Use the Work-in-Process Inventory T-account to prepare a schedule of cost of goods manufactured for the month of June. 5. Prepare an income statement for the month of June. Account Title Cash Accounts Receivable Inventories: Raw Materials Work-in-Process Finished Goods Property, Plant, and Equipment Accumulated Depreciation Accounts Payable Wages Payable Common Stock $ Balance Debit 24,000 150,000 5,700 42,500 21,100 250,000 $ Credit 72,000 133,000 1.500 141.000 Accounts Payable Wages Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Manufacturing Overhead Selling and Administrative Expenses Total $ 0 0 0 493,300 $ 133,000 1,500 141,000 145.800 0 493,300 . . Raw Materials Inventory subsidiary ledger: Paper, $4,100; indirect materials, $1,600 Work-in-Process Inventory subsidiary ledger. Job 120, $42,500; Job 121, $0 Finished Goods Inventory subsidiary ledger: Large Stars, $9,000; Small Stars, $12,100 a. Collections on account, $153,000. b. Selling and administrative expenses incurred and paid, $15,000. c. Payments on account, $40,000. d. Materials purchased on account: Paper, $22,900, indirect materials, $3,300. e. Materials requisitioned and used in production: Job 120: Paper, 850 Job 121: Paper, 7,700 Indirect materials, $ 2,000 f. Wages incurred during June, $34,000. Labor time records for the month Job 120, $3,750; Job 121, $18.500; indirect labor, $11.750. g. Wages paid in June include the balance in the Wages Payable at May 31 plus $31,000 of wages incurred during June h. Depreciation on plant and equipment, $3,200 i. Manufacturing overhead allocated at the predetermined overhead allocation rate of 50% of direct labor costs j. Jobs completed during the month: Job 120 with 800,000 Large Stars at a total cost of $48,975. k. Sales on account: all of Job 120 for $130,000 I. Adjusted for overallocated or underallocated manufacturing overhead 1. Journalize the transactions for the company. 2. T-accounts for the general ledger, the Raw Materials Inventory subsidiary ledger, the Work-in-Process Inventory subsidiary ledger, and the Finished Goods Inventory subsidiary ledger have been opened for you along with each account's balance as given. Post the journal entries to the T-accounts using the transaction letters as a reference. 3. Prepare a trial balance at June 30, 2024. 4. Use the Work-in-Process Inventory T-account to prepare a schedule of cost of goods manufactured for the month of June. 5. Prepare an income statement for the month of June. Account Title Cash Accounts Receivable Inventories: Raw Materials Work-in-Process Finished Goods Property, Plant, and Equipment Accumulated Depreciation Accounts Payable Wages Payable Common Stock $ Balance Debit 24,000 150,000 5,700 42,500 21,100 250,000 $ Credit 72,000 133,000 1.500 141.000 Accounts Payable Wages Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Manufacturing Overhead Selling and Administrative Expenses Total $ 0 0 0 493,300 $ 133,000 1,500 141,000 145.800 0 493,300 . . Raw Materials Inventory subsidiary ledger: Paper, $4,100; indirect materials, $1,600 Work-in-Process Inventory subsidiary ledger. Job 120, $42,500; Job 121, $0 Finished Goods Inventory subsidiary ledger: Large Stars, $9,000; Small Stars, $12,100 a. Collections on account, $153,000. b. Selling and administrative expenses incurred and paid, $15,000. c. Payments on account, $40,000. d. Materials purchased on account: Paper, $22,900, indirect materials, $3,300. e. Materials requisitioned and used in production: Job 120: Paper, 850 Job 121: Paper, 7,700 Indirect materials, $ 2,000 f. Wages incurred during June, $34,000. Labor time records for the month Job 120, $3,750; Job 121, $18.500; indirect labor, $11.750. g. Wages paid in June include the balance in the Wages Payable at May 31 plus $31,000 of wages incurred during June h. Depreciation on plant and equipment, $3,200 i. Manufacturing overhead allocated at the predetermined overhead allocation rate of 50% of direct labor costs j. Jobs completed during the month: Job 120 with 800,000 Large Stars at a total cost of $48,975. k. Sales on account: all of Job 120 for $130,000 I. Adjusted for overallocated or underallocated manufacturing overhead

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