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ata Table Stella Stars Trial Balance June 1, 2024 Balance Account Title Debit Credit Cash $ 18,000 Accounts Receivable 175,000 Inventories Raw Materials 5,600 Work-in-Process 43,000 AAA Finished Goods 22,000 Property, Plant, and Equipment 200,000 Accumulated Depreciation $ 76,000 Accounts Payable 129,000 1,800 Wages Payable Common Stock 147,000 O Retained Earnings 109,800 Sales Revenue 0 Cost of Goods Sold 0 Manufacturing Overhead 0 Data Table Accumulated Depreciation $ 76,000 Accounts Payable 129,000 Wages Payable 1,800 Common Stock 147,000 Retained Earnings 109,800 0 Sales Revenue Cost of Goods Sold Manufacturing Overhead 0 0 0 Selling and Administrative Expenses $ 463,600 $ 463,600 Total - More Info N a. Collections on account, $155,000 b. Selling and administrative expenses incurred and paid $33,000 c. Payments on account, $43,000 d. Materials purchased on account: Paper, $26,600; indirect materials, $4,800. e. Materials requisitioned and used in production: Job 120: Paper, $ 700 Job 121: Paper $ 7,750 Indirect materials, $ 1,800 f. Wages incurred during June, $40,000. Labor time records for the month: Job 120, $3,250, Job 121, S16,600; indirect labor, $20,150. g. Wages paid in June include the balance in the Wages Payable at May 31 plus $36,900 of wages incurred during June. h. Depreciation on plant and equipment, $3,200. 1. Manufacturing overhead allocated at the predetermined overhead allocation rate of 80% of direct labor costs. Print Done 1 More Info d. Materials purchased on account: Paper, $26,600; indirect materials, $4,800. e. Materials requisitioned and used in production: Job 120: Paper, $ 700 Job 121: Paper, $ 7,750 Indirect materials, $ 1,800 f. Wages incurred during June, $40,000. Labor time records for the month: Job 120, $3,250; Job 121, $16,600; indirect labor, $20,150. g. Wages paid in June include the balance in the Wages Payable at May 31 plus $36,900 of wages incurred during June. h. Depreciation on plant and equipment, $3,200. i. Manufacturing overhead allocated at the predetermined overhead allocation rate of 80% of direct labor costs. j. Jobs completed during the month: Job 120 with 200,000 Large Stars at a total cost of $49,550, k. Sales on account all of Job 120 for $125,000. 1. Adjusted for overallocated or underallocated manufacturing overhead. c. Payments on account, $43,000 Date Accounts Debit Credit c. d. Materials purchased on credit: Paper, $26,600; indirect materials, $4,800 (Prepare a single journal entry for this event.) Date Accounts Debit Credit d. 200 as follows e. Materials requisitioned and used in production: Job 120: Paper, $700, Job 121: Paper, 57,750, Indirect materials, $1,800 (Prepare a single journal entry fom event.) Date Accounts Debit Credit e. f. Wages incurred during June, S40,000. Labor time records for the month: Job 120, $3,250; Job 121, 316,600; indirect labor, $20,150 (Prepare a single jouma entry for this event.) Date Accounts Debit Credit f. g. Wages paid in June include the balance in the Wages Payable account at May 31 plus $36,900 of wages incurred in June Date Accounts Debit Credit g. h. Depreciation on plant and equipment, $3,200 Date Accounts Debit Credit h. i. Manufacturing overhead was allocated at the predetermined overhead allocation rate of 80% of direct labor costs. Date Accounts Debit Credit i. j. Jobs completed during the month: Job 120, 200,000 Large Stars at total cost of $49,550 Date Accounts Debit Credit j. k Sales on account, all of Job 120 for $125,000 Begin by recording the revenue from the sales on account. Do not record the expense related to the sale in this journal entry. We will do that in the next step Date Accounts Debit Credit k. Now record the cost of goods sold related to the sale of all of Job 120, Date Accounts Debit Credit k their students June transactions are summarized as follows: L. Adjusted for overallocated or underallocated manufacturing overhead, Date Accounts Debit Credit 1. Requirement 2. T-accounts for the general ledger, the Raw Materials Inventory subsidiary lodger, the Work In Process inventory subsidiary lodger, and the Finished Goods Inventory subsidiary lodger have been opened for you along with each accounts balance as given Post the journal entries to the T-accounts using the transaction letters as a reference Begin with posting the transactions to the general ledger accounts. Koy cach transaction by transaction letter, and calculate the ending balance of each account (Post each entry by entering only one dobit or credit to each T-account affected by the transaction For accounts with a zero balance, enter a long with a "Bal." reference on the normal side of the T-account) Review the journal entries you prepared in Requirement 1. Cash Accounts Receivable Raw Materials Inventory 18,000 175,000 5,600 Bal Bal Bal Stella Stars produces stars for elementary teachers to reward their students. Cash Accounts Receivable Bal. 18,000 Bal. 175,000 21 June transactions are summarized as follows: Raw Materials Inventory Bal. 5,600 Work-in-Process Inventory Bal. 43,000 Finished Goods Inventory Bal 22,000 Property, Plant, and Equipment Bal 200,000 Time Limit: 00:4 Accumulated Depreciation 76,000 Bal Accounts Payable 129,000 Bal. Wages Payable 1,800 Bal Common Stock Sales Revenue Retained Earnings 109,800 Bal. 147,000 Bal Stella Stars produces stars for elementary teachers to reward their students. Cost of Goods Sold Manufacturing Overhead June transactions are summarized as follows: Selling and Admin. Expenses Post the transactions to the Raw Materials Inventory subsidiary ledger accounts. Key each transaction by transaction letter, and calculate the ending balanco, "Bal" of each account. (Combine the entries for transaction () into one posting.) Paper Indirect Materials Bal 4,400 Bal 1,200 Post the transactions to the Work-in-process inventory subsidiary eager accounts, Key each transacton by transaction letter, and calcunate the ending balance "Bal" of each account. (For accounts with a zero balance, enter a 'O' along with a "Bal" reference on the normal side of the T-account) Job 120 Job 121 Bal 43,000 Post the transactions to the Finished Goods Inventory subsidiary ledger accounts. Key each transaction by transaction letter, and calculate the ending balance "Bal" of each account. Large stars Small stars Small stars Large stars 9,400 Bal icon Bal 12,600 icon score Requirement 3. Prepare a trial balance at June 30, 2024. (Leave both the abit and Credit column.Cells blank for accounts with a zero batance at June 30.) Review the general ledger accounts you prepared in Requirement 2 6.596 Stella Stars Trial Balance SIL Stella Stars Trial Balance June 30, 2024 Balance Account Title Debit Credit Cash Accounts Receivable Inventories: Raw Materials Work-in-Process Finished Goods Property, Plant and Equipment Accumulated Depreciation Accounts Payable Wanac Davabla Wages Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Manufacturing Overhead Selling and Administrative Expenses Total Requirement 4. Use the Work-in-Process Invertory T-account to prepare a schedule of cost of goods manufactured for the month of June Review the Work-In-Process Inventory general ledger account you prepared in Requirement 2. Stella Stars Schedule of Cost of Goods Manufactured Month Ended June 30, 2024- Bloure alisdcuoris are Stella Stars Schedule of Cost of Goods Manufactured Month Ended June 30, 2024 Cost of Goods Manufactured Requirement 5. Prepare an income statement for the month of June, Review the trial balance you prepared in Requirement 3. Review the journal entry for underallocated manufacturing overhead you prepared in Requirement 1 @ Stella Stars Income Statement Month Ended June 30, 2024 Cost of Goods Sold Gross Profit Month Ended June 30, 2024 Cost of Goods Sold Gross Profit Net Income (Loss)