Journal entry worksheet Note: Enter debits before credits. Prepare journal entries to record the preceding transactions. (If no entry is required for a transactionjeveril, seice required" in the first account field.) Journal entry worksheet The raw materials were purchased for use in production, $200,000 on account. Note: Enter debits before credits. Journal entry worksheet These goods cost $800,000 according to their job cost sheets. Note: Eater debits before credits. Journal entry worksheet Journal entry worksheet 123 67 8 Maintenance costs were incurred on account in the factory, $54,000. Note: Enter debits before credits. Journal entry worksheet Note: Enter debits berore creaits; Journal entry worksheet The raw materials used in production (all direct materials), $185,000. Note: Enter debits before credits. e. Maintenance costs incurred on account in the factory, $54,000. t. Advertising costs incurred on account, $136,000. 9. Depreciation was recorded for the year, $95,000(80% related to factory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurred on account, $120,000 ( 85% related to factory facilities, and the remainder related to selling and administrative facilities). 1. Manufocturing overhead cost was applied to jobs, \$ ? 1. Cost of goods manufactured for the year, $770,000. k. Sales for the year (all on account) totaled $1,200,000. These goods cost $800,000 according to their job cost sheets. The balances in the inventory accounts at the beginning of the year were: Required: 1. Prepare journal entries to record the preceding transactions. 2. Post your entries to T-accounts. (Don't forget to enter the beginning inventory balances above.) 3. Prepare a schedule of cost of goods manufactured. 4A. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. 48. Prepare a schedule of cost of goods sold. 5. Prepare an income statement for the year. Complete this question by entering your answers in the tabs below. Journal entry worksheet Entry for rental cost incurred on account on buildings, $120,000 ( 85% related to factory operations, and the remainder related to selling and administrative facilities). Note: Enter debits before credits. Prepare joumal entries to record the preceding transactions. (If no entry is required for a transaction/event, select "No journal en required in the first account field.) Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Salary and wage costs accrued were $230,000 (Direct labor), $90,000 (Indirect labor), $110,000 (Selling and administrative salaries). Note: Enter debits before credits. Journal entry worksheet 12345 8 Depreciation was recorded for the year, $95,000 ( 80% related to factory equipment, and the remainder related to selling and administrative equipment). Note: Enter debits before credits. Prepare journal entries to record the preceding transactions. (If no entry is required for a transaction/event, select "No jour required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. Froya Fobrikker A/S of Bergen, Norway, is a small company that manutactures specialty heavy equipment for use in North Sea oil ficlids. The company uses a job-order costing system that applies manufacturing overhead cost to jobs on the basis of direct labothours, its predotermined overhead rate was based on a cost formula that estimated $360,000 of manufacturing overhead for an estimated allocation base of 900 direct labor hours. The following transactions took place during the year: a. Raw materiais purchased on account, $200,000. b. Raw materials used in production (all direct materiels), $185,000 c. Utility bilis incurred on account, $70,000(90% related to factory operations, and the remainder related to selling and administrative activities). d. Accrued salary and wage costs: e. Maintenance costs incurred on account in the factory, $54,000 t. Advertising costs incurted on account, $136,000. 9. Depreciation was recorded for the year, $95,000 ( 80% related to factory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurred on account, $120,000 (85\% related to factory facifies, and the remainder related to selling and administrative facilities). 1. Manufacturing overheod cost was applied to jobs, $ ? ? 1. Cost of goods manufactured for the year, $770,000. k. Sales for the year (all on account) totaled $1,200,000. These goods cost $800,000 according to theit job cost sheets. Journal entry worksheet 12345 7 Advertising costs were incurred on account, $136,000. Note: Enter debits before credits