Prepare journal entries Prepare a statement of cost of goods manufactured, An income statement, A balance sheet Money $ 35,000 accounts receivable 65,000 Finished products 120,000 Work in progress 58,683 Materials 14,000 Building 580 000 Accum DepreciationBuilding $ 43,500 factory equipment 440 000...

Journal Entries a Raw Materials and General Factory Supplies purchased on account Raw Materials Dr 55000 General Factory Supplies Dr 18000 Accounts Pa ...

Prepare journal entries Prepare a statement of cost of goods manufactured, An income statement, A balance sheet

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Question:

Prepare journal entries

Prepare a statement of cost of goods manufactured,

An income statement,

A balance sheet

Money	$ 35,000
accounts receivable	65,000
Finished products	120,000
Work in progress	58,683
Materials	14,000
Building	580.000
Accum. Depreciation—Building	$ 43,500
factory equipment	440.000
Accum. Depreciation—Factory Equipment	110,000
Office team	90.000
Accum. Depreciation—Office Equipment	33,750
Accounts payable	85,000
Pay	100,000
Capital social	470.000
Retained earnings	560.433
Total	$1,402,683	$1,402,683

During the month of August the following transactions were carried out:

a.	It purchased raw materials at a cost of $55,000 and general factory supplies at a cost of $18,000 on account. (NOTE: Bill of Materials includes materials and supplies.)
b.	Issued raw material to be used in production, costing $45,500 and miscellaneous factory supplies, $13,500.
C.	Register the payroll, the payment to the employees and the distribution of the wages and salaries of the month. The distribution is as follows: sales salaries, $5,000, administrative salaries, $7,000, and factory salaries (including $10,000 of indirect labor), $48,000.
d.	He incurred other expenses on account totaling $9,000. Thirty percent of this amount is assignable to office and sales functions.
mi.	Depreciation recorded for the month at an annual rate of 5% on the building, 20% on factory equipment and 25% on office equipment. Administrative and sales staff use approximately a quarter of the building for their offices.
F.	Transferred total factory overhead to Work in Process.
g.	He paid $10,000 on the note that was due this month.
H.	Finished and transferred goods totaling $95,000 to finished goods warehouse.
i.	Sold assets for $173,000, on account. The company uses a margin percentage of 75%.
j.	Received $284,000 from clients on account.
k.	He paid creditors $163,000.