Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Exclude explanations from...

Transcribed Image Text:

Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Exclude explanations from any journal entries.) a. Collections on account, $153,000 Date a. Accounts Debit Credit Requirements 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. More info a. Collections on account, $153,000. b. Selling and administrative expenses incurred and paid, $27,000. c. Payments on account, $40,000. d. Materials purchased on account: Paper, $21,600; indirect materials, $4,000. e. Materials requisitioned and used in production: Job 120: Paper, Job 121: Paper, Creat Print More info $ 600 $ 8,050 Indirect materials, $ 1,700 f. Wages incurred during June, $43,000. Labor time records for the month: Job 120, $4,500; Job 121, $17,500; indirect labor, $21,000. g. Wages paid in June include the balance in the Wages Payable at May 31 plus $40,300 of wages incurred during June. Done Raw Materials Inventory subsidiary ledger: Paper, $4,600; indirect materials, $900 • Work-in-Process Inventory subsidiary ledger: Job 120, $41,100; Job 121, $0 • Finished Goods Inventory subsidiary ledger: Large Stars, $9,000; Small Stars, $12,000 h. Depreciation on plant and equipment, $3,300. 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 900,000 Large Stars at a total cost of $49,800. k. Sales on account: all of Job 120 for $130,000. 1. Adjusted for overallocated or underallocated manufacturing overhead. - X Data table Account Title Cash Accounts Receivable Inventories: Raw Materials Work-in-Process School Stars Trial Balance June 1, 2024 Finished Goods Property, Plant, and Equipment Accumulated Depreciation Accounts Payable Wages Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Manufacturing Overhead Selling and Administrative Expenses Total $ $ Balance Debit 16,000 155,000 5,500 41,100 21,000 290,000 0 0 0 $ 528,600 $ Credit 78,000 131,000 2,900 147,000 169,700 0 528,600 Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Exclude explanations from any journal entries.) a. Collections on account, $153,000 Date a. Accounts Debit Credit Requirements 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. More info a. Collections on account, $153,000. b. Selling and administrative expenses incurred and paid, $27,000. c. Payments on account, $40,000. d. Materials purchased on account: Paper, $21,600; indirect materials, $4,000. e. Materials requisitioned and used in production: Job 120: Paper, Job 121: Paper, Creat Print More info $ 600 $ 8,050 Indirect materials, $ 1,700 f. Wages incurred during June, $43,000. Labor time records for the month: Job 120, $4,500; Job 121, $17,500; indirect labor, $21,000. g. Wages paid in June include the balance in the Wages Payable at May 31 plus $40,300 of wages incurred during June. Done Raw Materials Inventory subsidiary ledger: Paper, $4,600; indirect materials, $900 • Work-in-Process Inventory subsidiary ledger: Job 120, $41,100; Job 121, $0 • Finished Goods Inventory subsidiary ledger: Large Stars, $9,000; Small Stars, $12,000 h. Depreciation on plant and equipment, $3,300. 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 900,000 Large Stars at a total cost of $49,800. k. Sales on account: all of Job 120 for $130,000. 1. Adjusted for overallocated or underallocated manufacturing overhead. - X Data table Account Title Cash Accounts Receivable Inventories: Raw Materials Work-in-Process School Stars Trial Balance June 1, 2024 Finished Goods Property, Plant, and Equipment Accumulated Depreciation Accounts Payable Wages Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Manufacturing Overhead Selling and Administrative Expenses Total $ $ Balance Debit 16,000 155,000 5,500 41,100 21,000 290,000 0 0 0 $ 528,600 $ Credit 78,000 131,000 2,900 147,000 169,700 0 528,600

Answer rating: 100% (QA)

Journal entries for School Stars Date Accounts Debit Credit 20240630 Cash 153000 Accounts Receivable ... View the full answer