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Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Exclude explanations from any journal entries.) a. Collections on account, $155,000 Date Accounts Debit Credit Cash Accounts Receivable a. b. Selling and administrative expenses incurred and paid, $20,000 Date Accounts Debit Credit b. c. Payments on account, $41,000 Date Accounts Debit Credit C. d. Materials purchased on credit: Paper, $27,700; indirect materials, $5,000 (Prepare a single journal entry for this event.) Date Accounts Debit Credit d. . e. Materials requisitioned and used in production: Job 120: Paper, $500, Job 121: Paper, $7,650, Indirect materials, $1,500 (Prepare a single journal entry for this event.) Date Accounts Debit Credit e. f. Wages incurred during June, $34,000. Labor time records for the month: Job 120, S4,250; Job 121, $17,250; indirect labor, 512,500 (Prepare a single journal 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 $32,700 of wages incurred in June. Date Accounts Debit Credit g. h. Depreciation on plant and equipment, $3,400 Date Accounts h. Debit Credit i. Manufacturing overhead was allocated at the predetermined overhead allocation rate of 60% of direct labor costs. Date Accounts Debit Credit i. j. Jobs completed during the month: Job 120, 800,000 Large Stars at total cost of $46,700 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. 1. 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 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. Begin with posting the transactions to the general ledger accounts. Key each transaction by transaction letter, and calculate the ending balance of each account. (Post each entry by entering only one debit or credit to each T-account affected by the transaction. For accounts with a zero balance, enter a "0" along with a "Bal." reference on the normal side of the T-account.) Review the journal entries you prepared in Requirement 1. Review the journal entries you prepared in Requirement 1. Cash Accounts Receivable Raw Materials Inventory Bal. 17.000 Bal. 190,000 Bal 5,600 Work-in-Process Inventory Finished Goods Inventory 22,200 Property, Plant, and Equipment Bal. 210,000 Bal. 39.400 Bal. Accumulated Depreciation Accounts Payable Wages Payable 69,000 Bal. 133.000 Bal. 2,000 Bal Common Stock Sales Revenue Retained Earnings 138.200 Bal. 142,000 Bal. Cost of Goods Sold Manufacturing Overhead 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 balance, "Bal." of each account. (Combine the entries for transaction (e) into one posting.) Paper Indirect Materials Bal. 5.000 Bal 600 Post the transactions to the Work-in-Process Inventory subsidiary ledger accounts. Key each transaction by transaction letter and calculate the ending balance "Bal." of each account (For accounts with a zero balance, enter a "0" along with a "Bal." reference on the normal side of the T-account) Job 120 Job 121 Bal. 39,400 Post the transactions to the Finished Goods Inventory subsidiary ledger accounts. Key each transaction transaction letter, and calculate the ending balance "Bal." of each account. Large stars Small stars Bal. 9.200 Bal 13.000 a Requirement 3. Prepare a trial balance at June 30. 2024. Leave both the Debit and Credit column cells blank for accounts with a zero balance at June 30. Review the general ledger accounts you prepared in Requirement 2. School 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 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 Inventory 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. School 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. School Stars Income Statement Month Ended June 30, 2024 Cost of Goods Sold Gross Profit Net Income (Loss) - X - X Data table More info School Stars Trial Balance June 1, 2024 1, Raw Materials Inventory subsidiary ledger. Paper, $5,000, indirect materials, 8600 Work-in-Process Inventory subsidiary ledger. Job 120, $39,400; Job 121. SO Finished Goods Inventory subsidiary ledger: Large Stars, 99,200: Small Stars, $13,000 Balance Debit Credit Account Title Cash $ 17,000 Print Done Accounts Receivable 190.000 5,600 - More info 39,400 22.200 210,000 $ 69,000 Inventories: Raw Materials Work-in-Process Finished Goods Property, Plant, and Equipment Accumulated Depreciation Accounts Payable Wages Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Manufacturing Overhead 133,000 2.000 142.000 138,200 a. Collections on account. $155.000. b. Selling and administrative expenses incurred and paid $20,000. c. Payments on account, $41,000. d. Materials purchased on account: Paper, $27,700; indirect materials, S5,000. e. Materials requisitioned and used in production: e Job 120: Paper, $ 500 Job 121: Paper $ 7,650 Indirect materials, $ 1.500 f. Wages incurred during June, $34.000. Labor time records for the month: Job 120. $4,250; Job 121, $17.250; indirect labor. $12.500 g. Wages paid in June include the balance in the Wages Payable at May 31 plus $32,700 of wages incurred during June h. Depreciation on plant and equipment, $3.400 i. Manufacturing overhead allocated at the predetermined overhead allocation rate of 60% of direct labor costs. j. Jobs completed during the month Job 120 with 800,000 Large Stars at a total cost of $46,700. k. Sales on account: all of Job 120 for $125.000 1. Adjusted for overallocated or underallocated manufacturing overhead. 0 0 0 Selling and Administrative Expenses 484,200 $ 484,200 $ Total Print Done Print Done