On January 1, the general ledger of Jackson Company contained the following accounts and balances:

Details of inventories are:
Finished goods inventory: $32,500

During January, the following transactions were completed:
(a) Materials were purchased on account for $115,020.
(b) Payroll totaling $110,000 was accrued.
(c) Payroll was distributed as follows: Job 101, 2,500 direct labor hours @ $8; Job 102, 4,000 direct labor hours @ $10; Job 103, 3,000 direct labor hours @ $6; indirect labor, $12,000; marketing and administrative salaries, $20,000.
(d) Materials were issued as follows: $51,600 to Job 101; $42,000 to Job 102; $14,575 to Job 103. Indirect materials costing $7,520 were issued.
(e) Factory overhead was applied to Jobs 101, 102, and 103 at a rate of $4.50 per direct labor hour.
(f) Jobs 101 and 102 were completed and immediately sold on account for $120,000 and $135,000, respectively.
(g) After allowing a 5% cash discount, a net amount of $247,000 was collected on accounts receivable.
(h) Marketing and administrative expenses (other than salaries) paid during the month amounted to $15,000. Miscellaneous factory overhead of $22,680 was paid in cash. Depreciation on factory machinery was $2,000.
(i) Payments on account, other than payrolls paid, amounted to $85,000.
(j) Applied Factory Overhead is closed to Factory Overhead Control. The over applied or under applied overhead is then closed to Cost of Goods Sold.
Required:
(1) Open general ledger accounts and record January 1 balances.
(2) Journalize the January transactions.
(3) Post January transactions to the general ledger and to a subsidiary ledger for work in process. In the subsidiary ledger, use a T account for each job rather than a job cost sheet, and enter the January 1 balances for each job.
(4) Prepare a trial balance of the general ledger as of January 31; Work in Process must reconcile to its subsidiary ledger.
(5) Prepare a cost of goods sold statement for January.

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$ 47,000 50,000 32,500 7,500 21,500 45,300 10,000 58,875 100,000 34,925 Cash Materials Machinery. Accumulated Depreciation-Machinery.. Accounts Payable Common Stock Retained Earnings. Job 101 Job 102 Work in Process Inventory: $2,500 200 units of B$3.... S 600 1,000 1000 400 urs @ $4. 200 hours S5... Factory overhead applied at the rate of $2 per direct labor hour Total $5,500 $2,000 Materials Inventory: $22,000