Journalizing materials transactions LO₃ Steinberg Specialty Clothing Inc. uses a job order cost system. A partial list of the accounts being maintained by the company, with their balances as of November I , follows:

The following transactions were completed during the month of November:

a. Materials purchases during the month, $84,000.

b. Materials requisitioned during the month:
1. Direct materials, $57,000.
2. Indirect materials, $ I 1 ,000.

c. Direct materials returned by factory to storeroom during the month, $1,100.

d. Materials returned to vendors during the month prior to payment, $3,500.

e. Payments to vendors during the month, $63,500.
Required:
1.Prepare general journal entries for each of the transactions.
2. Post the general journal entries to T-accounts.
3. Balance the accounts and report the balances of November 30 for the following:

a. Cash

b. Materials

c. Accounts Payable

Transcribed Image Text:

Cash $82,250 Materials 29.500 Work in process Accounts payable (credit) 27,000 21,000 Factory overhead. none