Neetae recording, and posting process cost transactions.

The Montrose Manufacturing Company uses the process cost system. General ledger accounts and balances as of May 1, 19X7, are listed below.

Instructions 1. Enter the May 1, 19X7, balances in the general ledger accounts.
2. The transactionfso r May 19X7 are listed below. Record the May transactions in general journal form. Date all entries May 31. Start with journal page 5.
3. Post the May transactions to the accounts listed.

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126 Accounts Receivable 11 121 Raw Materials 123 Work in Process-Forming Department 124 Work in Process-Finishing Department Finished Goods $ 80,000 100,000 -0- -0- 180,000 201 Vouchers Payable 360,000 202 Salaries and Wages Payable -0- 204 Other Accounts -0- 401 Sales -0- 415 Cost of Goods Sold -0- 500 Factory Payroll Clearing -0- 501 Manufacturing Overhead Control -0-