16- 2 Prepare summary journal entries to record (i) the requisition slips, (ii) the time tickets, (iii) the assignment of manufacturing overhead to jobs, and (iv) the completion of Job No. 429. Utilize given template.

Exercise 16-2 (Part Level Submission) Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $4,260 and two jobs in process: Job No. 429 $2,460, and Job No. 430 $1,800. During May, a summary of source documents reveals the following. Job Number 429 430 431 Materials Requisition Slips $3,090 3,780 4,690 $11,560 General use Labor Time Tickets $2,060 3,190 8,080 $13,330 950 1,470 $12,510 $14,800 Stine Company applies manufacturing overhead to jobs at an overhead rate of 70% of direct labor cost. Job No. 429 is completed during the month. (a) Prepare summary journal entries to record (i) the requisition slips, (ii) the time tickets, (iii) the assignment of manufacturing overhead to jobs, and (iv) the completion of Job No. 429.(Credit account titles are automatically indented when amount is entered. Do not indent manually.) No . Date (i) May 31 (ii) 31 (iii) 31 Account Titles and Explanation Debit Credit (iv) 31 Click if you would like to Show Work for this question: List Of Accounts: Exercise 16-2 (Part Level Submission) Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Cash Cost of Completed Service Contracts Cost of Goods Sold Depreciation Expense Employer Fringe Benefits Payable Employer Payroll Taxes Payable Factory Labor Factory Wages Payable Finished Goods Inventory Manufacturing Overhead Operating Overhead Prepaid Property Taxes Raw Materials Inventory Salaries and Wages Expense Salaries and Wages Payable Sales Service Contracts in Process Supplies Utilities Payable Work in Process Inventory