6 7 Student Name: Section Number: 8 9 For each of the transactions for the month below, journalize the necessary entry. The first entry has been completed for you. 10 11 a. Materials purchased on account, $412,000. 12 Description Debit Credit 13 14 15 16 b. Materials requisitioned for use in production, $398,000. $18,000 of this was for general factory use. 17 Description Debit Credit 18 19 20 21 22 c. Factory labor during the period was $550,000. $30,000 of this was indirect. 23 Description Debit Credit 241 25 261 27 28 d. Depreciation of the factory equipment, $26,000. 29 Description Debit 30 Factory Overhead $ 26,000.00 Accumulated Depreciation. Credit $ 26.000 no JAB 25 26 27 28 29 30 31 32 33 34 35 36 D E FG d. Depreciation of the factory equipment, $26,000. Factory Overhead Accumulated Depreciation Description e. Depreciation of the office equipment, $15,000. Description Depreciation Expense-Office Equipment Accumulated Depreciation f. Factory prepaid rent that expired during the period, $6,000. Debit $ 26,000.00 Credit $ 26,000.00 Debit $ 15,000.00 Credit $150,000.00 37 38 39 Description 401 Factory Overhead Debit $ 6,000.00 Credit 41 Prepaid Rent-Factory $ 6,000.00 42 43 g. Office prepaid rent that expired during the period, $2,000. 44 Description 45 Rent Expesne 46 Prepaid Rent-Office Debit 2,000.00 $ 2,000.00 Credit 47 48 h. Other costs incurred on account for factory overhead included $40,000. 491 Description Debit Credit 50 51 Description D E FG H Debit Credit i. Estimated factory overhead cost for the period was $120,000 and estimated direct labor hours for the period were 40,000 hours. Assuming that overhead is applied based on direct labor hours and that the company used 42,000 direct labor hours during the period, apply factory overhead. Description Debit Credit J. Close out the factory overhead balance to cost of goods sold. Description Debit Credit K. Jobs completed during the period, $900,000. Description Debit Credit 1. Cost of goods sold, $850,000. Description Debit Credit