(8 Journal Entries) -- Watkins Machinery Company uses a normal job costing system. The company has the following partial trial balance information for March, the last month of its fiscal year:

1 - (a) To record the purchase of direct materials and indirect materials.

2 - (b) To record direct and indirect materials issued.

3 - (c) To record factory labor incurred.

4 - (d) To record actual overhead costs incurred, including factory utilities, depreciation, and insurance.

5 - (e) To record the application of factory overhead to jobs.

6 - (f) To record the completion of Job 101.

7 - (g) To record the total sales revenue of Jobs 100 and 101.

8 - To record the total cost of goods sold.

Watkins Machinery Company uses a normal job costing system. The company has the following partial trial balance information for March, the last month of its fiscal year: Materials inventory (x, $8,250; Y, $5,500; Indirect materials, $13,750) Work-in-process inventory (this is Job 101) Finished goods inventory (this is Job 100) S 27,500 14,400 24,000 These transactions relate to the month of March: a. Purchased direct materials and indirect materials with the following summary of receiving reports: Material X $ 27,500 Material Y 27,500 13,750 Indirect materials $68,750 Total b. Issued direct materials and indirect materials with this summary of requisitions: Job 101 Job 102 Total $ 22,000 $ 8,250 3,000 Material x $13,750 Material Y 11,000 14,000 $ 11,250 $ 24,750 Subtotal $36,000 Indirect materials 22,000 $58,000 Total Factory labor incurred is summarized by these time tickets: C. Job 101 $ 28,800 Job 102 19,200 13,750 Indirect labor $61,750 Total d. Factory utilities, factory depreciation, and factory insurance incurred is summarized as follows: $ 1,375 41,250 6,875 Utilities Depreciation Insurance $ 49,500 Total e. Factory overhead costs were applied to jobs at the predetermined rate of $15 per machine hour. Job 101 incurred 3,300 machine hours; Job 102 used 2,200 machine hours. f. Job 101 was completed; Job 102 was still in process at the end of March g. Job 100 and Job 101 were shipped to customers during March. Both jobs had gross margins of 20% based on manufacturing cost. h. The company closed the overapplied or underapplied overhead to the Cost of Goods Sold account at the end of March. Required: 1. Prepare journal entries to record the transactions for the events from parts (a) through (g) View transaction list Journal entry worksheet 4 6 1 2 3 7 To record the purchase of direct materials and indirect materials. Note: Enter debits before credits. Transaction General Journal Debit Credit (a) Record entry Clear entry View general journal LO