Amount Descriptions Amount Descriptions Balance of Work in Process, March 31 Finished Goods, March 31 (Job 305) Job No. 301 Job No. 302 Job No. 303 Job No. 304 Job No. 305 Job No. 306CHART OF ACCOUNTS Kurtz Fencing Inc. General Ledger ASSETS REVENUE 110 Cash 410 Sales 121 Accounts Receivable 610 Interest Revenue 125 Notes Receivable 126 Interest Receivable EXPENSES 131 Materials 510 Cost of Goods Sold 132 Work in Process 520 Wages Expense 133 Factory Overhead 531 Selling Expenses 134 Finished Goods 532 Insurance Expense 141 Supplies 533 Utilities Expense 142 Prepaid Insurance 534 Office Supplies Expense 143 Prepaid Expenses 540 Administrative Expenses 181 Land 561 Depreciation Expense-Machinery and Equipment 191 Machinery and Equipment 590 Miscellaneous Expense 192 Accumulated Depreciation-Machinery and Equipment 710 Interest Expense LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income SummaryInstructions Kurtz Fencing Inc. uses a job order cost system. The following data summarize the operations related to production for March, the first month of operations: a. Materials purchased on account, $31,250. b. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 52,910 52,680 302 3,730 3,630 303 2,280 1,810 304 3,430 7,110 305 4,850 5.010 306 3,900 3,280 For general factory use 1,050 3,920 c. Factory overhead costs incurred on account, $5,760. d. Depreciation of machinery and equipment, $2,040 e. The factory overhead rate is $55 per machine hour. Machine hours used: Job Machine Hours 301 27 302 38 303 30 304 72 305 41 306 25 Total 233 f. Jobs completed: 301, 302, 303 and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $8,390; Job 302, $10,860; Job 303, $15,380.Journal 1. Journalize the entries to record the summarized operations. Record each item (items a-f) as an individual entry on March 31. Record item g as 2 entries. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. PAGE 10 JOURNAL ACCOUNTING FOUATION DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY DATE N un 10 13 14 15 16 17 18Schedule of Completed Jobs 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Refer to the list of Amount Descriptions provided for the exact wording of the answer choices for text entries. Kurtz Fencing Inc. Schedule of Completed Jobs Factory Job Direct Materials Direct Labor Total OverheadT Accounts 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Insert memo account balances as of the end of the month. For grading purposes enter transactions in alphabetical order. Determine the correct ending balance. The ending balance label is provided on the left side of the T account even when the ending balance is a credit. The unused cell on the balance line should be left blank. Work in Process Bal. Finished Goods Bal
