Avery Stars produces stars for elementary teachers to reward their students. Avery Stars' trial balance on June 1 follows: June transactions are summarized as follows: (Click the icon to view the trial balance.) June 1 balances in the subsidiary ledgers were as follows: (Click the icon to view the transactions.) (Click the icon to view the balances.) Read the requirements. Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Exclude explanations from any journal entries.) a. Collections on account, $151,000 b. Selling and administrative expenses incurred and paid, $33,000 c. Payments on account, $35,000 h. Depreciation on plant and equipment, $2,600 Now record the cost of goods sold related to the sale of all of Job 120. I. Adjusted for overallocated or underallocated manufacturing overhead. ournal entries to the T-accounts using the transaction letters as a reference. zero balance, enter a "0" along with a "Bal." reference on the normal side of the T-account.) Review the journal entries you prepared in Requirement 1 . Retained Earnings Sales Revenue \begin{tabular}{l|l|} \hline \multicolumn{2}{c}{ Paper } \\ \hline Bal. 4,300 & \\ \hline & \\ \hline \end{tabular} \begin{tabular}{cl|l} Indirect Materials \\ \hline Bal. 1,400 & & \\ \hline \end{tabular} Requirement 3. Prepare a trial balance at June 30, 2024. (Leave both the Debit and Credit column cells blank for accounts with a zero balance at June_30.) Review the general ledger accounts you prepared in Requirement 2. Requirement 3. Prepare a trial balance at June 30, 2024. (Leave both the Debit and Credit column cells blank for accounts with a zero balance at June_30.) Review the general ledger accounts you prepared in Requirement 2. Requirement 4. Use the Work-in-Process Inventory T-account to prepare a schedule of cost of goods manufactured for the month of June. Review the Work-In-Process Inventory general ledger account you prepared in Requirement 2. Requirement 5. Prepare an income statement for the month of June. Review the trial balance you prepared in Requirement 3. Review the journal entry for underallocated manufacturing overhead you prepared in Requirement 1 . Requirement 5. Prepare an income statement for the month of June. Review the trial balance you prepared in Requirement 3. Review the journal entry for underallocated manufacturing overhead you prepared in Requirement 1. Avery Stars produces stars for elementary teachers to reward their students. Avery Stars' trial balance on June 1 follows: June transactions are summarized as follows: (Click the icon to view the trial balance.) June 1 balances in the subsidiary ledgers were as follows: (Click the icon to view the transactions.) (Click the icon to view the balances.) Read the requirements. Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Exclude explanations from any journal entries.) a. Collections on account, $151,000 b. Selling and administrative expenses incurred and paid, $33,000 c. Payments on account, $35,000 h. Depreciation on plant and equipment, $2,600 Now record the cost of goods sold related to the sale of all of Job 120. I. Adjusted for overallocated or underallocated manufacturing overhead. ournal entries to the T-accounts using the transaction letters as a reference. zero balance, enter a "0" along with a "Bal." reference on the normal side of the T-account.) Review the journal entries you prepared in Requirement 1 . Retained Earnings Sales Revenue \begin{tabular}{l|l|} \hline \multicolumn{2}{c}{ Paper } \\ \hline Bal. 4,300 & \\ \hline & \\ \hline \end{tabular} \begin{tabular}{cl|l} Indirect Materials \\ \hline Bal. 1,400 & & \\ \hline \end{tabular} Requirement 3. Prepare a trial balance at June 30, 2024. (Leave both the Debit and Credit column cells blank for accounts with a zero balance at June_30.) Review the general ledger accounts you prepared in Requirement 2. Requirement 3. Prepare a trial balance at June 30, 2024. (Leave both the Debit and Credit column cells blank for accounts with a zero balance at June_30.) Review the general ledger accounts you prepared in Requirement 2. Requirement 4. Use the Work-in-Process Inventory T-account to prepare a schedule of cost of goods manufactured for the month of June. Review the Work-In-Process Inventory general ledger account you prepared in Requirement 2. Requirement 5. Prepare an income statement for the month of June. Review the trial balance you prepared in Requirement 3. Review the journal entry for underallocated manufacturing overhead you prepared in Requirement 1 . Requirement 5. Prepare an income statement for the month of June. Review the trial balance you prepared in Requirement 3. Review the journal entry for underallocated manufacturing overhead you prepared in Requirement 1
