Avery Stars produces stars for elementary teachers to reward their students. Avery Stars' trial balance on June 1 follows: June transactions are summarized as f (Click the icon to view the trial balance.) (Click the icon to view the transacti June 1 balances in the subsidiary ledgers were as follows: (Click the icon to view the balances.) Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Exclude explanations from any journal entries.) a. Collections on account, $141,000 Data table More info - Raw Materials Inventory subsidiary ledger: Paper, $4,700; indirect materials, $1,600 - Work-in-Process Inventory subsidiary ledger: Job 120, $40,750; Job 121, $0 - Finished Goods Inventory subsidiary ledger: Large Stars, $9,700; Small Stars, $13,100 More info a. Collections on account, $141,000. b. Selling and administrative expenses incurred and paid, $27,000. c. Payments on account, $44,000. d. Materials purchased on account: Paper, $24,500; indirect materials, $4,100. e. Materials requisitioned and used in production: f. Wages incurred during June, $42,000. Labor time records for the month: Job 120, $3,600; Job 121, $16,500; indirect labor, $21,900. g. Wages paid in June include the balance in the Wages Payable at May 31 plus $40,000 of wages incurred during June. h. Depreciation on plant and equipment, $3,300. i. Manufacturing overhead allocated at the predetermined overhead allocation rate of 50% of direct labor cost. j. Jobs completed during the month: Job 120 with 200,000 Large Stars at a total cost of $46,650. k. Sales on account: all of Job 120 for $125,000. I. Adjusted for overallocated or underallocated manufacturing overhead. Requirements 1. Journalize the transactions for the company. 2. T-accounts for the general ledger, the Raw Materials Inventory subsidiary ledger, the Work-in-Process Inventory subsidiary ledger, and the Finished Goods Inventory subsidiary ledger have been opened for you along with each account's balance as given. Post the journal entries to the T-accounts using the transaction letters as a reference. 3. Prepare a trial balance at June 30,2016. 4. Use the Work-in-Process Inventory T-account to prepare a schedule of cost of goods manufactured for the month of June. 5. Prepare an income statement for the month of June. Avery Stars produces stars for elementary teachers to reward their students. Avery Stars' trial balance on June 1 follows: June transactions are summarized as f (Click the icon to view the trial balance.) (Click the icon to view the transacti June 1 balances in the subsidiary ledgers were as follows: (Click the icon to view the balances.) Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Exclude explanations from any journal entries.) a. Collections on account, $141,000 Data table More info - Raw Materials Inventory subsidiary ledger: Paper, $4,700; indirect materials, $1,600 - Work-in-Process Inventory subsidiary ledger: Job 120, $40,750; Job 121, $0 - Finished Goods Inventory subsidiary ledger: Large Stars, $9,700; Small Stars, $13,100 More info a. Collections on account, $141,000. b. Selling and administrative expenses incurred and paid, $27,000. c. Payments on account, $44,000. d. Materials purchased on account: Paper, $24,500; indirect materials, $4,100. e. Materials requisitioned and used in production: f. Wages incurred during June, $42,000. Labor time records for the month: Job 120, $3,600; Job 121, $16,500; indirect labor, $21,900. g. Wages paid in June include the balance in the Wages Payable at May 31 plus $40,000 of wages incurred during June. h. Depreciation on plant and equipment, $3,300. i. Manufacturing overhead allocated at the predetermined overhead allocation rate of 50% of direct labor cost. j. Jobs completed during the month: Job 120 with 200,000 Large Stars at a total cost of $46,650. k. Sales on account: all of Job 120 for $125,000. I. Adjusted for overallocated or underallocated manufacturing overhead. Requirements 1. Journalize the transactions for the company. 2. T-accounts for the general ledger, the Raw Materials Inventory subsidiary ledger, the Work-in-Process Inventory subsidiary ledger, and the Finished Goods Inventory subsidiary ledger have been opened for you along with each account's balance as given. Post the journal entries to the T-accounts using the transaction letters as a reference. 3. Prepare a trial balance at June 30,2016. 4. Use the Work-in-Process Inventory T-account to prepare a schedule of cost of goods manufactured for the month of June. 5. Prepare an income statement for the month of June