\begin{tabular}{|c|c|c|c|} \hline \multicolumn{3}{|c|}{ GENERAL JOURNAL } & \multirow{2}{*}{\begin{tabular}{l} Page 1 \\ Credit \end{tabular}} \\ \hline Date & Accounts & Debit & \\ \hline \multicolumn{4}{|l|}{84X5} \\ \hline & To record purchase of raw materials & & \\ \hline \multicolumn{4}{|l|}{88X5} \\ \hline & \begin{tabular}{l} To transfer raw materials to production, record \\ direct labor costs on job, and apply overhead at the \\ predetermined rate \end{tabular} & & \\ \hline \multicolumn{4}{|l|}{89X5} \\ \hline & \begin{tabular}{l} To transfer completed units to finished goods \\ inventory \end{tabular} & & \\ \hline \multicolumn{4}{|l|}{810X5} \\ \hline & To recond sale of finished awning for $4,000 & & \\ \hline \multicolumn{4}{|l|}{810X5} \\ \hline & To transfer finished goods to cost of goods sold & & \\ \hline \end{tabular} This is a new manufacturing corporation that issued $30000 common stock for cash on the first day. All overhead expenses are paid immediately by cash. To make it easy, there are no other operating expenses and no income tax. No Dividend is declared for the year. Post all journal entries in the General Ledger Taccounts and using their respective balances prepare an Income Statment and Balance Sheet for the first month of the operation. Use a blank paper for posting Journal Entries into General Ledger and preparation of the financial statements. Cool Sun produces awnings and screens. Prepare journal entries to reflect the following transactions. After you complete the entries, determine the amount to include in raw materials, work in process, and finished goods. Aug. 4, 20X5 Aug. 8, 20X5 Aug. 8, 20X5 Aug. 9, 20X5 Aug. 10, 20X5 Purchased fabric and aluminum to be used in the manufacturing process. The purchase price was $4,000, on account. Transferred 60% of the raw materials purchased on August 4 into production. Incurred direct labor costs of $3,000. Factory overhead is applied at 40% of the direct labor cost. Transferred completed awnings with total assigned costs of $4,400 to finished goods. Sold and delivered half of the finished goods (from August 9 ) to a customer for $4,000 cash