\begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Howie Stars } \\ \hline \multicolumn{4}{|c|}{ Trial Balance } \\ \hline \multicolumn{4}{|c|}{ June 1, 2024} \\ \hline & \multicolumn{3}{|c|}{ Balance } \\ \hline Account Title & & Debit & Credit \\ \hline Cash & $ & 21,000 & \\ \hline Accounts Receivable & & 165,000 & \\ \hline \multicolumn{4}{|l|}{ Inventories: } \\ \hline Raw Materials & \multicolumn{2}{|r|}{5,500} & \\ \hline Work-in-Process & \multicolumn{2}{|r|}{41,100} & \\ \hline Finished Goods & \multicolumn{2}{|r|}{21,300} & \\ \hline Property, Plant, and Equipment & \multicolumn{2}{|r|}{240,000} & \\ \hline Accumulated Depreciation & & $ & 78,000 \\ \hline Accounts Payable & & & 131,000 \\ \hline Wages Payable & & & 3,300 \\ \hline Common Stock & & & 145,000 \\ \hline Retained Earnings & & & 136,600 \\ \hline Sales Revenue & & & 0 \\ \hline Cost of Goods Sold & & 0 & \\ \hline Manufacturing Overhead & & 0 & \\ \hline Selling and Administrative Expenses & & 0 & \\ \hline Total & $ & 493,900$ & 493,900 \\ \hline \end{tabular} 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 30,2024. 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. - Raw Materials Inventory subsidiary ledger: Paper, $4,100; indirect materials, $1,400 - Work-in-Process Inventory subsidiary ledger: Job 120, \$41,100; Job 121, \$0 - Finished Goods Inventory subsidiary ledger: Large Stars, $9,200; Small Stars, $12,100 a. Collections on account, $140,000 b. Selling and administrative expenses incurred and paid, $27,000 c. Payments on account, $41,000 h. Depreciation on plant and equipment, $3,300 Now record the cost of goods sold related to the sale of all of Job 120 . I. Adjusted for overallocated or underallocated manufacturing overhead. \begin{tabular}{l|l|l|} \hline \multicolumn{4}{c}{ Cash } \\ \hline Bal. & 21,000 & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{l|l|l|} \multicolumn{3}{c}{ Accounts Receivable } \\ \hline Bal. 165,000 & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & \\ \hline \\ \hline \end{tabular} Raw Materials Inventory \begin{tabular}{l|l|l|} \hline \multicolumn{2}{l|}{ Bal. 5,500 } & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{l|l|l|} \multicolumn{3}{c}{ Work-in-Process Inventory } \\ \hline Bal. & 41,100 & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{l|l|l|} \multicolumn{3}{c}{ Finished Goods Inventory } \\ \hline Bal. 21,300 & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{c|l|l|} \multicolumn{3}{c}{ Accumulated Depreciation } \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{l|l|l|} \multicolumn{2}{c}{ Accounts Payable } \\ \hline & \\ \hline \end{tabular} \begin{tabular}{l|l|l|} \multicolumn{2}{c}{ Wages Payable } \\ \hline & \\ \hline \end{tabular} \begin{tabular}{l|l|l|} \multicolumn{2}{c}{ Common Stock } \\ \hline & & \\ \hline & & 145,000 Bal. \\ \hline & & \\ \hline & & \\ \hline \\ \hline \end{tabular} \begin{tabular}{l|l|l|} \multicolumn{2}{c}{ Sales Revenue } \\ \hline & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \\ \hline \end{tabular} \begin{tabular}{l|l|l|} \multicolumn{3}{c}{ Manufacturing Overhead } \\ \hline \\ \hline \end{tabular} Selling and Admin. Expenses \begin{tabular}{l|l|} \hline & \\ \hline & \\ \hline \\ \\ \hline \\ \hline \\ \\ \\ \hline \end{tabular} Post the transactions to the Work-in-Process Inventory subsidiary ledger accounts. normal side of the T-account.) Post the transactions to the Finished Goods Inventory subsidiary ledger accounts. Requirement 3. Prepare a trial balance at June 30, 2024. (Leave both 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. \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Howie Stars } \\ \hline \multicolumn{4}{|c|}{ Trial Balance } \\ \hline \multicolumn{4}{|c|}{ June 1, 2024} \\ \hline & \multicolumn{3}{|c|}{ Balance } \\ \hline Account Title & & Debit & Credit \\ \hline Cash & $ & 21,000 & \\ \hline Accounts Receivable & & 165,000 & \\ \hline \multicolumn{4}{|l|}{ Inventories: } \\ \hline Raw Materials & \multicolumn{2}{|r|}{5,500} & \\ \hline Work-in-Process & \multicolumn{2}{|r|}{41,100} & \\ \hline Finished Goods & \multicolumn{2}{|r|}{21,300} & \\ \hline Property, Plant, and Equipment & \multicolumn{2}{|r|}{240,000} & \\ \hline Accumulated Depreciation & & $ & 78,000 \\ \hline Accounts Payable & & & 131,000 \\ \hline Wages Payable & & & 3,300 \\ \hline Common Stock & & & 145,000 \\ \hline Retained Earnings & & & 136,600 \\ \hline Sales Revenue & & & 0 \\ \hline Cost of Goods Sold & & 0 & \\ \hline Manufacturing Overhead & & 0 & \\ \hline Selling and Administrative Expenses & & 0 & \\ \hline Total & $ & 493,900$ & 493,900 \\ \hline \end{tabular} 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 30,2024. 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. - Raw Materials Inventory subsidiary ledger: Paper, $4,100; indirect materials, $1,400 - Work-in-Process Inventory subsidiary ledger: Job 120, \$41,100; Job 121, \$0 - Finished Goods Inventory subsidiary ledger: Large Stars, $9,200; Small Stars, $12,100 a. Collections on account, $140,000 b. Selling and administrative expenses incurred and paid, $27,000 c. Payments on account, $41,000 h. Depreciation on plant and equipment, $3,300 Now record the cost of goods sold related to the sale of all of Job 120 . I. Adjusted for overallocated or underallocated manufacturing overhead. \begin{tabular}{l|l|l|} \hline \multicolumn{4}{c}{ Cash } \\ \hline Bal. & 21,000 & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{l|l|l|} \multicolumn{3}{c}{ Accounts Receivable } \\ \hline Bal. 165,000 & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & \\ \hline \\ \hline \end{tabular} Raw Materials Inventory \begin{tabular}{l|l|l|} \hline \multicolumn{2}{l|}{ Bal. 5,500 } & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{l|l|l|} \multicolumn{3}{c}{ Work-in-Process Inventory } \\ \hline Bal. & 41,100 & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{l|l|l|} \multicolumn{3}{c}{ Finished Goods Inventory } \\ \hline Bal. 21,300 & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{c|l|l|} \multicolumn{3}{c}{ Accumulated Depreciation } \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{l|l|l|} \multicolumn{2}{c}{ Accounts Payable } \\ \hline & \\ \hline \end{tabular} \begin{tabular}{l|l|l|} \multicolumn{2}{c}{ Wages Payable } \\ \hline & \\ \hline \end{tabular} \begin{tabular}{l|l|l|} \multicolumn{2}{c}{ Common Stock } \\ \hline & & \\ \hline & & 145,000 Bal. \\ \hline & & \\ \hline & & \\ \hline \\ \hline \end{tabular} \begin{tabular}{l|l|l|} \multicolumn{2}{c}{ Sales Revenue } \\ \hline & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \\ \hline \end{tabular} \begin{tabular}{l|l|l|} \multicolumn{3}{c}{ Manufacturing Overhead } \\ \hline \\ \hline \end{tabular} Selling and Admin. Expenses \begin{tabular}{l|l|} \hline & \\ \hline & \\ \hline \\ \\ \hline \\ \hline \\ \\ \\ \hline \end{tabular} Post the transactions to the Work-in-Process Inventory subsidiary ledger accounts. normal side of the T-account.) Post the transactions to the Finished Goods Inventory subsidiary ledger accounts. Requirement 3. Prepare a trial balance at June 30, 2024. (Leave both 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