can you please explain how you got the answer
Lone Stars Trial Balance June 1, 2018 Balance Account Title Debit Credit Cash $ 25,000 Accounts Receivable 185.000 Inventories: Raw Materials 5,700 Work-in-Process 41,000 Finished Goods 22,000 290,000 Property, Plant, and Equipment Accumulated Depreciation Accounts Payable 73,000 126,000 Wages Payable 2,500 Common Stock 147,000 Retained Earnings 220,200 Sales Revenue o Account Title Debit Credit Cash $ 25,000 Accounts Receivable 185,000 Inventories: Raw Materials 5,700 Work-in-Process 41,000 Finished Goods 22,000 Property, Plant, and Equipment 290,000 Accumulated Depreciation $ 73,000 Accounts Payable 126,000 Wages Payable 2,500 Common Stock 147,000 220,200 Retained Earnings Sales Revenue 0 0 Cost of Goods Sold 0 Manufacturing Overhead 0 Selling and Administrative Expenses $ 568,700 S 568,700 Total ..... Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Exclude explanations from any journal entries a. Collections on account, $153,000 Date Accounts Debit Credit a. b. Selling and administrative expenses incurred and paid, $20,000 Date Accounts Debit Credit b. c. Payments on account, $37,000 Date Accounts Debit Credit C. c. Payments on account, $37,000 Date Accounts Debit Credit C. d. Materials purchased on credit: Paper, $21,000; indirect materials, $4,900 (Prepare a single journal entry for this event.) Date Accounts Debit Credit d. e. Materials requisitioned and used in production: Job 120: Paper, $850, Job 121: Paper, $7,600, Indirect materials, $2,000 (Prepare a single journal entry for this event.) Date Accounts Debit Credit e. JUO 120: Paper, $850, Job 121: Paper, $7,600. Indirect materials, $2,000 (Prepare a single journal entry for this event.) Date Accounts Debit Credit e. f. Wages incurred during June, $41,000. Labor time records for the month: Job 120, $3,700; Job 121, $19,000; indirect labor, $18,300 (Prepare a single journal entry for this event.) Date Accounts Debit Credit f. g. Wages paid in June include the balance in the Wages Payable account at May 31 plus $39,700 of wages incurred in June. Date Accounts Debit Credit g. Choose from any list or enter any number in the input fields and then continue to the next question. g. Wages paid in June include the balance in the Wages Payable account at May 31 plus $39,700 of wages incurred in June. Date Accounts Debit Credit g h. Depreciation on plant and equipment, $3,200 Date Accounts Debit Credit h. i. Manufacturing overhead was allocated at the predetermined overhead allocation rate of 80% of direct labor costs. Date Accounts Debit Credit i. j. Jobs completed during the month: Job 120, 200,000 Large Stars at total cost of $48,510 Date Accounts Debit Credit j. k. Sales on account: all of Job 120 for $105,000 Begin by recording the revenue from the sales on account. Do not record the expense related to the sale in this journal entry. We will do that in the next step. Date Accounts Debit Credit k. Now record the cost of goods sold related to the sale of all of Job 120. Date Accounts Debit Credit k. Now record the cost of goods sold related to the sale of all of Job 120. Date Accounts Debit Credit k. I. Adjusted for overallocated or underallocated manufacturing overhead. Date Accounts Debit Credit 1. Requirement 3. Prepare a trial balance at June 30, 2018. (Leave both the Debit and Credit column cells blank for accounts with a zero balar Review the general ledger accounts you prepared in Requirement 2. Lone Stars Trial Balance June 30, 2018 Balance Account Title Debit Credit Cash Accounts Receivable Inventories: Raw Materials Work-in-Process Finished Goods Property, Plant and Equipment Accumulated Depreciation Accounts Payable Wages Payable Common Stock Accounts Receivable Inventories: Raw Materials Work-in-Process Finished Goods Property, Plant and Equipment Accumulated Depreciation Accounts Payable Wages Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Manufacturing Overhead Selling and Administrative Expenses Total 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. Lone Stars Schedule of Cost of Goods Manufactured Month Ended June 30, 2018 Cost of Goods Manufactured 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. Lone Stars Income Statement Month Ended June 30, 2018 Cost of Goods Sold Gross Profit Net Income (Loss)
