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Cash $ 35,000 Accounts Receivable 65,000 Finished Goods 120,000 Work in Process 58,683 Materials 14,000 Building 580,000 Accum. Deprec.Building $ 43,500 Factory Equipment 440,000 Accum.

Cash

$ 35,000

Accounts Receivable

65,000

Finished Goods

120,000

Work in Process

58,683

Materials

14,000

Building

580,000

Accum. Deprec.Building

$ 43,500

Factory Equipment

440,000

Accum. Deprec.Factory Equipment

110,000

Office Equipment

90,000

Accum. Deprec.Office Equipment

33,750

Accounts Payable

85,000

Notes Payable

100,000

Capital Stock

470,000

Retained Earnings

560,433

Total

$1,402,683

$1,402,683

During the month of August, the following transactions took place:

a.

Purchased raw materials at a cost of $55,000 and general factory supplies at a cost of $18,000 on account. (NOTE: Materials account includes both materials and supplies.)

b.

Issued raw material to be used in production, costing $45,500, and miscellaneous factory supplies, $13,500.

c.

Recorded the payroll, the payment to the employees, and the distribution of the wages and salaries for the month. The distribution is as follows: selling salaries, $5,000, administrative salaries, $7,000, and factory wages (including $10,000 indirect labor), $48,000.

d.

Incurred other expenses on account totaling $9,000. Thirty percent of this amount is allocable to the office and selling functions.

e.

Recorded depreciation for the month at an annual rate of 5% on the building, 20% on the factory equipment, and 25% on the office equipment. The sales and administrative staff use approximately one-fourth of the building for its offices.

f.

Transferred total factory overhead to Work in Process.

g.

Paid $10,000 on the note that was due this month.

h.

Completed and transferred goods totaling $95,000 to the finished goods storeroom.

i.

Sold goods costing $173,000, on account. The company uses a 75% mark-on percentage.

j.

Received $284,000 from customers on account.

k.

Paid creditors $163,000.

how do i journalize these and Preparing a statement of cost of goods manufactured, and income statement, and a balance sheet?

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