Ch 19 Managerial Accounting

lick in the account title sections of the journal entry and select the correct account titles to be debited and credited from the pick list. Correct debit/credit selections will turn the cells green. Assume the business commenced operations on January 1, and the summary entries below are the only ones related to job costing activities. Calculate and enter the correct amounts that would appear in financial statements as of the end of January. Correct values will turn the cells green

GENERAL JOURNAL
Date	Accounts	Debit		Credit
During Jan.	Raw Materials Inventory	25,000
Accounts Payable			25,000
	To record purchase of raw materials
GENERAL JOURNAL
Date	Accounts	Debit		Credit
During Jan.	Work in Process Inventory	30,000
Raw Materials Inventory			10,000
	Salaries Payable			8,000
	Factory Overhead			12,000
	To transfer $10,000 of raw materials to production, incur $8,000 of direct labor, and apply $12,000 of overhead
GENERAL JOURNAL
Date	Accounts	Debit		Credit
During Jan.	Finished Goods Inventory	20,000
Work in Process Inventory			20,000
	To transfer completed units to finished goods
GENERAL JOURNAL
Date	Accounts	Debit		Credit
During Jan.	Accounts Receivable	45,000
Sales			45,000
	To record sales of finished goods
GENERAL JOURNAL
Date	Accounts	Debit		Credit
During Jan.	Cost of Goods Sold	15,000
Finished Goods Inventory			15,000
	To transfer finished goods to cost of goods sold
How much is in ending raw materials inventory? >>>>			15,000
How much is in ending work in process inventory? >>>>			10,000
How much is in ending finished goods inventory? >>>>			5,000
How much is gross profit? >>>>			30,000

With this information, how to create a journal entries in the General Ledger T-accounts and Income Statement and Balance Sheet for the first month of the operation. How to posting into General Ledger and preparation of the financial statements. Assuming that this is a new manufacturing corporation that issued $50000 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.