CHART OF ACCOUNTS Collegiate Publishing Inc. General Ledger ASSETS REVENUE 110 Cash 410 Sales 121 Accounts Receivable 610 Interest Revenue 125 Notes Receivable EXPENSES 126 Interest Receivable 510 Cost of Goods Sold 131 Materials 520 Wages Expense 132 Work in Process 531 Selling Expenses 133 Factory Overhead 532 Insurance Expense 134 Finished Goods 533 Utilities Expense 141 Supplies 534 Office Supplies Expense 142 Prepaid Insurance 540 Administrative Expenses 143 Prepaid Expenses 560 Depreciation Expense-Factory 181 Land 590 Miscellaneous Expense 191 Factory 710 Interest Expense 192 Accumulated Depreciation-Factory LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income SummaryCollegiate Publishing inc. began printing operations on March 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, 57 900 of indirect materials and $13,200 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month are as follows, in summary form:" Job 301 Job 302 Direct materials $10,900 Direct materials $18,300 Direct labor 8,900 Direct labor 17 700 Factory overhead 5,785 Factory overhead 11,505 Total $25,585 Total $47,505 Job 303 Job 304 Direct materials $26,000 Direct materials $13,700 Direct labor 16,000 Direct labor 12,300 Factory overhead Factory overhead Required: Journalize the Mar. 31 summary entries to record each of the following operations for March one entry for each operation). Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. a. Direct and indirect materials used. b. Direct and indirect labor used. c. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost). d. Completion of Jobs 301 and 302. FOCUS USD/CADJournal ^structi Journal Shaded cells have feedback. ( Journalize the Mar. 31 summary entries to record each of the following operations for March jone emmy for each operanon), Refer to the chart or" s. Jobs 30 Collegial accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations, Every line on a (journal aterials an month, a page is used for debit or credit entries. Do not add explanations or skip a line between journal entes. CNOWjoumals wow automancaty indent a month. T credit entry when a credit amount is entered Direct and indirect materials used. and indirect labor used. Overhead applied to all four jobs is single overhead rat is used based on direct labor cost mpletion of Jobs 301 and 302 How does grading work? JOURNAL Score: 105/125 ACCOUNTING EQUATION DATE PTION DEBIT ASSETS LIABILITIES Mar. 31 Materials 10.900.00 Factory Overhead 57.900.04 Work in Process 79.000.00 Wages Payable 8.900.00 Factory Overhead Work in Process 2.103400 Mar 31 Work in Process 785.0 Factory Overhead 17.785.60 Mar. 31 Finished Goods Work in Process 47.505,00 Check My Work