CHART OF ACCOUNTS

Munson Co.

General Ledger

	ASSETS
110	Cash
121	Accounts Receivable
125	Notes Receivable
126	Interest Receivable
131	Materials
132	Work in Process
133	Factory Overhead
134	Finished Goods
141	Supplies
142	Prepaid Insurance
143	Prepaid Expenses
181	Office Building
191	Office Equipment
192	Accumulated Depreciation-Buildings and Equipment

	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 Summary

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Goods Sold
520	Wages Expense
531	Selling Expenses
532	Insurance Expense
533	Utilities Expense
534	Office Supplies Expense
540	Administrative Expenses
561	Depreciation Expense-Office Building
562	Depreciation Expense-Office Equipment
590	Miscellaneous Expens
710	710 Interest Expense

Instructions Munson Co. uses a job order cost system. The following data summarize the operations related to production for July: July Materials purchased on account, $645,190. 2 Materials requisitioned, $642,250, of which $72,680 was for general factory use. Factory labor used, $631,920, of which $91,350 was indirect. 31 administrative expenses, $150,890. 31 Prepaid expenses expired for factory overhead were $29,630; for selling expenses, $26,950; and for administrative expenses, $17,150. 31 Depreciation of office building was $88,610; of office equipment, $42,970; and of factory equipment, $31,120 31 Factory overhead costs applied to jobs, $373,200. 31 Jobs completed, $966,650. 31 Cost of goods sold, $848,470 Journalize the entries to record the summarized operations. Refer to the Chart of Accounts for exact wording of account titles