Chic Fabrics makes custom handbags and accessories for high-end clothing boutiques. Record summary journal entries for each of the following transactions that took place during the month of September, the first month of the fiscal year. (Click the icon to view the transactions.) 1. During September, $170,000 of raw materials was purchased on account. (Record debits first, then credits. Exclude explanations from any journal entries.) Debit Credit Journal Entry Accounts Raw Materials Inventory Accounts Payable 1 170,000 170,000 2. During the month, $125,000 of raw materials was requisitioned. Of this amount, $123,000 was traced to specific jobs, while the remaining materials were for general factory use. Credit Debit 123,000 2. Journal Entry Accounts Work in Process Inventory Manufacturing Overhead Raw Materials Inventory 2,000 125,000 3. Manufacturing labour (both direct and indirect) for the month totaled $80,900. It has not yet been paid. Of this amount, $65,900 was traced to specific jobs. Credit 3. Journal Entry Accounts Work in Process Inventory Manufacturing Overhead Salaries and Wages Payable Debit 65,900 15,000 80,900 4. The company recorded $8,000 of depreciation on the plant building and machinery. In addition, $2,100 of prepaid property tax expired during the month. The company also received the plant utility bill for $6,000. Credit Debit 16,100 4. Journal Entry Accounts Manufacturing Overhead Accumulated Depreciation-Equipment Prepaid Plant Property Tax Accounts Payable 8,000 2,100 6,000 5. Manufacturing overhead was allocated to jobs using a predetermined manufacturing overhead rate of 70% of direct labour cost. (Hint: Total direct labour cost is found in transaction 3.) Credit Journal Entry Accounts Work in Process Inventory Manufacturing Overhead Debit 46,130 5. 46,130 6. Several jobs were completed during the month. According to the job cost records, these jobs cost $250,000 to manufacture Journal Entry Accounts Debit Credit 6. 6. Several jobs were completed during the month. According to the job cost records, these jobs cost $250,000 to manufacture. 7. Sales (all on credit) for the month totalled $320,000. According to the job cost records, the units sold cost $240,000 to manufacture. Assume the company uses a perpetual inventory system. 8. The company incurred operating expenses of $25,000 during the month. Assume that 60% of these were for marketing and administrative salaries, and the other 40% were lease and utility bills related to the corporate headquarters. 9. In order to prepare its September financial statements, the company had to close its manufacturing overhead account. 10. Based on the transactions recorded in Requirements 1 through 9, prepare the September income statement for Chic Fabrics