Collegiate 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, $8,400 of indirect materials and $13,700 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 301Job 302Direct materials$10,100Direct materials$19,000Direct labor8,500Direct labor16,200Factory overhead5,950Factory overhead11,340Total$24,550Total$46,540Job 303Job 304Direct materials$23,700Direct materials$12,700Direct labor16,300Direct labor11,800Factory overheadFactory overheadRequired:

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.

CHART OF ACCOUNTSCollegiate Publishing Inc.General Ledger

ASSETS110Cash121Accounts Receivable125Notes Receivable126Interest Receivable131Materials132Work in Process133Factory Overhead134Finished Goods141Supplies142Prepaid Insurance143Prepaid Expenses181Land191Factory192Accumulated Depreciation-Factory

LIABILITIES210Accounts Payable221Utilities Payable231Notes Payable236Interest Payable241Lease Payable251Wages Payable252Consultant Fees Payable

EQUITY311Common Stock340Retained Earnings351Dividends390Income Summary

REVENUE410Sales610Interest Revenue

EXPENSES510Cost of Goods Sold520Wages Expense531Selling Expenses532Insurance Expense533Utilities Expense534Office Supplies Expense540Administrative Expenses560Depreciation Expense-Factory590Miscellaneous Expense710Interest Expense

JOURNAL

ACCOUNTING EQUATION

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