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complete the general journal entries with the below transaction Jan 1 4 . Applied $ 8 0 of direct materials to job 1 2 6

 complete the general journal entries with the below transaction

Jan 14. Applied $80 of direct materials to job 126 (requisition number 60), applied factory overhead at the rate given previously and applied $120 of direct labor (time ticket 49) withholding taxes at the rates given previously. This finished off the job so we transferred all costs from WIP into Finished Goods.

MORE INFO: Whenever we have direct labor we will debit Work in Process (WIP) for the total gross wages, credit Employees Federal Income Tax Payable for 15% of the total direct labor, credit FICA Tax Payable for 7.65% of total direct labor, and credit Salaries Payable for the difference to get total debits to equal total credits. If needed, always round your numbers to the nearest cent. If your answer goes to three decimal places, if the third number on the right of the decimal is 4 or lower drop off the numbers and leave the number in the cent place (second number) as it is. If the third number is 5 or larger, round the second number up 1 place. I.E. 128.914 = 128.91 128.915 = 128.92

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