Cool Sun produces awnings and screens. Cool Sun uses job order costing. Prepare journal entries to reflect the transactions. Memo entries are already included. (HINT: Calculate the manufacturing overhead costs for one month only). The transactions can be found on the "problem" worksheet. On the "worksheet" tab, prepare the journal entries for the Month of Augustonly. Submission Instructions: You will make the changes to the file that you have downloaded to your device. When you have completed the project, please re-name your file "FirstNameLastName-Mid_Week4_Project" and upload to the appropriate area in Blackboard (for example: SusanSmith-Mid_Week4_Project ). Submit your completed document using the file attach tool in the assignment area. Due Date: Wednesday of Week 4 by 11:59 pm Points: 20 Points; Each input (accounts name and amount) are worth 0.75 points

Aug. 4, 2022	Purchased fabric and aluminum to be used in the manufacturing process. The purchase price was $10,700 and was paid with cash.
Aug. 6, 2022	Transferred 60% of the raw materials purchased on August 4 into production for Job No. 234. (Of the total transferred, $825 is indirect material).
Aug. 30, 2022	Labor costs for Job No. 234 for production workers include 185 hours at $42 per hour. Labor costs for general maintenance workers include 12 hours at $70 an hour.
Aug. 31, 2022	Factory overhead is applied at 80% of the direct labor cost.
Aug. 31, 2022	Depreciation on the factory equipment is determined using the straight-line method. The equipment was purchased nine years ago for $360,000. It has a 15-year life and no salvage value.
Aug. 31, 2022	The company purchased a one-year property insurance policy for the factory and equipment for $2,400 on January 1. The policy premium was originally debited to Prepaid Insurance.
Aug. 31, 2022	Property Taxes on the factory are $4,800 for the year.
Aug. 31, 2022	Factory utilities are $975 for the month of August.
Aug. 31, 2022	Transferred Job No. 234 with total assigned costs to finished goods.
Aug. 31, 2022	Sold and delivered the completed Job No. 234 to a customer for a 75% markup over cost, on account.
Aug. 31, 2022	Close out the manufacturing overhead account.

	GENERAL JOURNAL		0
	Date	Accounts		Debit	Credit
	4-Aug
		To record purchase of raw materials
	6-Aug
		To transfer raw materials to production.
	30-Aug
		To pay and allocate factory salaries
	31-Aug
		To apply overhead at predetermined overhead rate
	31-Aug
		Allocate depreciation
	31-Aug
		Allocate insurance on factory property
	31-Aug
		Allocate property taxes on factory property
	31-Aug
		Incur utilities on factory
	31-Aug
		Transfer Job No.234 to finished goods
	31-Aug
		To record sale of finished awning
	31-Aug
		Close out manufacturing overhead account