E2-2 (Algo) Preparing Journal Entries [LO 2-S1) Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer On March 1, OCFF had two jobs in process with the following costs: Work in Process Job 33 Job 34 Balance on 3/1 $ 4,000 3,200 $ 7,200 Source documents revealed the following during March: Materials Requisitions Labor Time Forms Tickets Status of Job at Month-End Job 33 $ 3,800 $ 5,800 Completed and sold Job 34 2,800 3,400 Completed, but not sold Job 35 4,800 3,000 In process Indirect 1,400 2,400 $ 12,800 $ 14,600 The company applies overhead to products at a rate of 70 percent of direct labor cost. Required: Prepare journal entries to record the materials requisitions, labor costs, and applied overhead. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Required: Prepare journal entries to record the materials requisitions, labor costs, and applied overhead. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list x 1 Record the issuance of raw materials to production. 2 Record Oak Creek Furniture Factory's payroll costs. Assume the direct labor is owed but not paid. Record the application of manufacturing overhead to production. 3 Credit Note : = journal entry has been entered Record entry Clear entry View general journal