E2-2 (Static) 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 order. On March 1, OCFF had two jobs in process with the following costs: Work in Process Job 33 Job 34 Balance on 3/1 $ 7,500 6,000 $ 13,500 Source documents revealed the following during March: Materials Requisitions Forms Job 33 $ 3,500 Job 34 6,000 Job 35 4,200 Indirect 1,300 $ 15,000 Labor Time Tickets Status of Job at Month-End $ 6,500 Completed and sold 7,800 Completed, but not sold 3,250 In process 2,140 $19,690 The company applies overhead to products at a rate of 150 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.) 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 Record the issuance of raw materials to production. Note: Enter debits before credits. Transaction General Journal Debit Credit a Record entry Clear entry View general journal 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 Record Oak Creek Furniture Factory's payroll costs. Assume the direct labor is owed but not paid. Note: Enter debits before credits. Transaction General Journal Debit Credit b Record entry Clear entry View general journal Prey 2 of 5 Next 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 Record the application of manufacturing overhead to production. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal