Entries and schedules for unfinished jobs and completed jobs Instructions Chart of Accounts Amount Descriptions Journal TAccounts Instructions a Materials purchased on account, $45.000 b. Materials requisitioned and factory labor used: Job 301 Materials 5 1.850 3.150 2.200 Factory Labor $2.500 7220 5,350 2.400 6.225 2,900 5,000 1.800 304 305 306 For general factory use 4230 1.770 1,200 Instructions Chart of Accounts Amount Descriptions Journal TAccounts Instructions c. Factory overhead costs incurred on account, $1,800. d Depreciation of machinery and equipment, $2,500 e. The factory overhead rate is $30 per machine hour Machine hours used: Job Machine Hours 30260 Entries and schedules for unfinished jobs and completed jobs Instructions Chart of Accounts Amount Descriptions Journal TAccounts Instructions Job Machine Hours 301 Total 300 1. Jobs completed 301 302 303 and 305 Entries and schedules for unfinished jobs and completed jobs Instructions Chart of Accounts Amount Descriptions Journal TAccounts Instructions 1 Jobs completed 301, 302, 303 and 305 9 Jobs were shipped and customers were billed as follows Job 301, 58,500, Job 302, 516,150, Job 303, 513.400 Required: 2 entries. 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 debitor credit entries. Do not add explanations or skip a line between jouma entries CNOW journals will automatically indent a credit entry when a credit amount is entered 2. Post the appropriate entries to accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes Insert memo account balances as of the end of the month. For grading purposes enter transactions in alphabetical order Determine the correct ending balance. The ending balance label is provided on the left side of the account even when the ending balance is a credit. The unused cel on the balance line should be left blank ( previous Entries and schedules for unfinished jobs and completed jobs instructions Chart of Accounts Amount Descriptions Journal TAccounts Instructions 1. Journalize the entries to record the summarized operations. Record each item (items a-t) as an individual entry on March 31. Record item g as 2 entries. 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 joumal page is used for debitor 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 2. Post the appropriate entries to accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes Insert memo account balances as of the end of the month. For grading purposes enter transactions in alphabetical order. Determine the correct ending balance. The ending balance label is provided on the left side of the account even when the ending balance is a credit. The unused cel on the balance line should be left blank 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account "Refer to the list of Amount Descriptions provided for the exact wording of the answer choices for text entries
