Entries and schedules for unfinished jobs and completed jobs Journal T Accounts Chart of Instructions Tybee Industries Inc. uses a job order.cost system. The following data summarize the operations related to production for Ja a. Materials purchased on account, $29,800 b. Materials requisitioned and factory labor used: Materials Factory Labor $2,960 $2,775 301 3,620 3,750 302 1,875 2,400 303 8,100 6,860 304 5,100 5,250 305 3,750 3,340 306 4,100 For general factory use 1,080 c. Factory overhead costs incurred on account, $5,500. d. Depreciation of machinery and equipment, $1,980. e. The factory overhead rate is $54 per machine hour. Machine hours used: Job Machine Hours 25 301 302 36 30 303 Entries and schedules for unfinished jobs and completed jobs Amount Descriptions Journal T Ac Chart of Accounts 4,100 1,080 For general factory use c. Factory overhead costs incurred on account, $5,500 d. Depreciation of machinery and equipment, $1,980 e. The factory overhead rate is $54 per machine hour. Machine hours used: Job Machine Hours 301 25 36 302 303 72 304 40 305 306 25 Total 228 f. Jobs completed: 301, 302, 303 and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $8,250; Job 302, $11,200; Required: 1. Journalize the entries to record the summarized operations. Record each item (items a-f) as an g as 2 entries. Refer to the Chart of Accounts for exact wording of account titles 2 Post the annronriate entries to T accounts for Work in Prncess and Finished Goods using the in Instructions 305 40 306 25 Total228 t Jobs completed: 301, 302, 303 and 305. g Jobs were shipped and customers were billed as follows: Job 301, $8,250; Job 302, $11.200:Job 303, $15,000. Required 1 Jounalize the entries to record the summarized operations. Record each item (items a-t) as an individual entry on January 31.Record item g as 2 entries. Refer to the Chart of Accounts for exact wording of account titles. 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying leters as transaction codes, Insert memo acoount balances as of the end of the month. Prepare a schedule of unfinished jobs to support the balance in the work in process account Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Refler to the list of Amount Descriptions for the exact wording of the answer choices for text entries Entries and schedules for unfinished jobs and completed jobs Journal T Accounts Chart of Apcounts CHART OF ACCOUNTS Tybee Industries Inc. General Ledger REVENUE ASSETS 410 Sales 110 Cash 610 Interest Revenue 121 Accounts Receivable 125 Notes Receivable EXPENSES 126 Interest Receivable 510 Cost of Goods Sold 131 Materials 520 Wages Expense 132 Work in Process 531 Selling Expenses 33 Factory Overhead 532 Insurance Expense 134 Finished Goods 533 Utilities Expense 141 Supplies 534 Office Supplies Expense 142 Prepaid Insurance 540 Administrative Expenses 143 Prepaid Expenses 561 Depreciation Expense-Machinery and Equip 181 Land 590 Miscellaneous Expense 191 Machinery and Equipment 710 Interest Expense 192 Accumulated Depreciation-Machinery and Equipment LIABILITIES 210 Accounts Payable Entries and schedules for unfinished jobs and completed jobs Instructions Amount Descriptions Journal Chart of Accounts Amount Descriptions Amount Descriptions Job No. 301 Job No. 302 Job No. 303 Job No. 304 Job No. 305 Job No. 306 Entries and schedules for unfinished jobs and completed jobs Instructions Chart of Accounts Amount Descriptions Journal T Accounts 1. Jounalize the entries to record the summarized operations. Record each item (items a-f) as an individual entry on January 31. Record item g as 2 entries. Refer to the Ch Accounts for exact wording of account tites ACCOUNTING EQUATION JOURNAL SSETSLIABILITIES EQUITY CREDIT POST. REF DEBIT DATE Entries and schedules for unfinished jobs and completed jobs Chart of Accounts Amount Descriptions Journal T Accounts 2 Post the appropriate entries to T accounts for Work in Process and Finished Goouts, using the identitying letters as transaction codes Ineen meme and of the month Work in Process
