Entries for factory costs and jobs completed Instructions Chart of Accounts Journal Instructions Collegiate Publishing Inc. began printing operations on March 1 Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheels. Jobs 303 and 304 are stil in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets, In addition to the materials and lab charged directly to the jobs, $7,000 of indirect materials and $11:200 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month are as follows, in summary form. Journal Shaded cells have to Job 301 Job 30 Chart of Accounts Journalize the Mar 31 summary entries to record each of the following operations for March (one entry for each operation). Refer to the chart of Direct materials $10.200 Direct materials $21,000 accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal exp anations. Every ine on a journal Direct labor 8:000 Direct labor 15.400 CHART OF ACCOUNTS page is used for deba or credit entries. Do not add explanations or sip a line between journal entries. CNOW journals wil automatically indent a Factory overhead 6,080 Factory overhead 11 704 Collegiate Publishing Inc. credit entry when a credit amount is entered. o. Direct and indirect materials used Total $24.280 Total 43 104 General Ledger b. Direct and indirect labor used ASSETS REVENUE C. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost). Job 303 Job 304 110 Cash 410 Sales d Completion of Jobs 301 and 302 Direct materials $23,000 Direct materials $14,200 121 Accounts 610 Interest Revenue Receivable Direct labor 18,000 Direct labor 12,200 125 Notes EXPENSES All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback Factory overhead Factory overhead Receivable 510 Cost of Goods FAGE TO 126 Interest Sold JOURNAL Score: 11/125 ACCOUNTING EQUATION Required: Receivable 520 Wages Expense DATE DESCRIPTION POST REF. DERIT CRIENT EQUITY alize the Mar: 31 sun ntries to record each of the following operations for March (one entry for each operation). Refer to the chart of 131 Materials $31 Selling Mar. 31 accounts for the e wording of the account tities, CNOW journals do not use lines for spaces of journal explanations, Every line on a journal 132 Work in Process Expenses page is used for debil or credit entries, Do not add explanations or skip a line between journal entries, CNOW journals will automatically indent a 133 Factory 532 Insurance credit entry when a credit amount is entered. Overhead Expense a Direct and indirect materials used. 134 Finished Goods 533 Utities Expense 5. Direct and indirect labor used. 141 Supplies 534 Office Supplies Factory overhead applied to all four jobs (a single ove ased on direct labor cost) 142 Prepaid Expense mpistion of Joba 301 and 302. Insurance 540 Administrative 143 Prepaid Expenses Expenses 560 Depreciation 181 Land Expense-Factory 191 Factory 590 Miscellaneous 192 Accumulated Expense Depreciation- 710 Interest Expense Factory LIABILITIES 210 Accounts Payable 221 Uthen Payable 231 Noles Payable 236 Interest Payable Check My Work Previous Next Emad Instructor Sirve and Ever Subtract Assignment for Gr
