Exercise 3-9 Journal Entries and T-accounts [LO3-2, LO3-4, LO3-5]

The Polaris Company uses a job-order costing system. The following data relate to October, the first month of the company?s fiscal year.

a.Raw materials purchased on account, $210,000.b.Raw materials issued to production, $192,000 ($153,600 direct materials and $38,400 indirect materials).c.Direct labor cost incurred, $48,000; indirect labor cost incurred, $21,000.d.Depreciation recorded on factory equipment, $105,000.e.Other manufacturing overhead costs incurred during October, $129,000 (credit Accounts Payable).f.The company applies manufacturing overhead cost to production on the basis of $6 per machine-hour. A total of 76,400 machine-hours were recorded for October.

g.Production orders costing $511,000 according to their job cost sheets were completed during October and transferred to Finished Goods.

h.Production orders that had cost $452,000 to complete according to their job cost sheets were shipped to customers during the month. These goods were sold on account at 38% above cost.

x b Chegg 5rudy'i Guided M Chapl 'Graded Enel' n Homework'Help-prA x .'_(': 'During' Dabbennc'r' ' " ' - . '_ 7' . ' , , ' , ' , ' .- \"\" '' " ezto heduca on om/h tpx Q 1% It I/ b' _ GA ' Required: 1 Prepare journal enrn'es m recbrclrrre inlorrnaribn given above, (Ifna enlry is required lor a transaction/event. select \"No journal enrry required" in me rsr account eld.) uiewnransaeiion list view general journal Journal Entry Worksheet 0 @ Raw materials purchased on account, $210,000 'Emer debits before credits done clear entrv 2 Prepare T-accoums ierMannlacinring Overhead and Work in Pmcess Posr rne relevam inlbrrnaribn above to each account Campmethe ending balance in eacn account. assuming mar Work in Process has a beginning balance M 535 one Beg. Bal. Beg. Eal. End Bel End, Eel