Exercise 5 -- Journal entries for monthly transactions: Shapiro, Inc. uses job costing and applies factory overheads on the basis of direct labor hours. Transactions of July were: C. a. Materials purchased on account, $10,000 b. Shop supplies purchase on account, $5,000 Materials requisitioned, $10000, of which $7000 was direct materials. d. Recorded liability, paid and distributed payroll: direct labor, $15,000; indirect labor, $5,000; employee income tax withheld, $2,000; FICA tax, $1,200 e. Employee factory payroll taxes for the month, $1,800. f. Factory overhead paid: repairs $175; rent, $300; power and light ,$400 g. Depreciation of machinery and equipment, $625 h. Expired insurance on machinery $50 i. Factory overhead applied to production at the rate of 75% of direct labor cost. j. Inventories at the end of the month: work in process, $9,000; finished goods, $6,000 k. Sales on account, $50,000. Required: General Journal entries to record the transactions. Use a factory overhead control account (not closed until the end of the year) to record both actual and applied overhead