Forest Components makes aircraft parts. The following transactions occurred in July. 1. Purchased $16,910 of materials on account. 2. Issued $16,840 in direct materials to the production department. 3. Issued $1,230 of supplies from the materials inventory. 4. Paid for the materials purchased in transaction (1) using cash. 5. Returned $2,190 of the materials issued to production in (2) to the materials inventory. 6. Direct labor employees earned $31,700, which was paid in cash. 7. Purchased miscellaneous items for the manufacturing plant for $17,340 on account. 8. Recognized depreciation on manufacturing plant of $35,100. 9. Applied manufacturing overhead for the month. Forest uses normal costing. It applies overhead on the basis of direct labor costs using an annual, predetermined rate. At the beginning of the year, management estimated that direct labor costs for the year would be $435,600. Estimated overhead for the year was $409,464. The following balances appeared in the inventory accounts of Forest Components for July. Beginning Ending Materials Inventory Work-in-Process Inventory ? $12,470 ? 10,530 Finished Goods Inventory Cost of Goods Sold $2,690 6,990 ? 73,500 Required: a. Prepare journal entries to record these transactions. b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required A Required B Prepare journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < A B C D E F G Applied manufacturing overhead for the month. Note: Enter debits before credits. Transaction 9 H > General Journal Debit Credit Record entry Clear entry View general journal Required A Required B Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Beg. bal. End. bal. Materials Inventory Beg. bal. End. bal. Work-In-Process Inventory Manufacturing Overhead Control Beg. bal. Applied Manufacturing Overhead Beg. bal. End. bal. End. bal. Transferred to Finished Goods Accounts Payable Cash Beg. bal. Beg. bal. End. bal. Accumulated Depreciation-Property, Plant, and Equipment Beg. bal. End. bal. Beg. bal. Goods completed End. bal. Cost of Goods Sold End. bal. Finished Goods Inventory Beg. bal. Goods completed End. bal. < Required A Required B > Transfer to Cost of Goods Sold Complete this question by entering your answers in the tabs below. Required A Required B Prepare journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A B C D E F G H I > Purchased $16,910 of materials on account. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required A Required B Prepare journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet > A B D E F G H I Issued $16,840 in direct materials to the production department. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required A Required B Prepare journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < A B D E F G H I > Issued $1,230 of supplies from the materials inventory. Note: Enter debits before credits. Transaction 3 General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required A Required B Prepare journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A B C D E F G H I Paid for the materials purchased in transaction (1) using cash. Note: Enter debits before credits. Transaction 4 General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required A Required B Prepare journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < A B C D E F GHI Returned $2,190 of the materials issued to production in (2) to the materials inventory. Note: Enter debits before credits. Transaction 5 General Journal Debit Credit Record entry Clear entry View general journal > Complete this question by entering your answers in the tabs below. Required A Required B Prepare journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A B C DE G HI > Direct labor employees earned $31,700, which was paid in cash. Note: Enter debits before credits. Transaction 6 General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required A Required B Prepare journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A B C D E F H I Purchased miscellaneous items for the manufacturing plant for $17,340 on account. Note: Enter debits before credits. Transaction 7 General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required A Required B Prepare journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < A B C D E F G Recognized depreciation on manufacturing plant of $35,100. Note: Enter debits before credits. Transaction 8 General Journal Debit Credit Record entry Clear entry View general journal