General Journal \begin{tabular}{|l|l|l|} \hline 7 & & \\ \hline 8 & \\ \hline 9 & & \\ \hline 10 & \\ \hline 11 & \\ \hline 12 & \\ \hline 15 & \\ \hline 14 & \\ \hline 15 & \\ \hline 16 & \\ \hline 17 & \\ \hline 11 & \\ \hline \end{tabular} 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Schedule of Campleted Jabs Instruction CHART OF ACCOUNTS Ottoson Fencing Inc. General Ledger ASSETS 110 Cash 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 131 Materials 132 Work in Process 133 Factory Overhead 134 Finished Goods 141 Supplies 142 Prepaid Insurance REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Wages Expense 531 Selling Expenses 532 Insurance Expense 533 Utilities Expense 534 Office Supplies Expense d. Depreciation of machinery and equipment, $2,040. e. The factory overhead rate is $55 per machine hour. Machine hours used: f. Jobs completed: 301,302,303 and 305 . Amount Descriptions Balance of Work in Process, December 31 Finished Goods, December 31 (Job 305) Job No. 301 Job No. 302 Job No. 303 Job No. 304 Job No. 305 Job No. 306 Ottoson Fencing Inc. uses jeb order costing. The following data summarize the operations related to production for December, the first thonth of operations: a. Materials puchased on account, $31,250 b. Matnrials feckuisitioned and tactory Labor used: c. Factory overfiead costs incurred on account, \$5.760. d. Depreciation of machinery and equipment, $2,040. Chart of Accounts 141 Supplies 142 Prepaid Insurance 143 Prepaid Expenses 181 Land 191 Machinery and Equipment 192 Accumulated Depreciation-Machinery and Equipment 533 Utilities Expense 534 Office Supplies Expense 540 Administrative Expenses 561 Depreciation Expense-Machinery and Equipment 590 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 221 Utilities Payable - 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable 1. Joumalize the entries to record the summarized operations. Record each item (ttems a-f) as an individual entry on December 31 . Aecord ifem g as 2 entries: General Joumal Instructions. 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. Schedule of Unfinished Jobs Instruction EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 9. Jobs were shipped and customers were billed as follows: Job 301, \$8,390; Job 302, \$10,860; Job 303, $15,380. Required: 1. Joumalize the entries to record the summarized operations, Record each item (items a-1) as an individual entry on December 31 . Aecord item 9 as 2 entries. 2. Post the appropriate ontries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Insert memo account balances as of the end of the month. 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying lotters as transaction codes. insert memo account balances as o end of the month