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Dttoson Fencing inc. uses job ordes cesing. The following data summarizo the operations related to production for December, the first month of operations: a. Materials purchased on account, $28,610 b. Materals recuistioned and tactory labor used: c. Factory overhead costs incurred on acoount, $5,710 d. Depreciaton of mactinery and equipment, $1,910. e. The factory overhead zate is 556 per machine hour. Machine hours used: 1. Jobs completed: 301,302,303 and 305 . 9. Jobs were shipped and custome's were biled as follows: Job 301,$0,520,Job302,$10,770; Job 303,$15,650 Aequired: 1. Joumalize the eniries to record the summarized eperations. Fecord each fem (tems a-1) as an individual entry on December 31, Aecord dem gas 2 entries. 2. Post the appropriate entries to T accounts for Work in Process and finished Goods, using the identiging ieterd as fransacton codes. buent memo account balances as of the end of the month. Chart of Accounts CHART OF ACCOUNTS Ottoson Fencing Inc. General Ledger ASSETS 110 Cash 121 Accounts Receivable 125 Notes Recelvable 126 Interest Receivable 131 Materials 132 Work in Process 133 Factory Overhead 134 Finished Goods 141 Supplies 142 Propaid insurance 143 Propaid Exponses 181 Land 191 Machinery and Equipment REVENUE 410 Sales 610 interest Revenue EXPENSES 510 Cost of Goods Sold 520 Wages Expense 531 Selling Expenses 532 Insurance Expense 533 gitelities Expense 534 Office Supplies Expense 540 Administrative Expenses 561 Depreciation Expense-Machinery and Equipment 590 Miscellaneous Expense 710 Interest Expense Chart of Accounts 142. Prepaid Insurance 534 Otice Supplies Expense 143 Prepaid Expenses 540 Administrative Expenses 181 Land 561 Depreciation Expense-Machinery and Equipment 191 Machinery and Equpment 590 Miscollaneous Expense 192 Accumulated Depreciation-Machinery and Equipment 710 Interest Expense LIABILITIES 210 Accounts Payable 221 Utilites Payable 231 Notes Payable 236 interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable EQuIrY 311 Common Stock 340 Retained Eamings 351 Dividends 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 9 mere check thy Wos utes nemexing General Journal 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identying letters as transaction codes. Insert memo acoount balances as of the end of the month IAccounts hatrucfions 3. Prepare a schedule of unfinished jobs fo support the balance in the work in process account. 4. Prepare at schedule of completed jobs on hand to support the balance in the finished goods account. Dttoson Fencing inc. uses job ordes cesing. The following data summarizo the operations related to production for December, the first month of operations: a. Materials purchased on account, $28,610 b. Materals recuistioned and tactory labor used: c. Factory overhead costs incurred on acoount, $5,710 d. Depreciaton of mactinery and equipment, $1,910. e. The factory overhead zate is 556 per machine hour. Machine hours used: 1. Jobs completed: 301,302,303 and 305 . 9. Jobs were shipped and custome's were biled as follows: Job 301,$0,520,Job302,$10,770; Job 303,$15,650 Aequired: 1. Joumalize the eniries to record the summarized eperations. Fecord each fem (tems a-1) as an individual entry on December 31, Aecord dem gas 2 entries. 2. Post the appropriate entries to T accounts for Work in Process and finished Goods, using the identiging ieterd as fransacton codes. buent memo account balances as of the end of the month. Chart of Accounts CHART OF ACCOUNTS Ottoson Fencing Inc. General Ledger ASSETS 110 Cash 121 Accounts Receivable 125 Notes Recelvable 126 Interest Receivable 131 Materials 132 Work in Process 133 Factory Overhead 134 Finished Goods 141 Supplies 142 Propaid insurance 143 Propaid Exponses 181 Land 191 Machinery and Equipment REVENUE 410 Sales 610 interest Revenue EXPENSES 510 Cost of Goods Sold 520 Wages Expense 531 Selling Expenses 532 Insurance Expense 533 gitelities Expense 534 Office Supplies Expense 540 Administrative Expenses 561 Depreciation Expense-Machinery and Equipment 590 Miscellaneous Expense 710 Interest Expense Chart of Accounts 142. Prepaid Insurance 534 Otice Supplies Expense 143 Prepaid Expenses 540 Administrative Expenses 181 Land 561 Depreciation Expense-Machinery and Equipment 191 Machinery and Equpment 590 Miscollaneous Expense 192 Accumulated Depreciation-Machinery and Equipment 710 Interest Expense LIABILITIES 210 Accounts Payable 221 Utilites Payable 231 Notes Payable 236 interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable EQuIrY 311 Common Stock 340 Retained Eamings 351 Dividends 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 9 mere check thy Wos utes nemexing General Journal 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identying letters as transaction codes. Insert memo acoount balances as of the end of the month IAccounts hatrucfions 3. Prepare a schedule of unfinished jobs fo support the balance in the work in process account. 4. Prepare at schedule of completed jobs on hand to support the balance in the finished goods account
