HELP TO PREPARE JOURNAL ENTRIES, PLEASE.

If needed, the full homework is attached. Thank you in advance!

a.Raw materials were purchased on account, $60,000.

b.Raw materials were requisitioned for use in production, $52,000.($50,000 direct and $2,000 indirect).

c.Accrual of factory wages $60,000; and maintenance workers for the factory $15,000.

d.The following costs were incurred on the factory; Utilities $21,000, Equipment Rental $16,000and cable, internet, phone for the factory $3,000.

e.The accrual of property taxes on the factory was made in the amount of $13,000.

f.The expiration of prepaid medical insurance on factory workers was made in the amount of $18,000.

g.Depreciation was recorded on the factory equipment in the amount of $18,000.

h. Company applies overhead costs based on machine hours worked.the companyestimated that it will work 15,000 machine hours and incur $90,000 in manufacturing

overhead costs.The journal entry is made to apply Manufacturing Overhead.A total of 15,000 machine hours have occurred.

i.The accrual of management salaries $21,000 and office staff salaries $9,000 was made.

j.Depreciation on office equipment was made in the amount of $7,000.

k.Advertising for the period was accrued in the amount of $42,000.

l.Cable, internet, and phone expenses for Sales Offices was $38,000 and General & Administrative was $4,000.

m.$158,000 of goods were completed and transferred to the finished goods department.

n1.Sold $500,000 (Sales Price) on account.n2.The goods had a cost of $118,500.

10.Is Manufacturing Overhead underapplied or overapplied for the year?By what amount?

11.Prepare the necessary entry to close manufacturing overhead.(Use the write-off approach).

12.Provide Entry to Close to COGS:

ACC 419 F17 HW #1 20 Points XYZ Company Partial Chart of Accounts: Current Assets: Accounts Receivable Office Supplies Prepaid Medical Insurance Prepaid Rent Inventory Accounts: Raw Materials Work in Process Finished Goods Factory Costs: Indirect Materials Indirect Labor Factory: Utilities Factory: Depreciation Factory: Rent Factory: Cable, Internet, Phone Expense Factory: Property Taxes Factory: Medical Insurance Selling Expenses: Cable TV, Internet and Phone Expense Advertising Expense Name: Date: PPE Accounts: Office Equipment Accumulated Depreciation: Office Equipment Factory Equipment Accumulated Depreciation: Factory Equipment Liability Accounts: Accounts Payable Wages & Salaries Payable Advertising Payable Property Tax Payable Other Accounts: Manufacturing Overhead Cost of Goods Sold Sales Revenue General & Administrative Expenses: Cable TV, Internet and Phone Expense Depreciation Expense Management Salaries Office Staff Salaries ACC 419 F17 HW #1 20 Points XYZ Company had the following beginning balances as of 1/1/20X1: Raw Materials Work in Process Finished Goods Refer to the partial chart of accounts or ledger for account names. a. Raw materials were purchased on account, $60,000. b. Raw materials were requisitioned for use in production, $52,000. ($50,000 direct and $2,000 indirect). c. Accrual of factory wages $60,000; and maintenance workers for the factory $15,000. d. The following costs were incurred on the factory; Utilities $21,000, Equipment Rental $16,000 and cable, internet, phone for the factory $3,000. e. The accrual of property taxes on the factory was made in the amount of $13,000. f. The expiration of prepaid medical insurance on factory workers was made in the amount of $18,000. g. Depreciation was recorded on the factory equipment in the amount of $18,000. Application of Manufacturing Overhead is illustrated on Pages 93 & 94 h. XYZ Company applies overhead costs based on machine hours worked. For 20X1 the company estimated that it will work 15,000 machine hours and incur $90,000 in manufacturing overhead costs. The journal entry is made to apply Manufacturing Overhead. A total of 15,000 machine hours have occurred. i. The accrual of management salaries $21,000 and office staff salaries $9,000 was made. j. Depreciation on office equipment was made in the amount of $7,000. k. Advertising for the period was accrued in the amount of $42,000. l. Cable, internet, and phone expenses for Sales Offices was $38,000 and General & Administrative was $4,0 m. $158,000 of goods were completed and transferred to the finished goods department. n1. Sold $500,000 (Sales Price) on account. n2.The goods had a cost of $118,500. Required: 1. Prepare journal entries to record the transactions above. (Sheet 2) 2. Post the entries to ledger "T" accounts. (Sheet 3) 3. Prepare (in good form) a Schedule of Cost of Goods Manufactured and an Income Statement, detailing Cost of Goods Sold, for the year ending 12/31/20X1. (Sheet 4) 4a. Is Manufacturing Overhead underapplied or overapplied for the year? By what amount? 4b. Prepare the necessary entry to close manufacturing overhead. (Use the write-off approach). 4a. Answer: Is MFG OH Underapplied or Overapplied? By what amount? 4b. Provide Entry to Close to COGS: Name: Date: $7,000 30,000 10,000 Chapter or Page Reference Page Page Page Page Page Chapter 3 100 98 99 95 & 96 96 & 97 ACC 419 F17 HW #1 20 Points Requirements: Download this Excel file and save to your computer. Save this Excel file using the convention of Your Last Name ACC419F18 HW1 Complete this assignment using the saved Excel file. Formatting: Do NOT use cents (.00) in any records. Journal, adjusting, and closing entries do not contain dollar signs or cents. Amounts DO contain commas. Financial Statements do NOT contain cents but amounts DO contain commas. The \"rules\" for dollar signs are: o First number in a new column includes a dollar sign. o Use a dollar sign afer a straight line (an amount for a subtotal or total). o Use a double underline and a dollar sign for final totals on all financial statements. Refer to the text for proper formatng of financial statements. The correct headings are provided. Submission Information: Must complete this assignment in Excel. Include your Name, ACC Course, and Homework 1 in the upper right corner on all submitted documents (sheets within Excel). Submit your assignment through the upload feature w Assignments should not be e-mailed to the instructor. PLEASE BE SURE YOUR ASSIGNMENT IS ACTUALLY SUBMITTED AND NOT IN \"DRAFT\" STATUS. In Moodle, there is a requirement to "click" a box to acknowledge that the submission is your original work. By making this selection it completes the submission process. FYI - How to fit a selected area to 1 page Highlight the area you wish to print. "Click" File, Print, under the Settings area pull-down and "click" *Print Selection* At the bottom of the print menu screen, "click" *Page Setup*, beneath Scaling select *Fit to: 1 page(s) wide by 1 On the same screen, select the *Margins* tab. Set the Header and Footer to 0. Set the Top, Bottom, Lef and Right Margins to .5 and under the heading "Center on Page" select *Horizontally* Lastly, "click" File, Print, and two options down from the Setngs area is *Portrait Orientation* if it reads "Landsc use the pull down feature and select *Portrait Orientation* Name: Date: Journal Entries Date a. Account Name: Date: Ref Debit Credit Ref Debit Credit ~Raw materials were purchased on account, $60,000. b. ~Raw materials were requisitioned for use in production, $52,000. $50,000 direct and $2,000 indirect. c. ~Accrual of factory wages $60,000; and maintenance workers for the factory $15,000. d. ~Accrued factory costs utilities $21,000, equipment rental $16,000 and cable, internet and phone factory costs $3,000. e. ~Accrual of property taxes on the factory, $13,000. f. ~Expiration of prepaid medical insurance on factory workers, $18,000. g. ~Depreciation was recorded on the factory equipment in the amount of $18,000. h. ~Application of MFH OH 15,000 Machine hrs. incurred Show Calculation here: i. ~Accrued management salaries $21,000 and office staff salaries $9,000. j. ~Depreciation on office equipment $7,000. k. ~Advertising for the period accrued in the amount of $42,000. l. ~Cable TV, Internet and phone Expense Selling $38,000, and G&A was $4,000. m. ~$158,000 goods completed and transferred to finished goods department. n1. ~Sold $500,000 (Sales Price) on account for goods costing $118,500. n2. ~Sold $500,000 (Sales Price) on account for goods costing $118,500. Date 4b. Account ~Write-off underapplied or overapplied MFG OH to COGS. Ledger Accounts ("T" Accounts) bb Accounts Receivable Prepaid Medical Insurance Raw Materials Inventory 7,000 Work-in-Process Inventory 30,000 bb Office Equipment Accumulated Depreciation Office Equipment Accounts Payable Salaries & Wages Payable Sales Revenue Cost of Goods Sold Selling Expenses: General and Administrative Expenses: Cable, Internet and Phone Expense Advertising Expense Cable, Internet and Phone Expense Management Salaries Expense Name: Date: Prepaid Medical Insurance Prepaid Rent ork-in-Process Inventory bb Office Supplies Finished Goods Inventory 10,000 cumulated Depreciation Office Equipment Factory Equipment Accumulated Depreciation Factory Equipment alaries & Wages Payable Advertising Payable Property Taxes Payable Manufacturing Overhead Advertising Expense agement Salaries Expense Office Staff Salaries Expense Depreciation Expense: Office Equipment Office Supplies cumulated Depreciation Factory Equipment Property Taxes Payable Depreciation Expense: Office Equipment Financials Schedule of Cost of Goods Manufactured and Income Statement (Page 44, 97 & 98). XYZ Company Schedule of Cost of Goods Manufactured For the Year Ending December 31, 20X1 Financials Schedule of Cost of Goods Manufactured and Income Statement (Page 44, 97 & 98). XYZ Company Schedule of Cost of Goods Manufactured For the Year Ending December 31, 20X1 XYZ Company Income Statement For the Year Ending December 31, 20X1 Name: Date