Howie Stars produces stars for elementary teachers to reward their students. Howie Stars' trial June transactions are summarized as follows: balance on June 1 follows: (Click the icon to view the transactions.) (Click the icon to view the trial balance.) June 1 balances in the subsidiary ledgers were as follows: Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Exclude explanations from any journal entries.) a. Collections on account, $151,000 b. Selling and administrative expenses incurred and paid, $30,000 c. Payments on account, $43,000 h. Depreciation on plant and equipment, $3,200 j. Jobs completed during the month: Job 120, 300,000 Large Stars at total cost of $50,000 k. Sales on account: all of Job 120 for $130,000 Begin by recording the revenue from the sales on account. Do not record the expense related to the sale in this journal entry. We will do that in the next step. Now record the cost of goods sold related to the sale of all of Job 120 . I. Adjusted for overallocated or underallocated manufacturing overhead. each account's balance as given. Post the journal entries to the T-accounts using the transaction letters as a reference. affected by the transaction. For accounts with a zero balance, enter a "0" along with a "Bal." reference on the normal side of the T-account.) \begin{tabular}{lr|l} \multicolumn{2}{c}{ Cash } \\ \hline Bal. 16,000 & \\ & (b) \\ & & (c) \\ & & (g) \\ (a) 151,000 & & \end{tabular} Raw Materials Inventory \begin{tabular}{l|l} \multicolumn{2}{c}{ Work-in-Process Inventory } \\ \hline Bal. 43,000 & \\ \hline & \\ \hline \end{tabular} \begin{tabular}{l|l} \multicolumn{2}{c}{ Finished Goods Inventory } \\ \hline Bal. 22,200 & \\ \hline \end{tabular} \begin{tabular}{l|l} \multicolumn{2}{c}{ Property, Plant, and Equipment } \\ \hline Bal. 300,000 & \\ \hline & \\ \hline & \\ \hline \end{tabular} Accounts Payable Wages Payable \begin{tabular}{l|l} \hline & 132,000 Bal. \\ \hline & \\ \hline & \\ \hline & \\ \hline \end{tabular} \begin{tabular}{l|l} \hline & 1,600 Bal. \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline \end{tabular} Retained Earnings Sales Revenue \begin{tabular}{l|l} \hline & 207,100 Bal. \\ & \\ \hline & \\ \hline \end{tabular} Selling and Admin. Expenses Howie Stars produces stars for elementary teachers to reward their students. Howie Stars' trial June transactions are summarized as follows: balance on June 1 follows: (Click the icon to view the transactions.) (Click the icon to view the trial balance.) June 1 balances in the subsidiary ledgers were as follows: Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Exclude explanations from any journal entries.) a. Collections on account, $151,000 b. Selling and administrative expenses incurred and paid, $30,000 c. Payments on account, $43,000 h. Depreciation on plant and equipment, $3,200 j. Jobs completed during the month: Job 120, 300,000 Large Stars at total cost of $50,000 k. Sales on account: all of Job 120 for $130,000 Begin by recording the revenue from the sales on account. Do not record the expense related to the sale in this journal entry. We will do that in the next step. Now record the cost of goods sold related to the sale of all of Job 120 . I. Adjusted for overallocated or underallocated manufacturing overhead. each account's balance as given. Post the journal entries to the T-accounts using the transaction letters as a reference. affected by the transaction. For accounts with a zero balance, enter a "0" along with a "Bal." reference on the normal side of the T-account.) \begin{tabular}{lr|l} \multicolumn{2}{c}{ Cash } \\ \hline Bal. 16,000 & \\ & (b) \\ & & (c) \\ & & (g) \\ (a) 151,000 & & \end{tabular} Raw Materials Inventory \begin{tabular}{l|l} \multicolumn{2}{c}{ Work-in-Process Inventory } \\ \hline Bal. 43,000 & \\ \hline & \\ \hline \end{tabular} \begin{tabular}{l|l} \multicolumn{2}{c}{ Finished Goods Inventory } \\ \hline Bal. 22,200 & \\ \hline \end{tabular} \begin{tabular}{l|l} \multicolumn{2}{c}{ Property, Plant, and Equipment } \\ \hline Bal. 300,000 & \\ \hline & \\ \hline & \\ \hline \end{tabular} Accounts Payable Wages Payable \begin{tabular}{l|l} \hline & 132,000 Bal. \\ \hline & \\ \hline & \\ \hline & \\ \hline \end{tabular} \begin{tabular}{l|l} \hline & 1,600 Bal. \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline \end{tabular} Retained Earnings Sales Revenue \begin{tabular}{l|l} \hline & 207,100 Bal. \\ & \\ \hline & \\ \hline \end{tabular} Selling and Admin. Expenses