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I need help completing this journal entry correctly Collegiate Publishing Inc, began printing operations on March 1. Jobs 301 and 302 were complefed during the
I need help completing this journal entry correctly
Collegiate Publishing Inc, began printing operations on March 1. Jobs 301 and 302 were complefed during the month, and all costs appli recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factor) recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, 57,800 of indirect materiais and $1 labor were used during the month. The cost sheets for the four jobs entering production during the month are as follows, in summary forn Required: Joumalize the Mar. 31 stimmary entries to record each of the following operations for March (ane entry for each operation). Rerer to the chart accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journat page is used for debit or credit entries. Do not add explanations or skip a line befween joumal entres. CNow joumals will automatically indent credit entry when a credit amount is entered a. Direct and incirect materials used hos b. Direct and indirect labor used c. Factory overhead applied to all four jobs ( 8 single overhead rate is used based on direct labor cost) d Completion of Jobs 301 and 302 CHART OF ACCOUNTS Collegiate Publishing Inc. General Ledger ASSETS110Cash121AccountsReceivable125NotesReceivable126InterestReceivable131Materials132WorkinProcess133FactoryOverhead134FinishedGoods141Supplies142PrepaidInsurance143PrepaidExpenses181Land191Factory192AccumulatedDepreciation-FactoryREVENUE410Sales610InterestRevenueEXPENSES510CostofGoodsSold520WagesExpense531SellingExpenses532InsuranceExpense533UtititiesExpense534OfliceSuppliesExpense540AdministrativeExpenses560DepreciationExpense-Factory590MiscellaneousExpense710InterestExpense 142PrepaidInsurance143PrepaidExpenses181Land191Factory192AccumulatedDepreciation-Factory534OfficeSuppliesExpense540AdministrativeExpenses560DepreciationExpense-Factory590MiscellaneousExpense710InterestExpense LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary accounts for the eract wording of the account ttes. CNowjournes do not use ines for sosces of pornal eplansocns fiven lite on a jumal credit entry when a creat amourt is entered a. Diect and ndirect materials uted D Drect and indenct lasor used df Compeeson of Joos 301 and 302 . Collegiate Publishing Inc, began printing operations on March 1. Jobs 301 and 302 were complefed during the month, and all costs appli recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factor) recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, 57,800 of indirect materiais and $1 labor were used during the month. The cost sheets for the four jobs entering production during the month are as follows, in summary forn Required: Joumalize the Mar. 31 stimmary entries to record each of the following operations for March (ane entry for each operation). Rerer to the chart accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journat page is used for debit or credit entries. Do not add explanations or skip a line befween joumal entres. CNow joumals will automatically indent credit entry when a credit amount is entered a. Direct and incirect materials used hos b. Direct and indirect labor used c. Factory overhead applied to all four jobs ( 8 single overhead rate is used based on direct labor cost) d Completion of Jobs 301 and 302 CHART OF ACCOUNTS Collegiate Publishing Inc. General Ledger ASSETS110Cash121AccountsReceivable125NotesReceivable126InterestReceivable131Materials132WorkinProcess133FactoryOverhead134FinishedGoods141Supplies142PrepaidInsurance143PrepaidExpenses181Land191Factory192AccumulatedDepreciation-FactoryREVENUE410Sales610InterestRevenueEXPENSES510CostofGoodsSold520WagesExpense531SellingExpenses532InsuranceExpense533UtititiesExpense534OfliceSuppliesExpense540AdministrativeExpenses560DepreciationExpense-Factory590MiscellaneousExpense710InterestExpense 142PrepaidInsurance143PrepaidExpenses181Land191Factory192AccumulatedDepreciation-Factory534OfficeSuppliesExpense540AdministrativeExpenses560DepreciationExpense-Factory590MiscellaneousExpense710InterestExpense LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary accounts for the eract wording of the account ttes. CNowjournes do not use ines for sosces of pornal eplansocns fiven lite on a jumal credit entry when a creat amourt is entered a. Diect and ndirect materials uted D Drect and indenct lasor used df Compeeson of Joos 301 and 302 Step by Step Solution
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