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I need help journalizing the transactions for the company. Kid Stars produces stars for elementary teachers to reward their students.Kid Stars' trial balance on June
I need help journalizing the transactions for the company.
Kid Stars produces stars for elementary teachers to reward their students.Kid Stars' trial balance on June 1 follows:
Homework: 2-1 MyAccountingLab Homework: Chapters 17 and 18 Score: 0 of 20 pts of 4 (0 complete) HW Score: 0%, 0 of 80 pts P17-38B (similar to) Question Help Kid Stars prod for clementary be hers students. Kid Stars' tri follows: 1 Click the icon to view the transactions.) EER (Click the icon to view the trial balance.) June 1 balances in the subsidiary ledgers ware as follows: Read the (Click the icon to view the balances.) Requirement 1. Journalize the transactions for the company (Record debito first, then credito. Exclude explanations from any journal entries.) More Info a. Collections on account, $155,000 Date Accounts Deb Credit Raw Materials Inventory subsidiary ledger: Paper, SA,700; indirect materials $1,000 Work-in-Process Inventory subsidiary ledger. Job 120, $41,000; Job 121, S0 Finished Goods Inventory subsidiary ledger: Larga Stars, $8,900; Smal Stars, Data Table Done Print Kid Stars More Info Trial Balance June Balance a. Collections on account, $155,000. b. Selling and administrative expenses incurred and paid, $24.000. Account Title Debit Credit c. Payments on account, $44,000. 5,000 d. Materials purchased on account: Paper, $23,300: indirect materials, $5.100. Re 70,000 e. Materials requisitioned and used in production Job 120: Paper, 950 Raw Materials 5,700 Job 121: Paper, 7,650 Work-in-Process 41,000 Indirect materials, ,300 Finished Goods 20,000 f. Wages incurred during June, $41,000. Labor time records for the month: Job 120, $3,500 Job 121. Plant Assets 280,000 $18,300 direct labor, $19,200 Accumulated Depreciation 73,000 g. Wages paid in June include the balance in the Wages Payable at May 31 plus $38,000 of wages incurred during June, Accounts Payable 25,000 Depreciation on plant and equipment, $3,100 Wages Payable 2,500 i. Manufacturing overhead located at the predete ned overhead allocation rate of 60% ofdirect lab Common Stock 142,000 cost j, Jobs completed during the month: Job 120 with 800,000 Large Stars at a total cost of $47,550. Retained Earnings 89,200 k. Sales on account all of 20 for $110,000. Sales Revenue I. Adjusted for overallocated or underallocated manufacturing overhead Cost of Goods sold ng overhead Choose from any list or enter any number in Done Selling and Administrative Expenses 531,700 531,700 19 parts Total Clear All Check Answer remainingStep by Step Solution
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