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estion Help The Morgan Company has an extensive job-costing facility that uses a variety of metals. Consider each requirement independently Read the requirements Requirement 1. Job 372 uses a particular metal alloy that is not used for any other job. Assume that scrap is material in amount and sold for $550 quickly after it is produced. Prepare the journal entry. (Record debits first, then credits. Exclude explanations from any journal entries ) Journal Entry Accounts Debit Credit Read the requirements Requirement 2. The scrap from Job 372 consists of a metal used by many other jobs. No record is maintained of the scrap generated by individual jobs. Assume that scrap is accounted for at the time of its sale. Scrap totaling $3,700 is sold. Prepare two alternative journal entries that could be used to account for the sale of scrap Begin by preparing the journal entry to record the recognition of scrap, assuming the value of scrap is immaterial and scrap is recognized at the time of sale (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Accounts Debit Credit Now prepare the journal entry to record the recognition of scrap, assuming the value of scrap is material, is common to all jobs, and is recognized at the time of sale. Journal Entry Accounts Debit Credit Requirement 3. Suppose the scrap generated in requirement 2 is returned to the storeroom for future use, and a joumal entry is made to record the scrap A month later, the scrap is reused as direct material on a subsequent job Prepare the journal entries to record these transactions Begin by preparing the journal entry to record the return of scrap. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Accounts Debit Credit Prepare the journal entry to record the reuse of scrap as direct material on a subsequent job Journal Entry Accounts Debit Credit 1. Job 372 uses a particular metal alloy that is not used for any other job. Assume that scrap is material in amount and sold for $550 quickly after it is produced. Prepare the journal entry 2. The scrap from Job 372 consists of a metal used by many other jobs. No record is maintained of the scrap generated by individual jobs. Assume that scrap is accounted for at the time of its sale. Scrap totaling $3,700 is sold. Prepare two alternative journal entries that could be used to account for the sale of scrap 3. Suppose the scrap generated in requirement 2 is returned to the storeroom for future use, and a journal entry is made to record the scrap. A month later, the scrap is reused as direct material on a subsequent job. Prepare the journal entries to record these transactions