Include the Journalize and post transactions to GL accounts and Jobs as required. transaction reference letter in the GL account posting. ACCOUNTS DEBIT Res CASH 100,000 A COMMON STOCK The company issued 100,000 shares of common stock for $1.00 per share. CREDIT 100,000 JOB 101 DM DL JOB IOZ DM JOB 103 DM VOL MO TOTAL TOTAL TOTAL The company purchased $20,000 of raw materials on account ACCOUNTS PAYABLE COMMON STOCK Raw materials: allocated $4,000 to job 101, $7,000 to lob 102 & $5,000 to lob 103. Enter these values on the job cost sheets, ACCOUNTS REC SALARIES PAYABLE Direct Labor for each job: Jab 101: $9,000; Job 102: $6,000; Job 103: $5,000. Enter these values on the job cast sheets RAW MATERIALS DIVIDENDS Actual manufacturing overhead incurred and accrued as a payable was $14,000 plus $3,000 of Accumulted depreciation. (DO not record on lob sheets) Manufacturing Overhead is applied at a rate of 80% of direct labar cost. 80% of $20,000 is $16.000). Apply at the same rate on each lab cost sheet. WORK IN PROCESS DM DLL MO applied Jobs 101 and 102 were finished and moved to Finished Goods. EQUIPMENT COST OF GOODS SOLD Job 101 wos sold to a customer. The price is set at twice the cost of the job. ACC. DEPR. EQ, The cost of lob 101 is moved to Cost of Goods Sold MANUFACTURING OVERHEAD | Note that the Manufacturing Overhead has an ending debit balance of $1,000. This is because the Predetermined Overhead Rate of 80% of direct labor cost did not accurately predict the actual amount of overhead incurred. At the end of the year, this balance in the MO account must be closed to COGS. Posting transactions to T-accounts: Each T-account has a posting reference box on the left and right sides of the T-account. Enter the posting reference related to the journal entry adjacent to the number posted. These would be the A,B,C,D,E,F,G,H,1,J references