Instructions Chart of Accounts Amount Descriptions Journal T Accounts Instructions Tybee Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations a. Materials purchased on account, $29,800. b. Materials requisitioned and factory labor used: Job 301 302 303 304 305 Materials Factory Labor $ 2,960 3,620 2,400 8,100 5,100 3,750 $2,775 3,750 1,875 6,860 5,250 3,340 306 Instructions 305 306 Total 40 25 228 f. Jobs completed: 301, 302, 303 and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $8.250: Job 302. S 11.20Job 303, s 15,000. Required: 1. Journalize the entries to record the summarized operations. Record each item (tems a-) as an indvidual g as 2 entries. Refer to the Chart of Accounts for exact wording of account tles Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identlying letters as transaction codes. Insert memo account balances as of the end of the month structions f. Jobs completed: 301, 302, 303 and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $8,250; Job 302, $11,200; Job 303, $15,000. Required 1. Journalize the entries to record the summarized operations. Record each item (items a-) as an individual entry on January 31. Record item g as 2 entries. Refer to the Chart of Accounts for exact wording of account titles. 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identilying letters as transaction codes.Insent memo account balances as of the end of the month. 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.. Refer to the list of Amount Descriptions for the exact wording of the answer choices for text entries CHART OF ACCOUNTS Tybee Industries Inc. General Ledger ASSETS REVENUE 110 Cash 410 Sales 121 Accounts Receivable 125 Notes Receivable 26 Interest Receivable 131 Materials 132 Work in Process 133 Factory Overhead 134 Finished Goods 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Wages Expense 531 Selling Expenses 532 Insurance Expense Instructions Chart of Accounts 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 Amount Descriptions Amount Descriptions Job No. 301 Job No. 302 Job No. 303 Job No. 304 Job No. 305 Job No. 306 Journal 1. Joumaize the entries to record the summarized operations. Reoord each item tems a-0 as an individual entry on January 31. Record item g as 2 entries. Rafer to the Chart of Accounts for exact wording af account stles JDURNAL ACCOUNTING EQUATION POST. DEBIT ASSETS LIANLITIES EQITY T Accounts 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Insert memo account balances as of the end of the month. Work in Process Bal. Finished Goods Bal. Schedule of Unfinished Jobs 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. Refer to the list of Amount Descriptions for the exact wording of the answer choices for text entries. Tybee Industries Inc. Schedule of Unfinished Jobs Factory Overhead Job Direct Materials Direct Labor Total Balance of Work in Process, January 30 Schedule of Completed Jobs 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Refer to the list of Amount Descriptions list for the exact wording of the answer choices for text entries. Tybee Industries Inc. Schedule of Completed Jobs Factory Job Direct Materials Direct Labor Total Overhead
