Instructions Collegiate Publishing Inc. began printing operations on March 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were 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 factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $7,400 of indirect materials and $12,000 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month are as follows, in summary form: Job 301 Job 302 Direct materials $9,000 Direct materials $21,100 Direct labor 7,700 Direct labor 16,800 Factory overhead 5,467 Factory overhead 11,928 Total $22,167 Total $49,828 Job 303 Job 304 Direct materials $25,200 Direct materials $14,800 Direct labor 16, 100 Direct labor 13,900 Factory overhead Factory overhead Required: Journalize the Mar. 31 summary entries to record each of the following operations for March (one entry for each operation). Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.a. Direct and indirect materials used. b. Direct and indirect labor used. c. Factory overhead applied to all four jobs (a 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 ASSETS 110 Cash 121 Accounts Receivable 125 Motes Receivable 124 Interest Receivable 131 Materials 132 Work in Process 133 Factory Overhead 134 Finished Goods 141 Supplies 142 Prepaid Insurance 143 Prepaid Expenszes 181 Land 191 Factory 192 Accumulated Depreciation-Factory REVENUE 410 Sales G10 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Wages Expense 531 3Selling Expenses 532 Insurance Expense 533 Utilities Expense 534 Office Supplies Expense 540 Administrative Expenses 550 Depreciation Expense-Factory 590 Miscellaneous Expense 710 Interest Expense 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 SummaryJournalize the Mar. 31 summary entries to record each of the following operations for March (one entry for each operation). Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. a. Direct and indirect materials used. b. Direct and indirect labor used. c. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost). . Completion of Jobs 301 and 302. All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback.PAGE 10 JOURNAL Score: 21/125 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Mar. 31 Work in Process Materials 8 10