Instructions Munson Co. uses a job order cost system. The following data summarize the operations related to production for July: July 1 31 31 31 Materials purchased on account, $644,380. 2 Materials requisitioned, $670,250, of which $71,770 was for general factory use. Factory labor used, $637,900, of which $88,640 was indirect. Other costs incurred on account for factory overhead, $142,060; selling expenses, $238,560; and administrative expenses, S151,300. Prepaid expenses expired for factory overhead were $29,450; for selling expenses, $27,540; and for administrative expenses, $18,720. Depreciation of office building was $84,480; of office equipment, $43,730, and of factory equipment, $32,270 Factory overhead costs applied to jobs, $379,790, Jobs completed, $988,380 Cost of goods sold, 5921,340. 31 31 31 31 Required: Journalize the entries to record the summarized operations. Refer to the Chart of Accounts for exact wording of account billes. Chart of Accounts CHART OF ACCOUNTS Munson Co. General Ledger ASSETS REVENUE 110 Cash 410 Sales 121 Accounts Receivable 610 Interest Revenue 125 Notes Receivable 126 Interest Receivable EXPENSES 131 Materials 510 Cost of Goods Sold 132 Work in Process 133 Factory Overhead 134 Finished Goods 141 Supplies 142 Prepaid Insurance 520 Wages Expense 531 Selling Expenses 532 Insurance Expense 533 Utilities Expense 534 Office Supplies Expense 540 Administrative Expenses 561 Depreciation Expense-Office Building 562 Depreciation Expense-Office Equipment 590 Miscellaneous Expense 143 Prepaid Expenses 181 Office Building 191 Office Equipment 192 Accumulated Depreciation-Buildings and Equipment 710 Interest Expense Chart of Accounts 181 Office Building 191 Office Equipment 561 Depreciation Expense-Office Building 562 Depreciation Expense-Office Equipment 192 Accumulated Depreciation-Buildings and Equipment 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 Summary Journal Journalize the entries to record the Sunwarized operations. Refer to the Chart of Accounts for exact wording of account bles. PAGE 10 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT I 9 10 51 32 13 14 Ch 16 Job Order Costing eBook Show Me How Calculator Journal 6 7 8 9 10 11 12 14 15 16 I 17 10 19 21 23