Instructions Velasco Co. uses a job order cost system. The following data summarize the operations related to production for July: July 1 Materials purchased on account, $609,540 2 Materials requisitioned, $658,830, of which $77,290 was for general factory use Factory labor used, $657,000, of which $87,070 was indirect 31 31 Other costs incurred on account for factory overhead, $140,970; selling expenses, $241,550; and administrative expenses, $140,520 Prepaid expenses expired for factory overhead, $29,400; for selling expenses, $26,310; and for administrative expenses, $18,410 31 31 Depreciation of office building was $82,130; of office equipment, $44,590; and of factory equipment, $32,650 31 Factory overhead costs applied to jobs, $361,270 Jobs completed, $1,045,220 31 31 Cost of goods sold, $890,070 Required: Journalize the entries to record the summarized operations. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent credit entry when a credit amount entered. Chart of Accounts CHART OF ACCOUNTS Velasco Co. General Ledger ASSETS REVENUE 410 Sales 610 Interest Revenue 110 Cash 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 131 Materials 132 Work in Process 133 Factory Overhead 134 Accumulated Depreciation-Factory Equipment 135 Finished Goods 141 Supplies 142 Prepaid Insurance 143 Prepaid Expenses 181 Office Building 182 Accumulated Depreciation Office Building 191 Office Equipment 192 Accumulated Depreciation Office Equipment EXPENSES 510 Cost of Goods Sold 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 710 Interest Expense LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable 251 Wages Payable 252 Consultant Fees Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends Journal Journalize the entries to record the summarized operations. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when credit amount is entered. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 3 4 5 7 3 9 10 11 12 13 14 15 16 | 17 18 19 20 21 | 22 23 14 25 | 26 27 28