Instructions X 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, $7,900 of indirect materials and $13,200 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 Chart of Accounts Chart of Accounts CHART OF ACCOUNTS 181 Land 560 Depreciation Expense-Factory Direct materials $10,900 Direct materials $18,300 Collegiate Publishing Inc. 191 Factory 590 Miscellaneous Expense 92 Accumulated Depreciation-Factory 710 Interest Expense General Ledger Direct labor 8,900 Direct labor 17,700 ASSETS REVENUE LIABILITIES 210 Accounts Payable Factory overhead 5,785 Factory overhead 11,505 110 Cash 410 Sales 221 Utilities Payable 21 Accounts Receivable 610 Interest Revenue 231 Notes Payable Total $25,585 Total $47,505 125 Notes Receivable 236 Interest Payable 126 Interest Receivable EXPENSES 241 Lease Payable 131 Materials 510 Cost of Goods Sold 251 Wages Payable 132 Work in Process 520 Wages Expense 252 Consultant Fees Payable 133 Factory Overhead 531 Selling Expenses Job 303 Job 304 134 Finished Goods 532 Insurance Expense EQUITY 141 Supplies 533 Utilities Expense 311 Common Stock Direct materials $26,000 Direct materials $13,700 142 Prepaid Insurance 534 Office Supplies Expense 340 Retained Earnings 43 Prepaid Expenses 540 Administrative Expenses 51 Dividends Direct labor 16,000 Direct labor 12,300 181 Land 560 Depreciation Expense-Factory 390 Income Summary 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. 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. Journal Shaded cells have feedback. X PAGE 10 JOURNAL Score: 74/125 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Materials 64,600.00 Work in Process 52,700.00 Indirect Materials 7,900.00 Work in Process 56,200.00 Wages Payable 16,100.00 + Consultant Fees Payable 26,900.00 Factory Overhead 26,900.00 Factory Overhead 32,685.00 Work in Process 32,685.00 10 Finished Goods 73,090.00