j. Jobs completed during the month: Job 120, 800,000 Large Stars at total cost of $48,300 Date Accounts Debit Credit j. 48300 Finished Goods Inventory Work-in-Process Inventory 48300 k. Sales on account: all of Job 120 for $110,000 Begin by recording the revenue from the sales on account. Do not record the expense related to the sale in this journal entry. We will do that in the next step. Date Accounts Debit Credit k. 110000 Accounts Receivable Sales Revenue 110000 7 Now record the cost of goods sold related to the sale of all of Job 120. Date Accounts Debit Credit k. Cost of Goods Sold 57500 Finished Goods Inventory 57500 I. Adjusted for overallocated or underallocated manufacturing overhead. Date Accounts Debit Credit 1. Cost of Goods Sold 1880 Manufacturing Overhead 1880 Requirement 2. T-accounts for the general ledger, the Raw Materials Inventory subsidiary ledger, the Work-in-Process Inventory subsidiary ledger, and the Finished Goods Inventory subsidiary ledger have been opened for you along with each account's balance as given. Post the journal entries to the T-accounts using the transaction letters as a reference. debit or credit to each T-account affected by Begin with posting the transactions to the general ledger accounts. Key each transaction by transaction letter, and calculate the ending balance of each account. (Post each entry by entering only one the transaction. For accounts with a zero balance, enter a "0" along with a "Bal." reference on the normal side of the T-account.) Review the journal entries you prepared in Requirement 1. Cash Accounts Receivable Raw Materials Inventory Bal. 16,000 Bal. 150,000 Bal. 5,500 20000||(b) 43000||(c) (a) 150000 40200||(g) Bal. Work-in-Process Inventory Finished Goods Inventory Property, Plant, and Equipment Bal. 260,000 Bal. 39,500 Bal. 22,200 (e) (1) (0) Accumulated Depreciation 78,000 Bal. Accounts Payable 135,000 Bal. Wages Payable 2,000 Bal. Common Stock Sales Revenue Retained Earnings 135,200 Bal. 143,000 Bal. Cost of Goods Sold Manufacturing Overhead Selling and Admin. Expenses Post the transactions to the Raw Materials Inventory subsidiary ledger accounts. Key each transaction by transaction letter, and calculate the ending balance, "Bal." of each account. (Combine the entries for transaction (e) into one posting.) Paper Indirect Materials Ball 5,000 Bal. 500 Post the transactions to the Work-in-Process Inventory subsidiary ledger accounts. Key each transaction by transaction letter, and calculate the ending balance "Bal." of each account. (For accounts with a zero balance, enter a 'O' along with a "Bal." reference on the normal side of the T-account.) Job 120 Job 121 Bal. 39,500 Submenu Post the transactions to the Finished Goods Inventory subsidiary ledger accounts. Key each transaction by transaction letter, and calculate the ending balance "Bal." of each account. Large stars Small stars Bal. 9.200 Bal. 13,000 Requirement 3. Prepare a trial balance at June 30, 2024. (Leave both the Debit and Credit column cells blank for accounts with a zero balance at June 30.) Review the general ledger accounts you prepared in Requirement 2. Learning Stars Trial Balance June 30, 2024 Balance Account Title Debit Credit Cash Accounts Receivable Inventories: Raw Materials Work-in-Process Finished Goods Property, Plant and Equipment Learning Stars Trial Balance June 30, 2024 Balance Account Title Debit Credit Cash Accounts Receivable Inventories: Raw Materials Work-in-Process Finished Goods Property, Plant and Equipment Accumulated Depreciation Accounts Payable Wages Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Manufacturing Overhead Selling and Administrative Expenses Total Requirement 4. Use the Work-in-Process Inventory T-account to prepare a schedule of cost of goods manufactured for the month of June. Review the Work-In-Process Inventory general ledger account you prepared in Requirement 2. Learning Stars Schedule of Cost of Goods Manufactured Month Ended June 30, 2024 Cost of Goods Manufactured Requirement 5. Prepare an income statement for the month of June. Review the trial balance you prepared in Requirement 3. Review the journal entry for underallocated manufacturing overhead you prepared in Requirement 1. Learning Stars Income Statement Month Ended June 30, 2024 Cost of Goods Sold Gross Profit Net Income (Loss) Data Table Inventories: Raw Materials 5,500 Work-in-Process 39,500 Finished Goods 22,200 Property, Plant, and Equipment 260,000 Accumulated Depreciation $ 78,000 Accounts Payable 135,000 Wages Payable 2,000 Common Stock 143,000 Retained Earnings 135,200 Sales Revenue 0 0 Cost of Goods Sold Manufacturing Overhead 0 0 Selling and Administrative Expenses $ 493,200 $ 493,200 Total Print Done a. Collections on account, $150,000. b. Selling and administrative expenses incurred and paid, $20,000. c. Payments on account, $43,000. d. Materials purchased on account: Paper, $27,700; indirect materials, $4,800. e. Materials requisitioned and used in production: $ 700 Job 120: Paper, Job 121: Paper, $ 7,600 Indirect materials, $ 1,800 f. Wages incurred during June, $42,000. Labor time records for the month: Job 120, $4,500; Job 121, $19,000; indirect labor, $18,500. g. Wages paid in June include the balance in the Wages Payable at May 31 plus $40,200 of wages incurred during June. h. Depreciation on plant and equipment, $3,200. i. Manufacturing overhead allocated at the predetermined overhead allocation rate of 80% of direct labor costs. j. Jobs completed during the month: Job 120 with 800,000 Large Stars at a total cost of $48,300. k. Sales on account: all of Job 120 for $110,000. I. Adjusted for overallocated or underallocated manufacturing overhead. Raw Materials Inventory subsidiary ledger: Paper, $5,000; indirect materials, $500 Work-in-Process Inventory subsidiary ledger: Job 120, $39,500; Job 121, $0 Finished Goods Inventory subsidiary ledger: Large Stars, $9,200; Small Stars, $13,000 Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Exclude explanations from any journal entries.) a. Collections on account, $150,000 Date Accounts Debit Credit a. Cash 150000 Accounts Receivable 150000 b. Selling and administrative expenses incurred and paid, $20,000 Date Accounts Debit Credit b. Selling and Administrative Expenses 20000 Cash 20000 c. Payments on account, $43,000 Date Accounts Debit Credit C. 43000 Accounts Payable Cash 43000 d. Materials purchased on credit: Paper, $27,700; indirect materials, $4,800 (Prepare a single journal entry for this event.) Date Accounts Debit Credit d. Raw Materials Inventory 32500 Accounts Receivable 32500 e. Materials requisitioned and used in production: Job 120: Paper, $700, Job 121: Paper, $7,600, Indirect materials, $1,800 (Prepare a single journal entry for this event.) Date Accounts Debit Credit e. Work-in-Process Inventory 8300 Manufacturing Overhead 1800 Raw Materials Inventory 10100 f. Wages incurred during June, $42,000. Labor time records for the month: Job 120, $4,500; Job 121, $19,000; indirect labor, $18,500 (Prepare a single journal entry for this event.) Date Accounts Debit Credit f. 23500 Work-in-Process Inventory Manufacturing Overhead Wages Payable 18500 42000 g. Wages paid in June include the balance in the Wages Payable account at May 31 plus $40,200 of wages incurred in June. Date Accounts Debit Credit g. Wages Payable 40200 Cash 40200 h. Depreciation on plant and equipment, $3,200 Date Accounts Debit Credit h. Manufacturing Overhead 3200 Accumulated Depreciation 3200 i. Manufacturing overhead was allocated at the predetermined overhead allocation rate of 80% of direct labor costs. Date Accounts Debit Credit i. Work-in-Process Inventory 18800 Manufacturing Overhead 18800