jobs completed Instructions Chart of Accounts Journal 0 Instructions Old School Publishing Inc began printing operations on January 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, $7,000 of indirect materials and $11,200 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 Direct materials $10,200 Direct materials $21,000 Direct labor 8,000 Direct labor 15,400 Factory overhead 6,080 Factory overhead 11,704 Total $24,280 Total $48,104 Job 303 Job 304 Direct materials $23,000 Direct materials $14,200 Direct labor 18,000 Direct labor 12,200 Instructions Direct materials $10,200 Direct materials $21.000 Direct labor 8,000 Direct labor 15,400 Factory overhead 6,080 Factory overhead 11,704 Total $24,280 Total $48,104 Job 303 Job 304 Direct materials $23,000 Direct materials $14,200 18,000 12,200 Direct labor Factory overhead Direct labor Factory overhead Required: Journalize the Jan. 31 summary entries to record each of the following operations for January (one entry for each operation). Refer to the Chart of Accounts for exact wording of account titles a. Direct and indirect materials used. b. Direct and indirect labor used. Calculator Print Item Instructions Chart of Accounts Journal D HI structions Factory overhead 6,080 Factory overhead 11,704 Total $24,280 Total $48,104 Job 303 Job 304 Direct materials $23,000 Direct materials $14,200 Direct labor 18,000 Direct labor 12,200 Factory overhead Factory overhead - Required: Journalize the Jan. 31 summary entries to record each of the following operations for January (one ontry for each operation). Refer to the Chart of Accounts for exact wording of account titles. 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 OK CHART OF ACCOUNTS Old School Publishing Inc. ovi General Ledger an sul ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 131 Materials 132 Work in Process 133 Factory Overhead 134 Finished Goods 141 Supplies 142 Prepaid Insurance 143 Prepaid Expenses 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 560 Depreciation Expense-Factory 181 Land structions Chart of Accounts 101 Lanu JUU wup UGUI LAPUR TOUT he 191 Factory 192 Accumulated Depreciation-Factory 590 Miscellaneous Expense 710 Interest Expense OV an sul 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 Chart of Accounts Journal Journalize the Jan. 31 summary entries to record each of the following operations for January (one entry for each operation). Refer to the Chart of Accounts for exact wording of account titles. 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. PAGE 10 JOURNAL DATE DESCRIPTION PORT REF DFRIT CREDIT Instructions Chart of Accounts Journal PAGE 10 JOURNAL DATE DESCRIPTION POST. REF DEBIT CREDIT 1 24,280.00 Jan. 01 Work in Process Factory Overhead 3 4 5 6 7 9 10
