journal entries for each transaction

and t accounts

Exercise 3-5 Journal Entries and T-accounts [LO3-1, LO3-2) The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account. $209,000 b. Raw materials used in production, $190,000 ($152,000 direct materials and $38,000 indirect materials). c. Accrued direct labor cost of $50,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $105,000 e. Other manufacturing overhead costs accrued during October $131,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $7 per machine-hour . A total of 76,200 machine-hours were used in October 9. Jobs costing $511,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $452,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 30% above cost. Required: 1. Prepare journal entries to record the transactions given above. 2. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account Compute the ending balance in each account, assuming that Work in Process has a beginning balance of $34,000. Journal entry worksheet 2 3 4 5 6 7 8 9 Raw materials purchased on account, $209,000 Note: Enter debits before credits. Transaction General Journal Debit Credit a Record entry Clear entry View general journal Required 1 Required 2 Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account. Compu balance in each account, assuming that Work in Process has a beginning balance of $34,000. Manufacturing Overhead Work in Process Beg. Bal End. Bal. End, Bal