journal entries for the transactions

The following transactions are for August 2018: Aug 1. Borrowed $150,000 from ABC Bank on a note payable. This amount is to be repaid in 5 years. 1. Purchased 5,000 square feet of oak wood on account at $25 per square foot. 2. Purchased 5 gallons of glue on account at $36 per gallon (indirect material) 4. Requisitioned 3,500 square feet of oak 15. Paid factory utility bill, $15,230 in cash. 20. Received a bill for August's factory janitorial services $3,500. This amount has not yet been paid. 22. Incurred Research& Development expense on account, $5,000. 24. Incurred factory payrol ons l costs of $187,900 (not yet paid). Of this amount, $46,000 were indirect labor costs and the remainder direct labor costs. The direct labor workers earned $22 per hour. 26. Paid other factory overhead costs, $13,500. 27. Incurred selling expenses on account, $9,250. 29. Declared and paid a $1,500 cash dividend. 30. Record $650 depreciation on the factory machinery & equipment. 30. factory overhead to production on the basis of direct labor- hours. 31. Cost of goods manufactured and transferred to the finished goods storeroom, $146,000. 31. Sales on account for August were $132,000. The cost of goods sold was $112,000. 31. Record $400 depreciation on office equipment. 31. Customers paid $102,000 on account. 31. Paid payroll, $187,900. 31. Paid accounts payable, 50,000. 31. Paid $4,000 in restructuring costs. 31. Accrue $100 of interest expense. 31. Prepaid factory insurance expired, $720 31. 31. Paid $4,000 for distri Calculate the overallocated or underallocated overhead and close this amount to the Cost of Goods Sold account. on budgeted 86,700 direct labor- hours. The company's income t dollar). Below is Apex trial balance at the beginning of August 2018. 21% Debit $22,500 21,700 15,000 Finished Goods Control..8,750 Machinery and E .. 38,000 $16,000 7,500 75,000 138201,370 Total S3.870