Journal entries

Transactions: ISSUED COMMON STOCK WORTH S 5.000,000 PURCHASED ON ACCOUNT 465,000 UNITS OF RAW MATERIALS AT 2. S25.00 EACH TRANSFERRED 450,000 UNITS TO WORK-IN-PROCESs INCURRED 300,000 LABOR HOURS AT s20.00 PER HOUR TO BE PAID 4 LATER (Hint: wages payable) APPLIED MANUFACTURING OVERHEAD FOR 300,000 HOURS 5. 6COMPLETED 35000 UNITS WITH TOTAL LABOR AND MANUFACTURING OVERHEAD CHARGED TO 35000 COMPLETED UNITS 7. SOLD 34000 UNITS ON ACCOUNT & ACTUAL MANUFACTURING OVERHEAD INCURRED (Hint: Depreciation is not credited to cash) i. Depreciation ii. Utilities iii. Supplies iv. Taxes V. Insurance 380,000 180,000 220,000 55,000 145,000 9. PREPARE JOURNAL ENTRY FOR OVERAPPLIED/UNDERAPPLIED OVERHEAD IF ANY 10. SELLING EXPENSES INCURRED IS 10% OF TOTAL SALES-PAID IN CASH 11. OFFICE EXPENSES INCURRED IS 1,000,000-PAID IN CASH REQUIRED 1. COMPLETE JOURNAL ENTRIES Transactions: ISSUED COMMON STOCK WORTH S 5.000,000 PURCHASED ON ACCOUNT 465,000 UNITS OF RAW MATERIALS AT 2. S25.00 EACH TRANSFERRED 450,000 UNITS TO WORK-IN-PROCESs INCURRED 300,000 LABOR HOURS AT s20.00 PER HOUR TO BE PAID 4 LATER (Hint: wages payable) APPLIED MANUFACTURING OVERHEAD FOR 300,000 HOURS 5. 6COMPLETED 35000 UNITS WITH TOTAL LABOR AND MANUFACTURING OVERHEAD CHARGED TO 35000 COMPLETED UNITS 7. SOLD 34000 UNITS ON ACCOUNT & ACTUAL MANUFACTURING OVERHEAD INCURRED (Hint: Depreciation is not credited to cash) i. Depreciation ii. Utilities iii. Supplies iv. Taxes V. Insurance 380,000 180,000 220,000 55,000 145,000 9. PREPARE JOURNAL ENTRY FOR OVERAPPLIED/UNDERAPPLIED OVERHEAD IF ANY 10. SELLING EXPENSES INCURRED IS 10% OF TOTAL SALES-PAID IN CASH 11. OFFICE EXPENSES INCURRED IS 1,000,000-PAID IN CASH REQUIRED 1. COMPLETE JOURNAL ENTRIES