Journal entry worksheet

Kim's Asphatt does driveway and parking lot resurfacing work for large commeroal clients as well os small residential clients. An Inventory Of materials and equipment is on hand at all times so that work can as quickly os possible Special equipment is orderee as required. On May I. the Materials and Equipment Inventory account had a balance of S48.OOO The Work-in-process Inventory account IS maintained to record costs of work not yet complete There Were two such jobs on May with the following costs. (applied) 8, ess Overhe&d has been appued at 30 percent 01 the costs of direct labor. Moy, Asphalt Additional work Was Out Jobs 27 and 33. With the completed and billed to Pine Ridge Estates. Details on the Costs incurred on lobs during May So,ooo Other MOY Events l, Received St3.700 payment on 30b 24 delivered to customer in April. 2. Purchased and equipment for SIO.600 on account. Billed Pine Ridge Estates $142.000 and received paynent for $135,000 01 that ammmt_ 4. 101 labor totaled SY70 5] Issued supplies and incidental materials Ior current Jobs costmg 5275 6. Recorded Overhead and advertising cost' the cash eauiornent