JOURNAL(24 ENTRIES FOR THE JOURNAL)

DATE	DESCRIPTION	POST.REF	DEBIT	CREDIT

(a) Mat $176,000 531 12,200 532 153,700 2,700 141,300 12,000 Materials purchased on account Prepaid expenses incurred on account Materials requisitioned: For production orders For general factory use Factory labor used: On production orders For general factory purposes Depreciation on factory equipment Expiration of prepaid expenses, chargeable to factory Factory overhead costs incurred on account Factory overhead applied, based on machine hours Jobs finished Jobs shipped to customers: 37,000 6,100 76,000 105,300 415,300 412,000 Cost 638,000 Selling price (assume all sold on account) 141 Supplies Insurance 142 Prepaid Expenses Expense 181 Land Utilities Expense 190 Factory Equipment Office 191 Accumulated Supplies Depreciation- Factory Equipment 560 Expense Depreciation LIABILITIES Expense 210 Accounts Payable 590 Miscellaneous 221 Utilities Payable Expense 251 Wages Payable 710 Interest EQUITY Expense 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary General Journal Present entries to record the following summarized operations related to production for a company using a job order cost system on December 31. Refer to the Chart of Accounts for exact wording of account titles. (a) Materials purchased on $176,000 account (b) Prepaid expenses incurred on 12,200 account Materials requisitioned: For production orders 153,700 For general factory use 2,700 Factory labor used: On production orders 141,300 For general factory purposes 12,000 Depreciation on factory 37,000 equipment Expiration of prepaid 6,100 expenses, chargeable to factory Factory overhead costs 76,000 incurred on account Factory overhead applied, 105,300 based on machine hours Jobs finished 415,300 Jobs shipped to customers: 412,000 Cost Selling price (assume all sold 638,000 on account) Required: Present entries to record the above summarized operations related to production for a company using a job order cost system. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS General Ledger (h) ASSETS 110 Cash 121 Accounts Receivable 131 Materials 133 Work in Process 135 Factory Overhead 137 Finished Goods REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Wages Expense