Journalize the following transaction for the Facedown Paper Company
Collections on account, 155,000
Selling and administrative expenses paid 22,000
Paid on account, 37,000
Purchased direct materials on account 26,600
Purchased indirect materials on account, 4,200
Requested direct materials costing 8,750 and indirect materials 4,200 for production
Recorded the following wages direct labor, 23,300, indirect labor 19,700
Paid the wages.
Depreciation on plant & equipment was $3,799
Applied overhead at a rate of 110 percent of direct labor
Completed jobs at a cost of 53,020
Shipped out job 425 at a cost of 48,500 and a selling price of 78,500