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Journalize the following transactions into the general journal. (6 Pages, 40 rows per page.) The chart of accounts, the trial balance from January, 1 2020,
Journalize the following transactions into the general journal. (6 Pages, 40 rows per page.) The chart of accounts, the trial balance from January, 1 2020, schedule of accounts payable, and the schedule of accounts receivable is listed below as reference:
Transactions:
Jan 2 | Paid rent for the month, $4,000 total, 85% for space devoted to manufacturing the products, 15% for office space. |
2 | Paid Hardware For All $879 in payment of the December 31 balance. |
3 | Received a check from Fun For All Backyard Games for $1,230.00 in partial payment of their December 31 balance. |
4 | Purchased manufacturing supplies on account from Local Got It All, $325. |
6 | Sold a medium Giant Jenga game from inventory for Cash. Received $546. Our cost was $390. |
6 | Received an order for a large Falling Orbs game from a cash customer. Set up job 126. Began working on the job by applying $120 of direct materials (requisition number 47). Whenever we use direct materials on a job we will also apply Factory Overhead at a rate of 40% of the direct materials cost. We also applied $80 of direct labor (time ticket 32). Whenever we have direct labor we will debit Work in Process (WIP) for the total gross wages, credit Employees Federal Income Tax Payable for 15% of the total direct labor, credit FICA Tax Payable for 7.65% of total direct labor, and credit Salaries Payable for the difference to get total debits to equal total credits. If needed, always round your numbers to the nearest cent. If your answer goes to three decimal places, if the third number on the right of the decimal is 4 or lower drop off the numbers and leave the number in the cent place (second number) as it is. If the third number is 5 or larger, round the second number up 1 place. I.E. 128.914 = 128.91 128.915 = 128.92 |
6 | Paid Secondary Bank $8,798.40 for December 2019 payroll taxes as follows: Employees' Federal Income Tax Payable - $3,744.00 FICA Tax Payable - $1,909.44 FUTA Tax Payable - $149.76 SUTA Tax Payable - $2,995.20 |
7 | Purchased materials on account from Lumber Unlimited, $9,700 |
Accts. Payable
Hardware for all $879
Lumber Unlimited $6950
Paint to go $1120
totals $8949
Accts. Receivable
Backyard Game treats $4200
Fun For All Backyard Games $2245.60
Oversize Games $3290
Utopian Backyard Fun $7350
Total $17085.60
Backyard Fun and Games | |||
Trial Balance | |||
January 1, 2020 | |||
DEBIT | CREDIT | ||
Cash | 100 | 18,428.00 | |
Accounts Receivable | 111 | 17,085.60 | |
Materials | 117 | 12,349.00 | |
Work in Process | 118 | 2,650.00 | |
Finsihed Goods | 119 | 22,948.00 | |
Equipment | 150 | 12,800.00 | |
Accumulated Depreciation - Equipment | 151 | 300.00 | |
Accounts Payable | 210 | 8,949.00 | |
Employees Federal Income Tax Payable | 214 | 3,744.00 | |
FICA Tax Payable | 215 | 1,909.44 | |
FUTA Tax Payable | 217 | 149.76 | |
SUTA Tax Payable | 218 | 2,995.20 | |
Frank Thompson, Capital | 310 | 68,213.20 | |
86,260.60 | 86,260.60 |
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