K School Stars produces stars for elementary teachers to reward their students. School Stars' trial balance on June 1 follows: (Click the icon to view the trial balance.) June 1 balances in the subsidiary ledgers were as follows: (Click the icon to view the balances.) June transactions are summarized as follows: (Click the icon to view the transactions.). Read the requirements. Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Exclude explanati a. Collections on account, $153,000 Date More info a. Accounts a. Collections on account, $153,000. b. Selling and administrative expenses incurred and paid, $33,000. c. Payments on account, $37,000. d. Materials purchased on account: Paper, $22,900; indirect materials, $4,900. e. Materials requisitioned and used in production: Job 120: Paper, $ 500 Job 121: Paper, $ 8,000 $ 1,900 Debit Credit (...) Requirements School Stars Trial Balance June 1, 2024 Balan Account Title Debit Cash $ 20,000 Accounts Receivable 188,000 Inventories: 1. Journalize the transactions for the company. 2. T-accounts for the general ledger, the Raw Materials Inventory subsidiary ledger, the Work-in-Process Inventory subsidiary ledger, and the Finished Goods Inventory subsidiary ledger have been opened for you along with each account's balance as given. Post the journal entries to the T-accounts using the transaction letters as a reference. 3. Prepare a trial balance at June 30, 2024. 4. Use the Work-in-Process Inventory T-account to prepare a schedule of cost of goods manufactured for the month of June.. 5. Prepare an income statement for the month of June. Print Done Raw Materials Work-in-Process Finished Goods Property, Plant, and Equipment Accumulated Depreciation Accounts Payable Wages Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Manufacturing Overhead Selling and Administrative Expenses More info Indirect materials, f. Wages incurred during June, $43,000. Labor time records for the month: Job 120, $3,750; Job 121, $17,500; indirect labor, $21,750. g. Wages paid in June include the balance in the Wages Payable at May 31 plus $41,500 of wages incurred during June. h. Depreciation on plant and equipment, $2,600. i. Manufacturing overhead allocated at the predetermined overhead allocation rate of 60% of direct labor costs.. j. Jobs completed during the month: Job 120 with 200,000 Large Stars at a total cost of $47,600. k. Sales on account: all of Job 120 for $105,000. I. Adjusted for overallocated or underallocated manufacturing overhead. Raw Materials Inventory subsidiary ledger: Paper, $4,100; indirect materials, $1,600. Work-in-Process Inventory subsidiary ledger: Job 120, $41,100; Job 121, $0 Finished Goods Inventory subsidiary ledger: Large Stars, $9,500; Small Stars, $10,500 Print Done Print Done Total 5,700 41,100 20,000 300,000 0 0 0 $ 574,800 $ Print Done Clear all Check