Munson Co. uses a job order cost system. The following data summarize the operations related to production for July:

July	1	Materials purchased on account, $225,750
	2	Materials requisitioned, $217,600, of which $17,600 was for general factory use
	31	Factory labor used, $680,000, of which $72,300 was indirect
	31	Other costs incurred on account for factory overhead, $330,000; selling expenses, $180,000; and administrative expenses, $126,000
	31	Prepaid expenses expired for factory overhead, $27,500; for selling expenses, $8,100; and for administrative expenses, $5,250
	31	Depreciation of office building was $44,500; of office equipment, $16,800; and of factory equipment, $55,100
	31	Factory overhead costs applied to jobs, $548,000
	31	Jobs completed, $1,140,000
	31	Cost of goods sold, $1,128,000

CHART OF ACCOUNTS

Munson Co.

General Ledger

	ASSETS
110	Cash
121	Accounts Receivable
125	Notes Receivable
126	Interest Receivable
131	Materials
132	Work in Process
133	Factory Overhead
134	Finished Goods
141	Supplies
142	Prepaid Insurance
143	Prepaid Expenses
181	Office Building
191	Office Equipment
192	Accumulated Depreciation-Buildings and Equipment

	LIABILITIES
210	Accounts Payable
221	Utilities Payable
231	Notes Payable
236	Interest Payable
241	Lease Payable
251	Wages Payable
252	Consultant Fees Payable

	EQUITY
311	Common Stock
340	Retained Earnings
351	Dividends
390	Income Summary

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Goods Sold
520	Wages Expense
531	Selling Expenses
532	Insurance Expense
533	Utilities Expense
534	Office Supplies Expense
540	Administrative Expenses
561	Depreciation Expense-Office Building
562	Depreciation Expense-Office Equipment
590	Miscellaneous Expense
710	Interest Expense

Journalize the entries to record the summarized operations. Refer to the Chart of Accounts for exact wording of account titles.

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PAGE 10

JOURNAL

ACCOUNTING EQUATION

Score: 3/322

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
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2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26

Journalize the entries to record the summarized operations. Refer to the Chart of Accounts for exact wording of account titles.