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 were $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.

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

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

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 were $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.

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

X

Chart of Accounts

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.

PAGE 10

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