My assignment is :

Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $7,500 of indirect materials and $11,800 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month are as follows, in summary form:

Job 301 Job 302

Direct materials $10,500 Direct materials $21,600

Direct labor 7,200 Direct labor 15,600

Factory overhead 4,752 Factory overhead 10,296

Total $22,452 Total $47,496

Job 303 Job 304

Direct materials $23,800 Direct materials $15,900

Direct labor 19,100 Direct labor 14,000

Factory overhead Factory overhead

Required:

Journalize the Jan. 31 summary entries to record each of the following operations for January (one entry for each operation). Refer to the Chart of Accounts for exact wording of account titles.a. Direct and indirect materials used.b. Direct and indirect labor used.c. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost).d. Completion of Jobs 301 and 302.

CHART OF ACCOUNTS

Old School Publishing Inc.General Ledger

ASSETS REVENUE

110 Cash 410 Sales

121 Accounts Receivable 610 Interest Revenue

125 Notes Receivable

126 Interest Receivable EXPENSES

131 Materials 510 Cost of Goods Sold

132 Work in Process 520 Wages Expense

133 Factory Overhead 531 Selling Expenses

134 Finished Goods 532 Insurance Expense

141 Supplies 533 Utilities Expense

142 Prepaid Insurance 534 Office Supplies Expense

143 Prepaid Expenses 540 Administrative Expenses

181 Land 560 Depreciation Expense-Factory

191 Factory 590 Miscellaneous Expense

192 Accumulated Depreciation-Factory 710 Interest Expense

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

Journalize the Jan. 31 summary entries to record each of the following operations for January (one entry for each operation). Refer to the Chart of Accounts for exact wording of account titles.a. Direct and indirect materials used.b. Direct and indirect labor used.c. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost).d. Completion of Jobs 301 and 302.

JOURNAL

DATE DESCRIPTION POST. REF DEBIT CREDIT

1

2

3

4

5

6

7

8

9

10

I need help with not only the answer but how to arrive at each answer. My issue is I don't understand how to work out this problem.