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Helen Stars produces stars for elementary teachers to reward their students. Helen 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. Cost of Goods Manufactured Requirement 5. Prepare an income statement for the month of June. Review the trial balance you prepared in Requirement 3. Review the journal entry for underallocated manufacturing overhead you prepared in Requirement 1. Helen Stars produces stars for elementary teachers to reward their students. Helen 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 4. Use the Work-in-Process Inventory T-account to prepare a schedule of cost of goods manufactured for the month of June. Review the Work-In-Process Inventory general ledger account you prepared in Requirement 2. Requirement 5. Prepare an income statement for the month of June. Review the trial balance you prepared in Requirement 3. Review the journal entry for underallocated manufacturing overhead you prepared in Requirement 1. Helen Stars produces stars for elementary teachers to reward their students. Helen 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. Helen Stars produces stars for elementary teachers to reward their students. Helen 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. Post the transactions to the Raw Materials Inventory subsidiary ledger accounts. Key each transaction by transaction letter, and calculate the ending balance, "Bal." of each account. (Combine the entries for transaction (e) into one posting.) Post the transactions to the Work-in-Process Inventory subsidiary ledger accounts. Key each transaction by transaction letter, and calculate the ending balance "Bal." of each account. (For accounts with a zero balance, enter a "0" along with a "Bal." reference on the normal side of the T-account.) Post the transactions to the Finished Goods Inventory subsidiary ledger accounts. Key each transaction by transaction letter, and calculate the ending balance "Bal." of each account. Helen Stars produces stars for elementary teachers to reward their students. Helen 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. Helen Stars produces stars for elementary teachers to reward their students. Helen 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 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. Begin with posting the transactions to the general ledger accounts. Key each transaction by transaction letter, and calculate the ending balance of each account. (Post each entry by entering only one debit or credit to each T-account affected by the transaction. For accounts with a zero balance, enter a "0" along with a "Bal." reference on the normal side of the T-account.) Review the journal entries you prepared in Requirement 1. Drrumulatad nanrariation Drenunte Davahlo M/arioc Pavahlo Helen Stars produces stars for elementary teachers to reward their students. Helen 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. j. Jobs completed during the month: Job 120,800,000 Large Stars at total cost of $48,950 k. Sales on account: all of Job 120 for $110,000 Begin by recording the revenue from the sales on account. Do not record the expense related to the sale in this journal entry. We will do that in the next step. Now record the cost of goods sold related to the sale of all of Job 120 . Helen Stars produces stars for elementary teachers to reward their students. Helen 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. g. Wages paid in June include the balance in the Wages Payable account at May 31 plus $40,100 of wages incurred in June. h. Depreciation on plant and equipment, $3,000 Helen Stars produces stars for elementary teachers to reward their students. Helen 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. d. Materials purchased on credit: Paper, $21,600; indirect materials, $4,800 (Prepare a single journal entry for this event.) e. Materials requisitioned and used in production: Job 120: Paper, $650, Job 121: Paper, $7,850, Indirect materials, $1,800 (Prepare a single journal entry for this event.) f. Wages incurred during June, $43,000. Labor time records for the month: Job 120,$4,800; Job 121,$18,800; indirect labor, $19,400 (Prepare a single journal entry for this event.) Helen Stars produces stars for elementary teachers to reward their students. Helen 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 explanations from any journal entries.) a. Collections on account, $155,000 Data table Requirements 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. More info - Raw Materials Inventory subsidiary ledger: Paper, $5,000; indirect materials, $900 - Work-in-Process Inventory subsidiary ledger: Job 120,$41,100; Job 121,$0 - Finished Goods Inventory subsidiary ledger: Large Stars, $9,400; Small Stars, $13,400 Helen Stars produces stars for elementary teachers to reward their students. Helen 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. Cost of Goods Manufactured Requirement 5. Prepare an income statement for the month of June. Review the trial balance you prepared in Requirement 3. Review the journal entry for underallocated manufacturing overhead you prepared in Requirement 1. Helen Stars produces stars for elementary teachers to reward their students. Helen 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 4. Use the Work-in-Process Inventory T-account to prepare a schedule of cost of goods manufactured for the month of June. Review the Work-In-Process Inventory general ledger account you prepared in Requirement 2. Requirement 5. Prepare an income statement for the month of June. Review the trial balance you prepared in Requirement 3. Review the journal entry for underallocated manufacturing overhead you prepared in Requirement 1. Helen Stars produces stars for elementary teachers to reward their students. Helen 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. Helen Stars produces stars for elementary teachers to reward their students. Helen 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. Post the transactions to the Raw Materials Inventory subsidiary ledger accounts. Key each transaction by transaction letter, and calculate the ending balance, "Bal." of each account. (Combine the entries for transaction (e) into one posting.) Post the transactions to the Work-in-Process Inventory subsidiary ledger accounts. Key each transaction by transaction letter, and calculate the ending balance "Bal." of each account. (For accounts with a zero balance, enter a "0" along with a "Bal." reference on the normal side of the T-account.) Post the transactions to the Finished Goods Inventory subsidiary ledger accounts. Key each transaction by transaction letter, and calculate the ending balance "Bal." of each account. Helen Stars produces stars for elementary teachers to reward their students. Helen 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. Helen Stars produces stars for elementary teachers to reward their students. Helen 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 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. Begin with posting the transactions to the general ledger accounts. Key each transaction by transaction letter, and calculate the ending balance of each account. (Post each entry by entering only one debit or credit to each T-account affected by the transaction. For accounts with a zero balance, enter a "0" along with a "Bal." reference on the normal side of the T-account.) Review the journal entries you prepared in Requirement 1. Drrumulatad nanrariation Drenunte Davahlo M/arioc Pavahlo Helen Stars produces stars for elementary teachers to reward their students. Helen 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. j. Jobs completed during the month: Job 120,800,000 Large Stars at total cost of $48,950 k. Sales on account: all of Job 120 for $110,000 Begin by recording the revenue from the sales on account. Do not record the expense related to the sale in this journal entry. We will do that in the next step. Now record the cost of goods sold related to the sale of all of Job 120 . Helen Stars produces stars for elementary teachers to reward their students. Helen 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. g. Wages paid in June include the balance in the Wages Payable account at May 31 plus $40,100 of wages incurred in June. h. Depreciation on plant and equipment, $3,000 Helen Stars produces stars for elementary teachers to reward their students. Helen 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. d. Materials purchased on credit: Paper, $21,600; indirect materials, $4,800 (Prepare a single journal entry for this event.) e. Materials requisitioned and used in production: Job 120: Paper, $650, Job 121: Paper, $7,850, Indirect materials, $1,800 (Prepare a single journal entry for this event.) f. Wages incurred during June, $43,000. Labor time records for the month: Job 120,$4,800; Job 121,$18,800; indirect labor, $19,400 (Prepare a single journal entry for this event.) Helen Stars produces stars for elementary teachers to reward their students. Helen 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 explanations from any journal entries.) a. Collections on account, $155,000 Data table Requirements 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. More info - Raw Materials Inventory subsidiary ledger: Paper, $5,000; indirect materials, $900 - Work-in-Process Inventory subsidiary ledger: Job 120,$41,100; Job 121,$0 - Finished Goods Inventory subsidiary ledger: Large Stars, $9,400; Small Stars, $13,400
