P19-32A (similar to) Question Help o Sneeches Stars produces stars for elementary teachers to reward their students. Sneeches 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: June transactions are summarized as follows: (Click the icon to view the transactions.) Read the requirements Sneeches Stars Trial Balance June 1, 2018 Balance Elude Account Title Debit Credit Cash $ Accounts Receivable 15,000 155,000 Cret Inventories: Raw Materials 6,200 Work-in-Process 43,000 Finished Goods 21,300 Property, Plant, and Equipment 230,000 Accumulated Depreciation $ 71,000 Accounts Payable 125,000 Wages Payable Common Stock 1,600 143,000 Retained Earnings 129,900 Sales Revenue 0 Cost of Goods Sold 0 Manufacturing Overhead 0 Selling and Administrative Expenses 0 a. Collections on account, $152,000. b. Selling and administrative expenses incurred and paid, $24,000. c. Payments on account. $35,000. d. Materials purchased on account: Paper, $23,300; indirect materials, $5,000. e. Materials requisitioned and used in production: Job 120: Paper, $ 550 Job 121: Paper, $ 8,000 Indirect materials, $ 1,500 f. Wages incurred during June, $41,000. Labor time records for the month: Job 120, $3,500; Job 404 40 on indien nha 040 60 Indirect materials, $ 1,500 f. Wages incurred during June, $41,000. Labor time records for the month: Job 120, $3,500; Job 121. $19,000; indirect labor, $18,500. g. Wages paid in June include the balance in the Wages Payable at May 31 plus $39,200 of wages incurred during June. h. Depreciation on plant and equipment, $3,300. 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 600,000 Large Stars at a total cost of $49,150. k. Sales on account: all of Job 120 for $110,000. 1. Adjusted for overallocated or underallocated manufacturing overhead. i 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, 2018. 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 P19-32A (similar to) Question Help o Sneeches Stars produces stars for elementary teachers to reward their students. Sneeches 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: June transactions are summarized as follows: (Click the icon to view the transactions.) Read the requirements Sneeches Stars Trial Balance June 1, 2018 Balance Elude Account Title Debit Credit Cash $ Accounts Receivable 15,000 155,000 Cret Inventories: Raw Materials 6,200 Work-in-Process 43,000 Finished Goods 21,300 Property, Plant, and Equipment 230,000 Accumulated Depreciation $ 71,000 Accounts Payable 125,000 Wages Payable Common Stock 1,600 143,000 Retained Earnings 129,900 Sales Revenue 0 Cost of Goods Sold 0 Manufacturing Overhead 0 Selling and Administrative Expenses 0 a. Collections on account, $152,000. b. Selling and administrative expenses incurred and paid, $24,000. c. Payments on account. $35,000. d. Materials purchased on account: Paper, $23,300; indirect materials, $5,000. e. Materials requisitioned and used in production: Job 120: Paper, $ 550 Job 121: Paper, $ 8,000 Indirect materials, $ 1,500 f. Wages incurred during June, $41,000. Labor time records for the month: Job 120, $3,500; Job 404 40 on indien nha 040 60 Indirect materials, $ 1,500 f. Wages incurred during June, $41,000. Labor time records for the month: Job 120, $3,500; Job 121. $19,000; indirect labor, $18,500. g. Wages paid in June include the balance in the Wages Payable at May 31 plus $39,200 of wages incurred during June. h. Depreciation on plant and equipment, $3,300. 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 600,000 Large Stars at a total cost of $49,150. k. Sales on account: all of Job 120 for $110,000. 1. Adjusted for overallocated or underallocated manufacturing overhead. i 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, 2018. 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