P2-7 none Journalizing materials transactions Terrill's Transmissions uses a job order cost system. A partial list of the accounts being maintained by the company, with their bal- ances as of November 1, follows: Cash... $82,250 Materials ... 29,500 Work in process. 27,000 Accounts payable (credit). . 21,000 Factory overhead... The following transactions were completed during November: a. Materials purchases on account during the month, $74,000. b. Materials requisitioned during the month: 1. Direct materials, $57,000. 2. Indirect materials, $11,000. Direct materials returned by factory to storeroom during the month, $1,100. d. Materials returned to vendors during the month prior to pay- ment, $2,500. e. Payments to vendors during the month, $68,500. Required: 1. Prepare general journal entries for each of the transactions. 2. Post the general journal entries to T-accounts. 3. Balance the accounts and report the balances of November 30 for the following: a. Cash b. Materials c. Accounts Payable c