Paradise Company manufactures its product through two manufacturing processes: Assembly and Finishing. The company uses a process cost accounting system. Prepare the journal entries for the following transactions using the Chart of Accounts: No. Transactions 1. Purchased $93,000 of raw materials on account. Finished goods costing $130,000 were sold for $200,000 cash. 2. Assets Cash Accounting Transactions Accounts Receivable Raw Materials Inventory Work in Process Inventory-Assembly Work in Process Inventory-Finishing Factory Labor Chart of Accounts Manufacturing Overhead Finished Goods Inventory Supplies Prepaid Insurance Equipment Building Land Accumulated Depreciation Liabilities Accounts Payable Unearned Revenue Factory Wages Payable Notes Payable Employer Payroll Taxes Payable Employer Fringe Benefits Payable Taxes Payable Interest Payable Stockholders' Equity Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Selling Expense Supplies Expense Utilities Expense Depreciation Expense Insurance Expense

Paradise Company manufactures its product through two manufacturing processes: Assembly and Finishing. The company uses a process cost accounting system. Prepare the journal entries for the following transactions using the Chart of Accounts: - List debit transactions first and then list credit transactions. - Use accounts provided in the Chart of Accounts above. Do NOT create your own occount. Do NOT use any abbreviations. - When typing your responses, do NOT include a dollar sign. For example, if your answer is $10,000, you should be typing 10,000 or 10,000.00 without any dollar sign