Part 1 of 20 Sneeches Stars produces stars for elementary teachers to reward their students. Sneeches Stars' trial balance on June 1 follows: BE: (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.) -... Requirement 1. Journalize the transactions for the company. (Record debits first, the a. Collections on account, $151,000 To Date Accounts a. June transactions are summarized as follows: 1 (Click the icon to view the transactions.) --- Read the requirements. hen credits. Exclude explanations from any journal entries.) Debit Credit Data Table Sneeches Stars Trial Balance June 1, 2018 Balance Account Title Debit Credit Cash $ 18,000 Accounts Receivable 185,000 Inventories: 5,900 Raw Materials Work-in-Process 41,300 LIN Print Done - Ilav TVIGIGIIGID Work-in-Process 41,300 Finished Goods 20,200 230,000 Property, Plant, and Equipment Accumulated Depreciation Accounts Payable 76,000 135,000 Wages Payable 2,500 Common Stock 145,000 Retained Earnings 141.900 Sales Revenue 0 Cost of Goods Sold 0 Print Done Data Table Accumulated Depreciation $ 76,000 Accounts Payable 135,000 Wages Payable 2,500 Common Stock 145,000 Retained Earnings 141,900 Sales Revenue 0 Cost of Goods Sold 0 Manufacturing Overhead 0 0 Selling and Administrative Expenses A 500,400 $ 500,400 Total Print Done More Info . . Raw Materials Inventory subsidiary ledger: Paper, $4,300; indirect materials, $1,600 Work-in-Process Inventory subsidiary ledger: Job 120, $41,300; Job 121, $0 Finished Goods Inventory subsidiary ledger: Large Stars, $9,300; Small Stars, $10,900 . Print Done Clan All of 2 More Info a. Collections on account, $151,000 b. Selling and administrative expenses incurred and paid, $24,000. c. Payments on account, $45,000. d. Materials purchased on account: Paper, $24,500; indirect materials, $4,300. e. Materials requisitioned and used in production: Job 120: Paper, $ 450 Job 121: Paper, $ 7,750 Indirect materials, $ 2,000 f. Wages incurred during June, $40,000. Labor time records for the month: Job 120, $4,750; Job 121, $17,500; indirect labor, $17,750. g. Wages paid in June include the balance in the Wages Payable at May 31 plus $37,100 of wages incurred during June h. Depreciation on plant and equipment. $3,300. i. Manufacturing overhead allocated at the predetermined overhead allocation rate of 80% of direct labor costs. Print Done More Info d. Materials purchased on account: Paper, $24,500; indirect materials, $4,300. e. Materials requisitioned and used in production: Job 120: Paper, $ 450 Job 121: Paper, $ 7,750 Indirect materials, $ 2,000 f. Wages incurred during June, $40,000. Labor time records for the month: Job 120, $4,750; Job 121, $17,500; indirect labor, $17,750. g. Wages paid in June include the balance in the Wages Payable at May 31 plus $37,100 of wages incurred during June. h. Depreciation on plant and equipment, $3,300. i. Manufacturing overhead allocated at the predetermined overhead allocation rate of 80% of direct labor costs. j. Jobs completed during the month: Job 120 with 800,000 Large Stars at a total cost of $50,300. k. Sales on account: all of Job 120 for $130,000. 1. Adjusted for overallocated or underallocated manufacturing overhead. 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