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June transactions are summarized as follows: (Click the icon to view the transactions.) School Stars produces stars for elementary teachers to reward their students. School 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.) 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, $154,000 Date Accounts Debit Credit a. Cash 154000 Accounts Receivable 154000 b. Selling and administrative expenses incurred and paid, $30,000 Date Accounts Debit Credit b. Selling and Administrative Expenses 30000 Cash 30000 c. Payments on account, $44,000 Date Accounts Debit Credit C. Accounts Payable 44000 Cash 44000 d. Materials purchased on credit: Paper, $23,300; indirect materials, $4,900 (Prepare a single journal entry for this event.) Date Accounts Debit Credit d. 28200 Raw Materials Inventory Accounts Payable 28200 e. Materials requisitioned and used in production: Job 120: Paper, $600, Job 121: Paper, $7,600, Indirect materials, $1,600 (Prepare a single journal entry for this event.) Date Accounts Debit Credit e. 8200 Work-in-Process Inventory Manufacturing Overhead Raw Materials Inventory 1600 9800 f. Wages incurred during June, $41,000. Labor time records for the month: Job 120, $3,700; Job 121, $17.250; indirect labor, 520,050 (Prepare a single journal entry for this event.) Date Accounts Debit Credit f. 20950 Work-in-Process Inventory Manufacturing Overhead Wages Payable 20050 41000 g. Wages paid in June include the balance in the Wages Payable account at May 31 plus $38,000 of wages incurred in June. Date Accounts Debit Credit g. 36300 Wages Payable Cash 36300 h. Depreciation on plant and equipment, $3,100 Date Debit Credit h. Accounts Manufacturing Overhead Accumulated Depreciation 3100 3100 i. Manufacturing overhead was allocated at the predetermined overhead allocation rate of 50% of direct labor costs. Date Accounts Debit Credit i. Work-in-Process Inventory 10475 Manufacturing Overhead 10475 j. Jobs completed during the month Job 120, 100,000 Large Stars at total cost of $45,650 Date Accounts Debit Credit j. 45650 Finished Goods Inventory Work-in-Process Inventory 45650 k. Sales on account: all of Job 120 for $133,000 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. Date Accounts Debit Credit k. 133000 Accounts Receivable Sales Revenue 133000 Now record the cost of goods sold related to the sale of all of Job 120. Date Accounts Debit Credit k. Cost of Goods Sold 39500 Finished Goods Inventory 39500 1. Adjusted for overallocated or underallocated manufacturing overhead. Date Accounts Debit Credit 1. Cost of Goods Sold 5620 Manufacturing Overhead 5620 Requirement 2. T-accounts for the general ledger, the Raw Materials Inventory subsidiary ledger, the Work-in-Process Inventory subsidiary ledger, and the Finished Good 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 ea 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 Cash Raw Materials Inventory Accounts Receivable 190,000 154000||(a) Bal. 25.000 Bal. Bal. 5,700 30000||(b) 44000 (c) (a) 154000 (k) (d) (9) Bal. Bal. Bal. Work-in-Process Inventory 39,500 (0) Finished Goods Inventory 20,000 (k) Property, Plant, and Equipment Bal. 270,000 Bal. Bal. 10) (e) (1) (0) Bal. Bal. Bal. Accumulated Depreciation 71,000 Bal. (h) (c) Accounts Payable 128,000 Bal. (d) (9) Wages Payable 1,700 Bal. (1) Bal. Bal. Bal. Common Stock Sales Revenue Retained Earnings 207,500 Bal 142,000 Bal. (k) Bal. Bal. Bal. Cost of Goods Sold Selling and Admin. Expenses 30000 (k) Manufacturing Overhead 10 (0) e) (b) (0) (0) (h) Bal. Bal Bal. 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.) Paper Indirect Materials Bal. 4.900 (e) Bal. 800 (e) (d) (d) Bal. Bal 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.) Job 120 Job 121 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.) Job 120 Job 121 Bal. 39,500 0 (e) (0 0 (0) Bal 0 Bal. 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. Large stars Small stars 9.100 (k) Bal. 10,900 Bal. ) 201 Ball Bal. Trial Balance June 30, 2018 Balance Debit Credit Account Title Cash Accounts Receivable Inventories: Raw Materials Work-in-Process Finished Goods Property, Plant and Equipment Accumulated Depreciation Accounts Payable Wages Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Manufacturing Overhead Selling and Administrative Expenses Total 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. School Stars Schedule of Cost of Goods Manufactured Month Ended June 30, 2018 Beginning Work-in-process Inventory Direct Materials Used Direct Labor Manufacturing Overhead Allocated Total Manufacturing Costs incurred during the Month Total Manufacturing Costs to Account for Ending Work-in-Process Inventory 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. School Stars Income Statement Month Ended June 30, 2018 Sales Revenue Cost of Goods Sold: Beginning Finished Goods Inventory Cost of Goods Manufactured Cost of Goods Available for Sale Ending Finished Goods Inventory Cost of Goods Sold Before Adjustment Adjustment for Underallocated Overhead Cost of Goods Sold Gross Profit Selling and Administrative Expenses Net Income (Loss) i Data Table School Stars Trial Balance June 1, 2018 Balance Debit Credit 25,000 190,000 $ Account Title Cash Accounts Receivable Inventories: Raw Materials Work-in-Process Finished Goods Property, Plant, and Equipment Accumulated Depreciation Accounts Payable Wages Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Manufacturing Overhead Selling and Administrative Expenses 5,700 39,500 20,000 270,000 $ 71,000 128,000 1,700 142,000 207,500 0 0 0 0 $ 550,200 $ 550,200 Total Print Done More Info Raw Materials Inventory subsidiary ledger: Paper, $4,900; indirect materials, $800 Work-in-Process Inventory subsidiary ledger: Job 120, $39,500; Job 121, 50 Finished Goods Inventory subsidiary ledger: Large Stars, $9,100; Small Stars, $10,900 Print Done More Info - x a. Collections on account, $154,000. b. Selling and administrative expenses incurred and paid, $30,000. C. Payments on account, 544,000. d. Materials purchased on account Paper, $23,300; indirect materials, $4.900. e. Materials requisitioned and used in production: $ Job 120: Paper 600 Job 121: Paper $ 7,600 Indirect materials, $ 1,600 f. Wages incurred during June, $41,000. Labor time records for the month: Job 120, $3,700; Job 121, $17,250; indirect labor, $20,050. g. Wages paid in June include the balance in the Wages Payable at May 31 plus $38,000 of wages incurred during June. h. Depreciation on plant and equipment, $3,100. i. Manufacturing overhead allocated at the predetermined overhead allocation rate of 50% of direct labor costs. j. Jobs completed during the month: Job 120 with 100,000 Large Stars at a total cost of $45,650. k. Sales on account: all of Job 120 for $133,000. 1. Adjusted for overallocated or underallocated manufacturing overhead. Print Done