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Lone Stars Trial Balance June 1, 2024 Balance Account Title Debit Credit Cash Accounts Receivable Inventories: a. Collections on account, $154,000. b. Selling and administrative expenses incurred and paid, $20,000. c. Payments on account, $42,000 d. Materials purchased on account Paper, $21,600, indirect materials, $5,100. e. Materials requisitioned and used in production. f. Wages incurred during June, $42,000. Labor time records for the month. Job 120,$3,500, Job 121,$18,800, g. Wages paid in June include the balance in the Wages Payable at May 31 plus $39,300 of wages incurred during indirect labor, $19,700 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 200,000 Large Stars at a total cost of $46,200. k. Sales on account: all of Job 120 for $100,000. I. Adjusted for overallocated or underallocated manufacturing overhead Raw Materials Inventory subsidiary ledger: Paper, $4,900; indirect materials, $600 Work-in-Process Inventory subsidiary ledger. Job 120, $39,400; Job 121, $0 Finished Goods Inventory subsidiary ledger. Large Stars, $9,800; Small Stars, $12,200 Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Exclude explanations from any jou a. Collections on account, $154,000 b. Selling and administrative expenses incurred and paid, $20,000 c. Payments on account, 34, UUU e. Materials requisitioned and used in production Job 120 Paper, $500, , Job 121: Paper, $7,750, Indirect materials, $1,000 (Prepare a single joumal ent f. Wages incurred during June, $42,000. Labor time records for the month Job 120,$3,500; Job 121, $18,800; indirect labor, $19,700 (Prepare a single 9. Wages paid in June include the balance in the Wages Payable account at May 31 plus $39,300 of wages incurred in June. h. Depreciation on plant and equipment $3,300 Lone Stars produces stars for elementary teachers to reward their students. Lone 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.) i. Manufacturing overhead was allocated at the predetermined overhead allocation rate of 80% of direct labor costs j. Jobs completed during the month: Job 120, 200,000 Large Stars at total cost of $46,200 k. Sales on account: all of Job 120 for $100,000 Begin by recording the revenue from the sales on account. Do not record the expense related to the sale in this journal entry. We Now record the cost of goods sold related to the sale of all of Job 120 . 1. Adjusted for overallocated or underallocated manufacturing overhead Requirement 2. T-accounts for the general ledger, the Raw Materials Inventory subsidiary ledger, the Work-in-Process Inventory subsidiat 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 bal with a "Bal." reference on the normal side of the T-account) Review the joumal entries you prepared in Requirement 1 Post the transactions to the Raw Materials Inventory subsidiary ledger accounts. Key each transaction by transaction letter, and calculate \begin{tabular}{lr|l|} \multicolumn{2}{c}{ Paper } \\ \hline Bal. & 4,900 & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|c|l|} \hline \multicolumn{2}{c|}{ Indirect Materials } \\ \hline Bal. & 600 \\ \hline \end{tabular} Post the transactions to the Work-in-Process Inventory subsidiary ledger accounts. Key each transaction Post the transactions to the Finished Goods Inventory subsidiary ledger accounts. Key each transaction by Requirement 3. Prepare a trial balance at June 30, 2024. (Leave both the Debit and Credit column cells bl Review the general ledger accounts you prepared in Requirement 2. Review the general ledger accounts you prepared in Requirement 2. Lone Stars Trial Balance Requirement 4. Use the vork-m-rivuess mvem my i-acuumn wr propdre Review the Work-In-Process Inventory general ledger account you prepar Requirement 4. Use the Work-in-Process Inventory T-account to prepare a schedule of cost of go Review the Work-In-Process Inventory general ledger account you prepared in Requirement 2 . 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 Requi Lone Stars Trial Balance June 1, 2024 Balance Account Title Debit Credit Cash Accounts Receivable Inventories: a. Collections on account, $154,000. b. Selling and administrative expenses incurred and paid, $20,000. c. Payments on account, $42,000 d. Materials purchased on account Paper, $21,600, indirect materials, $5,100. e. Materials requisitioned and used in production. f. Wages incurred during June, $42,000. Labor time records for the month. Job 120,$3,500, Job 121,$18,800, g. Wages paid in June include the balance in the Wages Payable at May 31 plus $39,300 of wages incurred during indirect labor, $19,700 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 200,000 Large Stars at a total cost of $46,200. k. Sales on account: all of Job 120 for $100,000. I. Adjusted for overallocated or underallocated manufacturing overhead Raw Materials Inventory subsidiary ledger: Paper, $4,900; indirect materials, $600 Work-in-Process Inventory subsidiary ledger. Job 120, $39,400; Job 121, $0 Finished Goods Inventory subsidiary ledger. Large Stars, $9,800; Small Stars, $12,200 Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Exclude explanations from any jou a. Collections on account, $154,000 b. Selling and administrative expenses incurred and paid, $20,000 c. Payments on account, 34, UUU e. Materials requisitioned and used in production Job 120 Paper, $500, , Job 121: Paper, $7,750, Indirect materials, $1,000 (Prepare a single joumal ent f. Wages incurred during June, $42,000. Labor time records for the month Job 120,$3,500; Job 121, $18,800; indirect labor, $19,700 (Prepare a single 9. Wages paid in June include the balance in the Wages Payable account at May 31 plus $39,300 of wages incurred in June. h. Depreciation on plant and equipment $3,300 Lone Stars produces stars for elementary teachers to reward their students. Lone 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.) i. Manufacturing overhead was allocated at the predetermined overhead allocation rate of 80% of direct labor costs j. Jobs completed during the month: Job 120, 200,000 Large Stars at total cost of $46,200 k. Sales on account: all of Job 120 for $100,000 Begin by recording the revenue from the sales on account. Do not record the expense related to the sale in this journal entry. We Now record the cost of goods sold related to the sale of all of Job 120 . 1. Adjusted for overallocated or underallocated manufacturing overhead Requirement 2. T-accounts for the general ledger, the Raw Materials Inventory subsidiary ledger, the Work-in-Process Inventory subsidiat 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 bal with a "Bal." reference on the normal side of the T-account) Review the joumal entries you prepared in Requirement 1 Post the transactions to the Raw Materials Inventory subsidiary ledger accounts. Key each transaction by transaction letter, and calculate \begin{tabular}{lr|l|} \multicolumn{2}{c}{ Paper } \\ \hline Bal. & 4,900 & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|c|l|} \hline \multicolumn{2}{c|}{ Indirect Materials } \\ \hline Bal. & 600 \\ \hline \end{tabular} Post the transactions to the Work-in-Process Inventory subsidiary ledger accounts. Key each transaction Post the transactions to the Finished Goods Inventory subsidiary ledger accounts. Key each transaction by Requirement 3. Prepare a trial balance at June 30, 2024. (Leave both the Debit and Credit column cells bl Review the general ledger accounts you prepared in Requirement 2. Review the general ledger accounts you prepared in Requirement 2. Lone Stars Trial Balance Requirement 4. Use the vork-m-rivuess mvem my i-acuumn wr propdre Review the Work-In-Process Inventory general ledger account you prepar Requirement 4. Use the Work-in-Process Inventory T-account to prepare a schedule of cost of go Review the Work-In-Process Inventory general ledger account you prepared in Requirement 2 . 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 Requi