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PLEASE HELP WITH JOURNAL ENTRIES B1 V fx CHART OF ACCOUNTS C 600 van w 14 16 Cash Accounts Receivable Allowance for Doubtful Accounts Prepaid

image text in transcribedimage text in transcribedPLEASE HELP WITH JOURNAL ENTRIES

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B1 V fx CHART OF ACCOUNTS C 600 van w 14 16 Cash Accounts Receivable Allowance for Doubtful Accounts Prepaid Insurance Office Supplies Inventory: Raw Materials Inventory: Work in Process Inventory: Finished Goods Inventory: Factory Overhead Office Equipment Accumulated Depreciation Office Equip Factory Equipment Accumulated Depreciation-Factory Equip Patents Accounts Payable Income Tax Payable Salaries Payable Common Stock PIC in Excess of Par-Common Stock Retained Earnings Sales Sales Discounts Cost of Goods Sold Advertising Expense Depreciation Expense-Office Equip Utility Expense Insurance Expense Office Supplies Expense Rent Expense Chart of Accts Beg. Trial Balance T-Accts Wonderama Playgrounds, Inc. manufactures playground equipment for parks and schools. Their business year is the calendar year and they use a job-order cost system for inventory and sales. Wonderama Playgrounds, Inc. manufactures all products in a single production department. An individual job-order cost sheet is maintained for each job. The job-order cost sheet contains accumulated costs for each job, including actual direct materials, actual direct labor, and applied factory overhead. Factory overhead is applied to each job based on 125% of direct labor costs for that job. Wonderama Playgrounds, Inc. marks up all work by 40% of the job cost (sales price = total cost of job x 140%). Since Wonderama Playgrounds, Inc. sells to builders, contractors, school districts and schools, all sales are exempt from state sales tax. All sales are on account and are subject to terms of 2/10, net30 days, FOB Shipping Point. Accounts Payable is used solely for the purchase of direct materials, indirect materials, and factory supplies. All vendors expect full payment within 30 days. Operating expenses, with the exception of any accrued salaries, property taxes, and income taxes, are paid when incurred; all employees are paid at the end of the month. All cash is deposited in the bank when received and all payments are made by check. Following are the transactions for Wonderama Playgrounds, Inc. for January 2020: Transferred the completed job #350 to the Finished Goods account Jan. 30 Jan. 31 Jan. 31 Sold and shipped Job #350 to Lawson Corporation. Paid All Power and Light Company $3,160.00 for heat, power, and light. Allocate 25% for the office facilities and 75% for the factory facilities. Jan. 31 Applied $5,540.00 of Direct Materials to job #354 Jan. 31 Applied $12,257.00 of direct labor to Job #354. Jan. 31 Applied factory overhead to Job #354. Jan. 31 Record the insurance expense for January. The prepaid insurance is for 10 months: Factory 75% General 25% Jan. 31 Jan. 31 The inventory of office supplies shows that $1,670.00 of supplies were on hand. Depreciation for the month is $1,120.00 for the Factory Equipment and $380.00 for the Office Equipment Amortization of the patents for the month is $390.00. (Debit Factory Overhead) Jan. 31 Jan. 31 Close the overapplied or underapplied factory overhead to Cost of Goods Sold. B1 V fx CHART OF ACCOUNTS C 600 van w 14 16 Cash Accounts Receivable Allowance for Doubtful Accounts Prepaid Insurance Office Supplies Inventory: Raw Materials Inventory: Work in Process Inventory: Finished Goods Inventory: Factory Overhead Office Equipment Accumulated Depreciation Office Equip Factory Equipment Accumulated Depreciation-Factory Equip Patents Accounts Payable Income Tax Payable Salaries Payable Common Stock PIC in Excess of Par-Common Stock Retained Earnings Sales Sales Discounts Cost of Goods Sold Advertising Expense Depreciation Expense-Office Equip Utility Expense Insurance Expense Office Supplies Expense Rent Expense Chart of Accts Beg. Trial Balance T-Accts Wonderama Playgrounds, Inc. manufactures playground equipment for parks and schools. Their business year is the calendar year and they use a job-order cost system for inventory and sales. Wonderama Playgrounds, Inc. manufactures all products in a single production department. An individual job-order cost sheet is maintained for each job. The job-order cost sheet contains accumulated costs for each job, including actual direct materials, actual direct labor, and applied factory overhead. Factory overhead is applied to each job based on 125% of direct labor costs for that job. Wonderama Playgrounds, Inc. marks up all work by 40% of the job cost (sales price = total cost of job x 140%). Since Wonderama Playgrounds, Inc. sells to builders, contractors, school districts and schools, all sales are exempt from state sales tax. All sales are on account and are subject to terms of 2/10, net30 days, FOB Shipping Point. Accounts Payable is used solely for the purchase of direct materials, indirect materials, and factory supplies. All vendors expect full payment within 30 days. Operating expenses, with the exception of any accrued salaries, property taxes, and income taxes, are paid when incurred; all employees are paid at the end of the month. All cash is deposited in the bank when received and all payments are made by check. Following are the transactions for Wonderama Playgrounds, Inc. for January 2020: Transferred the completed job #350 to the Finished Goods account Jan. 30 Jan. 31 Jan. 31 Sold and shipped Job #350 to Lawson Corporation. Paid All Power and Light Company $3,160.00 for heat, power, and light. Allocate 25% for the office facilities and 75% for the factory facilities. Jan. 31 Applied $5,540.00 of Direct Materials to job #354 Jan. 31 Applied $12,257.00 of direct labor to Job #354. Jan. 31 Applied factory overhead to Job #354. Jan. 31 Record the insurance expense for January. The prepaid insurance is for 10 months: Factory 75% General 25% Jan. 31 Jan. 31 The inventory of office supplies shows that $1,670.00 of supplies were on hand. Depreciation for the month is $1,120.00 for the Factory Equipment and $380.00 for the Office Equipment Amortization of the patents for the month is $390.00. (Debit Factory Overhead) Jan. 31 Jan. 31 Close the overapplied or underapplied factory overhead to Cost of Goods Sold

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