PLEASE MAKE SURE TO COMPLETE ALL REQUIREMENTS! THIS IS ONE QUESTION AND ALL INFO IS INCLUDED.
P17-32A (similar to) June transactions are summarized as follows: (Click the icon to view the transactions.) Learning Stars produces stars for elementary teachers to reward their students. Learning 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: i (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, $140,000 Date Accounts Debit Credit 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 @ More Info Data Table Raw Materials Inventory subsidiary ledger: Paper, $5,000, indirect materials, $500 Work-in-Process Inventory subsidiary ledger. Job 120, $39,500; Job 121, $0 Finished Goods Inventory subsidiary ledger: Large Stars, 59,700: Small Stars, $11,000 Learning Stars Trial Balance June 1, 2018 More Info Balance Debit Credit 24,000 175,000 $ a. Collections on account, $140,000. b. Selling and administrative expenses incurred and paid, $30,000. c. Payments on account, $45,000. d. Materials purchased on account: Paper, $21,600; indirect materials, $4,900. e. Materials requisitioned and used in production: 5,500 39,500 20,700 210,000 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 Job 120: Paper, $ 650 Job 121: Paper, $ 7,750 Indirect materials, $ 1,900 f. Wages incurred during June, $36,000. Labor time records for the month: Job 120, $4,750; Job 121, $18,500, indirect labor, $12,750. g. Wages paid in June include the balance in the Wages Payable at May 31 plus $33,300 of wages incurred during June. h. Depreciation on plant and equipment, $2,700. 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 500,000 Large Stars at a total cost of $47,275. k. Sales on account: all of Job 120 for $133,000. I. Adjusted for overallocated or underallocated manufacturing overhead. 74,000 127,000 1,800 144,000 127,900 OO $ 474,700 $ 474,700 Total
