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ACCT 203 Managerial Accounting Summer 2020 (1) Homework: Chapter 17 Homework Score: 0 of 1 pt P17-32A (similar to) Howie Stars produces stars for elementary teachers to reward their students. Howie 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) Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Exclude explanations from an a. Collections on account, $152,000 Date Accounts Debit Credit a. 2.78 of 4 i Data Table x Ows S.) Howie Stars Trial Balance June 1, 2018 Balance Account Title Debit Credit Cash $ 25,000 150,000 5,900 41,300 21.100 250.000 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 $ 76,000 130.000 1,600 140,000 145,700 Print Done Check Answer A ENG 9:45 AM 776/2000 More Info Raw Materials Inventory subsidiary ledger. Paper, $4,600; indirect materials, $1,300 Work-in-Process Inventory subsidiary ledger. Job 120, $41,300; Job 121, $0 Finished Goods Inventory subsidiary ledger: Large Stars, $8,900; Small Stars, $12,200 Print Done then cre i Requirements Del 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 a. Collections on account, $152,000. b. Selling and administrative expenses incurred and paid, $22,000. c. Payments on account, $42,000. d. Materials purchased on account Paper, $20,000; indirect materials, $3,300. e. Materials requisitioned and used in production: Job 120: Paper, $ 900 Job 121: Paper $ 7,750 Indirect materials, $ 1,600 f. Wages incurred during June, $36,000. Labor time records for the month: Job 120, $3,700; Job 121, $18,800, indirect labor, $13,500. g. Wages paid in June include the balance in the Wages Payable at May 31 plus $33,000 of wages incurred during June. h. Depreciation on plant and equipment, $3,000. 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 200,000 Large Stars at a total cost of $47.750. k. Sales on account all of Job 120 for $115,000. 1. Adjusted for overallocated or underallocated manufacturing overhead. Print Done ACCT 203 Managerial Accounting Summer 2020 (1) Homework: Chapter 17 Homework Score: 0 of 1 pt P17-32A (similar to) Howie Stars produces stars for elementary teachers to reward their students. Howie 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) Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Exclude explanations from an a. Collections on account, $152,000 Date Accounts Debit Credit a. 2.78 of 4 i Data Table x Ows S.) Howie Stars Trial Balance June 1, 2018 Balance Account Title Debit Credit Cash $ 25,000 150,000 5,900 41,300 21.100 250.000 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 $ 76,000 130.000 1,600 140,000 145,700 Print Done Check Answer A ENG 9:45 AM 776/2000 More Info Raw Materials Inventory subsidiary ledger. Paper, $4,600; indirect materials, $1,300 Work-in-Process Inventory subsidiary ledger. Job 120, $41,300; Job 121, $0 Finished Goods Inventory subsidiary ledger: Large Stars, $8,900; Small Stars, $12,200 Print Done then cre i Requirements Del 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 a. Collections on account, $152,000. b. Selling and administrative expenses incurred and paid, $22,000. c. Payments on account, $42,000. d. Materials purchased on account Paper, $20,000; indirect materials, $3,300. e. Materials requisitioned and used in production: Job 120: Paper, $ 900 Job 121: Paper $ 7,750 Indirect materials, $ 1,600 f. Wages incurred during June, $36,000. Labor time records for the month: Job 120, $3,700; Job 121, $18,800, indirect labor, $13,500. g. Wages paid in June include the balance in the Wages Payable at May 31 plus $33,000 of wages incurred during June. h. Depreciation on plant and equipment, $3,000. 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 200,000 Large Stars at a total cost of $47.750. k. Sales on account all of Job 120 for $115,000. 1. Adjusted for overallocated or underallocated manufacturing overhead. Print Done