Prepare journal entries and complete the Job Cost Record for the following transactions:

1. Purchased raw materials on account, $27,000.

2. $5,000 of materials are used for Job #47. $1,000 of indirect materials are also requisitioned.

3. Time cards indicated that $8,000 was direct labor for Job #47, and $1,000 was indirect labor.

4. Factory utility bill received, to be paid next month, $7,000.

5. Depreciation on factory equipment, $11,000.

6. Factory overhead is applied to Job #47, using a predetermined overhead rate of 35% of direct labor costs.

7. Job #47, consisting of 590 is completed.

8. Job #47 was sold on account for $28,000.