Prepare journal entries to record the preceding transactions. (II no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Notet Enter debits before credits. Prepare journal entries to record the preceding transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Wote Enter debits liefore credits. Prepare journal entries to record the preceding transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fidd.) Journal entry worksheet The salary and wage costs accrued were $245,000 (Direct labor), $93,000 (Indirect labor), \$125,000 (Selling and administrative salaries). Note: Enter debits before credits. Prepare journal entries to record the preceding transactions. (II no entry is required for a transaction/event, select "No journal entry required in the first account ficid.) Journal entry worksheet The entry for rental cost incurred on account on buildings, $112,000 ( 85% related to factory facilities, and the remainder related to selling and administrative facilities). Note: Enter debits before credits. Prepare joumal entries to record the preceding transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 12 The cost of goods manufactured for the year, $800,000. Note: Enter debits before credits. Prepare a foumal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the entry to close any balance in the manufacturing overhead account to cost of goods sold. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods sold. The balances in the inventory accounts at the beginning of the year were: Required: 1. Prepare journal entries to record the preceding transactions. 2. Post your entries to T-accounts. (Don't forget to enter the beginning inventory balances above) 3. Prepare a schedule of cost of goods manufactured. 4A. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. 48. Prepare a schedule of cost of goods sold. 5. Prepare an income statement for the year: Complete this question by entering your answers in the tabs below. Prepare joumal entries to record the preceding transactions. (If no entry is required for a transaction/event, select "No joumal entry required" in the first account field.) ost your entries to T-accounts, (Den't forget to enter the beginning inventory balances above), Prepare journal entries to record the preceding transactions. (If no entry is required for a transaction/event, select "No joumal entry required" in the first account field.) Journal entry worksheet 8 12 The advertising costs were incurred on account, $139,000. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare an income statement for the year. Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North Sea oil fields. The company uses a job-order costing system that applies manufacturing overhead cost to jobs on the basis of direct laborhours. Its predetermined overhead rate was based on a cost formula that estimated $351,500 of manufacturing overhead for an estimated allocation base of 950 direct labor-hours. The following transactions took place during the year: a. Raw materials purchased on account, $215,000. b. Raw materials used in production (all direct materials), $200,000. c. Utility bills incurred on account, $62,000 ( 85% related to factory operations, and the remainder related to selling and administrative activities). d. Accrued salary and wage costs: e. Maintenance costs incurred on account in the factory. $57,000 f. Advertising costs incurred on account, $139,000. g. Depreciation was recorded for the year, $87,000(80% related to factory equipment, and the remainder related to selling and administrative equipment) h. Rental cost incurred on account, $112,000 (85\% related to factory facilities, and the remainder related to selling and administrative facilities). 1. Manufacturing overhead cost was applied to jobs, $ ? 1. Cost of goods manufactured for the year, $800,000. k. Sales for the year (all on account) totaled $1,350,000. These goods cost $830,000 according to their job cost sheets Trepare journal entries to record the preceding transactions. (If no entry is required for a transiaction/event, select "No joumal entry equired" in the first account field.) Journal entry worksheet The utility bills were incurred on account, $62,000(85% related to factory operations, and the remainder related to selling and administrative activities). Noter Enter debits before credits. Prepare joumal entries to record the preceding transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet The depreciation was recorded for the year, $87,000(80% related to factory equipment, and the remainder related to selling and administrative equipment). Note: Enter debits before credits. Course Project (i) Prepare joumal entries to record the preceding transactions. (If no entry is required for a transaction/ever required" in the first account field.) Journal entry worksheet Prepare joumal entries to record the preceding transactions. (if no entry is required for a transaction/event, select "No journal entry required " in the first account field.) Journal entry worksheet The raw materials were purchased for use in production, $215,000 on account. Note: Enter debits before credits