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Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $84,000.

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Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $84,000. b. Direct materials used in production, $38,000. Indirect materials used in production, $13,500. C. Paid cash for factory payroll, $45.000. Of this total, $31,000 is for direct labor and $14.000 is for indirect labor. d. Paid cash for other actual overhead costs, $7,250. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods. $58,500. 91. Jobs that had a cost of $58,500 were sold. 92. Sold jobs on account for $84.000. View transaction ist Journal entry worksheet 2 3 4 5 78 9 Record raw materials purchased on account. Note: Enter debits before credits Transaction General Journal Debit Credit a. Raw materials purchased on account, $84,000. b. Direct materials used in production, $38,000. Indirect materials used in production, $13,500. c. Paid cash for factory payroll, $45,000. Of this total, $31,000 is for direct labor and $14,000 is for indirect labor. d. Paid cash for other actual overhead costs, $7,250. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $58,500. 91. Jobs that had a cost of $58,500 were sold. g2. Sold jobs on account for $84.000. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 Record the entry to assign costs of direct materials used. Note: Enter debits before credits General Journal Debit Credit Transaction b(1) Journal entry worksheet 1 2 3 4 5 6 7 8 9 > Record the entry for indirect materials. Note: Enter debits before credits. Transaction b(2) General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 3 5 6 7 8 9 > Record the usage of direct and indirect labor, paid in cash. Note: Enter debits before credits. General Journal Debit Credit Transaction C. Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 9 Record other actual overhead costs, paid in cash. Note: Enter debits before credits. Transaction d. General Journal Debit Credit Record entry Clear entry View general Journal Journal entry worksheet Record the entry to apply overhead at a rate of 120% of direct labor cost. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 9 > Record costs of jobs completed. Note: Enter debits before credits. General Journal Debit Credit Transaction f. Record entry Clear entry View general journal Journal entry worksheet Record the cost of the jobs sold. Note: Enter debits before credits. Transaction 9(1). General Journal Debit Credit Record entry Clear entry View general Journal Journal entry worksheet 1 2 3 4 5 6 7 8 9 9 Record sales on account. Note: Enter debits before credits. General Journal Debit Credit Transaction 9(2) Record entry Clear entry View general journal

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