Requirement 1. Joumalize the transactions lor the company, (Rocord dobits frst, then crodis. Exelude exphrations trom any joumat ention) a. Collections on account, $154,000 Requirements 1. Joumalize 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 joumal entries to the T-accounts using the transaction letters as a reference. 3. Prepare a trial balance at June 30,2024. 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. a. Collections on account, $154,000. b. Selling and administrative expenses incurred and paid, $27,000. c. Payments on account, $37,000. d. Materials purchased on account: Paper, $22,900; indirect materials, $4,900. 0. Materials requisitioned and used in production: 1. Wages incurred during June, $40,000. Labor time records for the month: Job 120,$3,700; Job 121, $17,250; indirect labor, $19,050. 9. Wages paid in June include the batance in the Wages Payable at May 31 plus $38,200 of wages incurred during June. h. Depreciation on plant and equipment, $3,300. 1. Manufacturing overhead allocated at the predetermined overhead allocation rate of 60% of direct labor costs. 1. Jobs completed during the month: Job 120 with 200,000 Large Stars at a total cost of $46,020. k. Sales on account: all of Job 120 for $115,000. 1. Ad]usted for overaliocated or underallocated manufacturing overhead. Balance Account Title Debit Credit Cash $19,000 Accounts Receivable 190,000 Inventories: Raw Materials 6,100 Work-in-Process 39,500 Finished Goods 22,200 Property, Plant, and Equipment 300,000 Accumulated Depreciation $70,000 Accounts Payable 126,000 Wages Payable 2,500 Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Manufacturing Overhead Selling and Administrative Expenses Total ork.aspx?homeworkld =639616990 \&questionld =1 \&flushed = false & cld =7221703& centerwin = yes School Stars Trial Balance June 1, 2024 Balance Account Title Debit Credit Cash \$ 19,000 Accounts Receivable 190,000 Inventories: Raw Materials 6,100 Work-in-Process \begin{tabular}{l|l} Finished Goods & 22,200 \end{tabular} Property, Plant, and Equipment 300,000 Accumulated Depreciation $70,000 Accounts Payable 126,000 Wages Payable Common Stock 142,000 Retained Earnings 236,300 Sales Revenue 0 Cost of Goods Sold 0 Manufacturing Overhead 0 Requirement 1. Joumalize the transactions lor the company, (Rocord dobits frst, then crodis. Exelude exphrations trom any joumat ention) a. Collections on account, $154,000 Requirements 1. Joumalize 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 joumal entries to the T-accounts using the transaction letters as a reference. 3. Prepare a trial balance at June 30,2024. 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. a. Collections on account, $154,000. b. Selling and administrative expenses incurred and paid, $27,000. c. Payments on account, $37,000. d. Materials purchased on account: Paper, $22,900; indirect materials, $4,900. 0. Materials requisitioned and used in production: 1. Wages incurred during June, $40,000. Labor time records for the month: Job 120,$3,700; Job 121, $17,250; indirect labor, $19,050. 9. Wages paid in June include the batance in the Wages Payable at May 31 plus $38,200 of wages incurred during June. h. Depreciation on plant and equipment, $3,300. 1. Manufacturing overhead allocated at the predetermined overhead allocation rate of 60% of direct labor costs. 1. Jobs completed during the month: Job 120 with 200,000 Large Stars at a total cost of $46,020. k. Sales on account: all of Job 120 for $115,000. 1. Ad]usted for overaliocated or underallocated manufacturing overhead. Balance Account Title Debit Credit Cash $19,000 Accounts Receivable 190,000 Inventories: Raw Materials 6,100 Work-in-Process 39,500 Finished Goods 22,200 Property, Plant, and Equipment 300,000 Accumulated Depreciation $70,000 Accounts Payable 126,000 Wages Payable 2,500 Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Manufacturing Overhead Selling and Administrative Expenses Total ork.aspx?homeworkld =639616990 \&questionld =1 \&flushed = false & cld =7221703& centerwin = yes School Stars Trial Balance June 1, 2024 Balance Account Title Debit Credit Cash \$ 19,000 Accounts Receivable 190,000 Inventories: Raw Materials 6,100 Work-in-Process \begin{tabular}{l|l} Finished Goods & 22,200 \end{tabular} Property, Plant, and Equipment 300,000 Accumulated Depreciation $70,000 Accounts Payable 126,000 Wages Payable Common Stock 142,000 Retained Earnings 236,300 Sales Revenue 0 Cost of Goods Sold 0 Manufacturing Overhead 0