Requirement 2. Journalize in summary form the requisition of direct materials and the assignment of direct labor and the allocation of manufacturing overhead to Job 423. Wages are not yet paid. (Record debits first, then credits. Exclude explanations from any journal entries.)
Start by journalizing the use of direct materials.
Requirement 3. Journalize completion of the job and the sale of the
5,900
DVDs on account. (Record debits first, then credits. Exclude explanations from any journal entries.)
Begin by preparing the entry to show the completion of the job.
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Next, journalize the use of direct labot Ifirs, then credits Exclu Avery Sters ovduces gatstor elementay teachers to teward their tuconts Avey Stars tral balance on dune ifo ons folck the lcon to viewthe tha bel once) Jure 1 ba ances in the sube do ary ledgera were as followe (Clickthe icon to wiw the balances:) a. Oevections on account stsopop Data table N Requirement 4. Use the Workin.Procesinventory T-account to prepare a shedule of cot of gosdsmanufactured for the month of June: Review the Workin-Process Invemtory general ledget account you prepurd in Revoireme nt 2. Pequirement 5. Frepan an income statement for the month of June. Feview the thal balance you Don pared in Requ rement 3 K. Sales on account all of Job 120 for $105,000 Eegin by pecording the fevenue form the eales on account Do not cecord the eyprinso related to the sale in th sjoumal enty Wo will do that in the nexe top. Now record the cot of 900 s sold related to the sale of all of JoD 120 1. Adustec for exerallocated or uncerallocabed manutacturing overiesd Re quirement 2. T-accounts for the general ledger, the Raw Matorials Inventoy aba diay ledger, the Workin-Processinvantory absdiay iedger, and the Fin is ed Goods reforence Begn with posting the transactions to the general ledger accounts keyeach transacion by transaction ietec and calculate the eniding bal anca of each excount fer e gide of the T-accoisnt? h. Depreciapon on plant and equipment, 52.600 (Click the icon to view the trial balante ) Juna 1 balsecesin the sebsciayledpers were as follows (click the leon to viow the balances) ade of the Taccount) Stat by foumalizing the use of direct materials Next, joumalize the use of direct labot Tif (Olickthe icon to view the thal bel ance)? wure 1 balan cesint the subsic ary ieccels ware as follows: A. (Clickthe icon to view the botances? c. Peyments on account. $36.000 Pevere the general lesger accountsycu sabared in Reauirement 2 More info a. Collections on account, $150,000. b. Selling and administative expensesincurred and paid, $28,000. c. Payments on account, $36,000. d. Materials purchased on account: Paper, $27,700; indirect materials, $4,100. e. Materials requistioned and used in production: f. Wages incurred during June, $42,000. Labor time records for the month: Job 120, $4,500; Job 121, $16,500; indirect labor, $21,000 g. Wagespaid in June include the balance in the Wages Payable at May 31 plus $40,000 of wages incurred during June. h. Depreciation on plant and equipment, $2,600 i. Manufacturing overhead allocated at the predetermined overhead allocation rate of 90% of directlabor coss J. Jobs completed during the month: Job 120 with 900,000 Large Stars at a total cos of $48,850. k. Sales on account: all of Job 120 for $105,000. 1. Adjuste d for overallocated or underallo cated manufacturing overhead. Eegin or urepaning the erter it fow the completion of the joo Requirement 5. Ptepare an income sate ment for the month of June Review the trial balance you pmpared in Requirement 2 Review the jouinal enty for underallocated manufactuing ovechead you o spared in Requument i. Requirement 3. Joumalize completion of the lob and the sale of the 5,900 DVDs on account. Record debits firt, then credits Exclu Begin ty preparing the entry to show the completion of the job. II (Oickthe icen to vew the tha baince? Whe 1 balancesin the subsidayledgerswere as follons (1) (Cicktheicon ioven the balances? f. Wagesincimed during June, $42,000 : Labortime records for the month Job 120, 54,500,40b121,$16,500,15drec lab a. Wagespaid in woe include the balance in the Wages Payable accoust at May 37 pus 540.000 of wages incumeo in Jur Requirements 1. Joumalize the transactionsfor 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. Pos 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 Workin-Processinventory 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. Next, journalize the use of direct labot Ifirs, then credits Exclu Avery Sters ovduces gatstor elementay teachers to teward their tuconts Avey Stars tral balance on dune ifo ons folck the lcon to viewthe tha bel once) Jure 1 ba ances in the sube do ary ledgera were as followe (Clickthe icon to wiw the balances:) a. Oevections on account stsopop Data table N Requirement 4. Use the Workin.Procesinventory T-account to prepare a shedule of cot of gosdsmanufactured for the month of June: Review the Workin-Process Invemtory general ledget account you prepurd in Revoireme nt 2. Pequirement 5. Frepan an income statement for the month of June. Feview the thal balance you Don pared in Requ rement 3 K. Sales on account all of Job 120 for $105,000 Eegin by pecording the fevenue form the eales on account Do not cecord the eyprinso related to the sale in th sjoumal enty Wo will do that in the nexe top. Now record the cot of 900 s sold related to the sale of all of JoD 120 1. Adustec for exerallocated or uncerallocabed manutacturing overiesd Re quirement 2. T-accounts for the general ledger, the Raw Matorials Inventoy aba diay ledger, the Workin-Processinvantory absdiay iedger, and the Fin is ed Goods reforence Begn with posting the transactions to the general ledger accounts keyeach transacion by transaction ietec and calculate the eniding bal anca of each excount fer e gide of the T-accoisnt? h. Depreciapon on plant and equipment, 52.600 (Click the icon to view the trial balante ) Juna 1 balsecesin the sebsciayledpers were as follows (click the leon to viow the balances) ade of the Taccount) Stat by foumalizing the use of direct materials Next, joumalize the use of direct labot Tif (Olickthe icon to view the thal bel ance)? wure 1 balan cesint the subsic ary ieccels ware as follows: A. (Clickthe icon to view the botances? c. Peyments on account. $36.000 Pevere the general lesger accountsycu sabared in Reauirement 2 More info a. Collections on account, $150,000. b. Selling and administative expensesincurred and paid, $28,000. c. Payments on account, $36,000. d. Materials purchased on account: Paper, $27,700; indirect materials, $4,100. e. Materials requistioned and used in production: f. Wages incurred during June, $42,000. Labor time records for the month: Job 120, $4,500; Job 121, $16,500; indirect labor, $21,000 g. Wagespaid in June include the balance in the Wages Payable at May 31 plus $40,000 of wages incurred during June. h. Depreciation on plant and equipment, $2,600 i. Manufacturing overhead allocated at the predetermined overhead allocation rate of 90% of directlabor coss J. Jobs completed during the month: Job 120 with 900,000 Large Stars at a total cos of $48,850. k. Sales on account: all of Job 120 for $105,000. 1. Adjuste d for overallocated or underallo cated manufacturing overhead. Eegin or urepaning the erter it fow the completion of the joo Requirement 5. Ptepare an income sate ment for the month of June Review the trial balance you pmpared in Requirement 2 Review the jouinal enty for underallocated manufactuing ovechead you o spared in Requument i. Requirement 3. Joumalize completion of the lob and the sale of the 5,900 DVDs on account. Record debits firt, then credits Exclu Begin ty preparing the entry to show the completion of the job. II (Oickthe icen to vew the tha baince? Whe 1 balancesin the subsidayledgerswere as follons (1) (Cicktheicon ioven the balances? f. Wagesincimed during June, $42,000 : Labortime records for the month Job 120, 54,500,40b121,$16,500,15drec lab a. Wagespaid in woe include the balance in the Wages Payable accoust at May 37 pus 540.000 of wages incumeo in Jur Requirements 1. Joumalize the transactionsfor 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. Pos 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 Workin-Processinventory 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
