Requirement 4. Use the Work-in-Process Inventory T-account to prepare a schedule of cost of goods manufactured for the month of June. Review the Work-In-Process Inventory general ledger account you prepared in Requirement 2. Requirement 5. Prepare an income statement for the month of June. Review the trial balance you prepared in Requirement 3. Review the journal entry for underallocated manufacturing overhead you prepared in Requirement 1. he journal entries to the T-accounts using the transaction letters as a reference. with a zero balance, enter a "0" along with a "Bal." reference on the normal side of the T-account.) Common Stock Cost of Goods Sold \begin{tabular}{|c|c|c|} \hline & & - \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & 1 & \\ \hline \end{tabular} Retained Earnings \begin{tabular}{l|l|l|} \hline \\ \hline & & \multicolumn{1}{|c}{198,500 Bal. } \\ \hline \\ \hline \end{tabular} Manufacturing Overhead Sales Revenue \begin{tabular}{l|l|l|} \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline \end{tabular} Selling and Admin. Expenses \begin{tabular}{l|l|l|} \hline & \\ \hline & & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline \end{tabular} \begin{tabular}{|c|c|} \hline \multicolumn{2}{|c|}{ Paper } \\ \hline Bal. & 4,400 \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline \end{tabular} \begin{tabular}{l|l|l|} \multicolumn{3}{c}{ Indirect Materials } \\ \hline Bal. 1,300 & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} of the T-account.) \begin{tabular}{ll|l} \multicolumn{3}{c}{ Job 120} \\ \hline Bal. & 41,000 & \\ \hline & \end{tabular} Job 121 \begin{tabular}{l|l|} \hline \\ \end{tabular} Learning Stars produces stars for elementary teachers to reward their students. Learning Stars' trial balance on June 1 follows: (Click the icon to view the trial balance.) June 1 balances in the subsidiary ledgers were as follows: (Click the icon to view the balances.) Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Exclude explanations from any journal entries.) a. Collections on account, $153,000 b. Selling and administrative expenses incurred and paid, $28,000 June transactions are summarized as follows: (Click the icon to view the transactions.) Read the requirements. Data table c. Payments on account, $35,000 Requirement 5. Prepare an income statement for the month of June. Review the trial balance you prepared in Requirement 3. Review the journal entry for underallocated manufacturing overhead you prepared in Requirement 1. h Nonrariation an nlant and aritinmant \$2 7nn Learning Stars produces stars for elementary teachers to reward their students. Learning Stars' trial balance on June 1 follows: (Click the icon to view the trial balance.) June 1 balances in the subsidiary ledgers were as follows: (Click the icon to view the balances.) June transactions are summarized as follows: (Click the icon to view the transactions.) Read the requirements. h Nonrariation an nlant and aritinmant \$2 7nn Requirement 3. Prepare a trial balance at June 30, 2024. (Leave both the Debit and Credit column cells blank for accounts with a zero balance at June_30_) Review the general ledger accounts you prepared in Requirement 2. Requirement 3. Prepare a trial balance at June 30, 2024. (Leave both the Debit and Credit column cells blank for accounts with a zero balance at June_30_) Review the general ledger accounts you prepared in Requirement 2. k. Sales on account: all of Job 120 for $111,000 Begin by recording the revenue from the sales on account. Do not record the expense related to the sale in this journal entry. We will do that in the next step. Now record the cost of goods sold related to the sale of all of Job 120. I. Adiusted for overallocated or underallocated manufacturina overhead the journal entries to the T-accounts using the transaction letters as a reference. with a zero balance, enter a "0" along with a "Bal." reference on the normal side of the T-account.)