School Stars produces stars for elementary teachers to reward their students. School 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 Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Exclude explanations from any journal entries) a. Collections on account, $141.000 Date 4. Accounts Debit Credit b. Selling and administrative expenses incurred and paid $33,000 Date Accounts Debit Credit School Stars Trial Balance June 1, 2024 Balance Account Title Debit Credit Cash $ 17,000 Accounts Receivable 155,000 Inventories: Raw Materials 5,300 Work-in-Process 39,400 Finished Goods 20,000 Property, Plant, and Equipment 280,000 Accumulated Depreciation. b 73.000 Finished Goods 20,000 Property, Plant, and Equipment 280,000 Accumulated Depreciation 69 $ 73,000 Accounts Payable 127,000 Wages Payable 3,300 Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Manufacturing Overhead Selling and Administrative Expenses Total 140,000 173,400 0 0 10 10 $ 516,700 $ 516,700 . Raw Materials Inventory subsidiary ledger: Paper, $4,300; indirect materials, $1,000 Work-in-Process Inventory subsidiary ledger: Job 120, $39,400; Job 121, $0 Finished Goods Inventory subsidiary ledger: Large Stars, $9,700; Small Stars, $10,300 a. Collections on account, $141,000. b. Selling and administrative expenses incurred and paid, $33,000. c. Payments on account, $41,000. d. Materials purchased on account Paper, $21,600; indirect materials, $4,000. e. Materials requisitioned and used in production: Job 120: Paper, $ 450 Job 121: Paper, $ 8,000 Indirect materials, $ 1,300 f. Wages incurred during June, $42,000. Labor time records for the month: Job 120, $3,800; Job 121, $18,800; indirect labor, $19,400. g. Wages paid in June include the balance in the Wages Payable at May 31 plus $39,200 of wages incurred during June. h. Depreciation on plant and equipment, $3.000 i. Manufacturing overhead allocated at the predetermined overhead allocation rate of 80% of direct labor costs j. Jobs completed during the month: Job 120 with 800,000 Large Stars at a total cost of $46,690. k. Sales on account: all of Job 120 for $125,000 1. Adjusted for overallocated or underallocated manufacturing overhead. lections on account, $141,000 Date a. Accounts Debit Credit b. Selling and administrative expenses incurred and paid, $33,000 Date Accounts Debit Credit c. Payments on account, $41,000 Date C. Accounts Debit Credit d. Materials purchased on credit: Paper, $21,600; indirect materials, $4,000 (Prepare a single journal entry for this event.) Date d. Accounts Debit Credit e. Materials requisitioned and used in production: Job 120. Paper, $450, Job 121: Paper, $8,000, Indirect materials, $1,300 (Prepare a single journal entry Date Accounts Debit Credit e. f. Wages incurred during June, $42,000, Labor time records for the month: Job 120, $3,800 Job 121, $18,800, indirect labor, $19,400 (Prepare a single journal Date f. Accounts Debit Credit Date 9. June include the balance in the Wages Payable account at May 31 plus $39,200 of wages incurred in June. Accounts h. Depreciation on plant and equipment, $3,000 Date h. Debit Credit Accounts Debit Credit Date i. vernead was allocated at the predetermined overhead allocation rate of 80% of direct labor costs. Accounts Debit j. Jobs completed during the month: Job 120, 800,000 Large Stars at total cost of $46,690 Date 1. Accounts Credit Debit Credit k. Sales on account: all of Job 120 for $125,000 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. Date k. Accounts Now record the cost of goods sold related to the sale of all of Job 120 Date Accounts Debit Credit Debit Credit 1. Adjusted for overallocated or underallocated manufacturing overhead. Date 1. Accounts Debit Credit Requirement 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 opene along with each account's balance as given. Post the journal entries to the T-accounts using the transaction letters as a reference Begin with posting the transactions to the general ledger accounts. Key each transaction by transaction letter, and calculate the ending balance of each account (Past each entry by entering only one debit or credit to e T-account affected by the transaction. For accounts with a zero balance, enter a " along with a "Bal" reference on the normal side of the T-account) Review the joumal entries you prepared in Requirement 1 Cash Bal 17.000 Bal Accounts Receivable 155.000 Raw Materials Inventory Bel 5.300 Work-in-Process Inventory Bal, 39,400 Bal Finished Goods Inventory 20,000 Bal Property, Plant, and Equipment 280,000 Accumulated Depreciation Accounts Payable Wages Payable 73,000 Bal 127 000 Bal 3.300 Bal Common Stock 140,000 Bal. Retained Earnings Sales Revenue 173,400 Bal Cost of Goods Sold Manufacturing Overhead Selling and Admin. Expenses Post the transactions to the Raw Materials Inventory subsidiary ledger accounts. Key each transaction by transaction letter, and calculate the ending balance, "Bal" of each account (Combine the entries one posting) Bal 4.300 Paper Indirect Materials Ball 1.000 Post the transactions to the Work-in-Process Inventory subsidiary ledger accounts. Key each transaction by transaction letter, and calculate the ending balance "Bal" of each account (For accounts with a "0" along with a "Bal" reference on the normal side of the T-account) Job 120 Bal 39,400 Job 121 Large stars Histed Goods Inventory subsidiary ledger accounts Key each transaction by transaction letter, and calculate the ending balance "Bal" of each a Bal Small stars 10,300 Bal 9,700 Account Title Cash Accounts Receivable Inventories: Raw Materials Work-in-Process School Stars Trial Balance June 30, 2024 Debit Balance Credit Accounts Payable Wages Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Manufacturing Overhead Selling and Administrative Expenses Total Review the Work-In-Process Inventory general ledger account you prepared in Requirement 2. School Stars Schedule of Cost of Goods Manufactured Month Ended June 30, 2024 School Stars Income Statement Month Ended June 30, 2024 Cost of Goods Sold Gross Profit Net Income (Loss)