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 transa (Click to Read the res Requirement 1. Joumalize the transactions for the company. (Record debits first, then credits. Exclude explanations from any journal en a. Collections on account, $140,000 Date Accounts Debit Credit a. b. Selling and administrative expenses incurred and paid, $20,000 Date Accounts Debit Credit b. e. Payments on account, $41,000 Date Accounts Debit Credit hoose from any list or enter any number in the input fields and then continue to the next question Read the requirements in the subsidiary ledgers were as follows: (Click the icon to view the balances) d. Materials purchased on credit Paper. 23,300, Indirect materials, $3,800 (Prepare a single journal entry for this event.) Date Debit Credit Accounts d. e. Materials requisitioned and used in production: Job 120: Paper, $850, Job 121: Paper, $7,750, Indirect materials. $1,800 (Prepare a single journal entry for the Accounts Debit Credit Date f. Wages incurred during June $34,000. Labor time records for the month Job 120.53.500; Job 121.516,600; indirect labor, 513,900 (Prepare a single joumale Date Accounts Debit Credit Choose from any list or enter any number tha g. Wages paid in June include the balance in the Wages Payable account at May 31 plus $32,700 of wages incurred in June. Date Accounts Debit Credit g. h. Depreciation on plant and equipment, $3,100 Date Accounts Debit Credit h. L. Manufacturing overhead was allocated at the predetermined overhead allocation rate of 50% of direct labor costs. Date Accounts Debit Credit Choose from any list or entera 1. Jobs completed during the month: Job 120, 100,000 Large Stars at total cost of $46,850 Date Accounts Debit Credit 1 k. Sales on account: all of Job 120 for $110,000 Begin by recording the revenue from the sales on account. Do not record the expense related to the sale in this joumal entry. We will do that in the next step Accounts Credit Date Debit k. Now record the cost of goods sold related to the sale of all of Job 120 Date Accounts Debit Credit Now record the cost of goods sold related to the sale of all of Job 120. Date Accounts Debit Credit k. 1. Adjusted for overallocated or underallocated manufacturing overhead Date Accounts Debit Credit 1. Requirement 2. T-accounts for the general ledger, the Raw Materials Inventory subsidiary ledger, the Work-in-Process Inventory subs 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 by the transaction. For accounts with a zero balance, enter a "0" along with a "Bal" reference on the normal side of the T-account.) Choose from any list or enter any number in the input fields and then continue to the next question. Requirement 2. Taccounts for the general ledger, the Raw Materials Inventory subsidiary ledger, the Work In Process Inventory subsidiary ledger, and the Finished Goods account's balance as given. Post the joumal entries to the T-accounts using the transaction letters on a reference Begin with posting the transactions to the general ledger accounts. Key each transaction by transaction letter, and calculate the ending balance of ench account. (Post each by the transaction. For accounts with a zero balanon, enter a *o* along with a "Bal" reference on the normal side of the T-account) Review the journal entries you prepared in Requirement 1 Accounts Receivable Raw Materials Inventory Cash Bal 15.000 Bal 185.000 Bal 5,600 Finished Goods Inventory Work In Process Inventory 40.750 Property, Plant, and Equipment Bal 230,000 Bal Bal 20.700 Accumulated Depreciation 72,000 Bal. Accounts Payable 133,000 Bal Wages Payable 1,800 Bal. Common Stock Sales Revenue Retained Earnings 144,250 Bal 146,000 Bal Cost of Goods Sold Manufacturing Overhead Selling and Admin. Expenses Post the transactions to the Raw Materials Inventory subsidiary Indger accounts. Key each transaction by transaction letter and calculate the ending balance, "Bal." of each accoun Paper Indirect Materials Bal 4,900 Bal 700 Post the transactions to the Work in Process Invertory subsidiary ledger accounts. Key each transaction by transaction letter and calculate the ending balance "Bul." of each ce "Bal" reference on the normal side of the T-account) Job 120 Job 121 Bal 40,750 Post the transactions to the Finished Goods Inventory subsidiary ledger accounts. Key each transaction by transaction letter and calculate the ending balance "Bal" of each accom Large stars Small stars 9,300 Bal 15,400 Bal Requirement 3. Prepare a trial balance at June 30, 2024. (leave both the Debit and Credit.colum coiinblank for account with zero balorion at June 10,) Review the general ledger accounts you prepared in Requirement 2 School Stars Trial Balance June 30, 2024 Balance Debit Credit Account Titi Cash Accounts Receivable School Stars Trial Balance June 30, 2024 Balance Debit Credit Account Title Cash Accounts Receivable Inventories: Raw Materials Work-in-Process Finished Goods Property, Plant and Equipment Accumulated Depreciation Accounts Payable Wages Payable Common Stock Retained Earnings Retained Earnings Sales Revenue Cost of Goods Sold Manufacturing Overhead Selling and Administrative Expenses Total Requirement 4. Use the Work-in-Process Inventory T-account to prepare a schedule of cost of goods manutactured for the month of June. Review the Work-In-Process Inventory general ledgye account you prepared in Requirement 2. School Stars Schedule of Cost of Goods Manufactured Month Ended June 30, 2024 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. School Stars Income Statement Month Ended June 30, 2024 Cost of Goods Sold Gross Profit 0 Data Table -X Account Title Debit Credit Cash $ 15,000 185,000 Accounts Receivable Inventories: Raw Materials 5,600 40.750 20,700 230,000 Work-in-Process Finished Goods Property, Plant, and Equipment Accumulated Depreciation Accounts Payable Wages Payable Common Stock $ 72,000 133,000 1,800 146,000 Retained Eamings 144,250 Sales Revenue 0 Cost of Goods Sold 0 Manufacturing Overhead 0 Selling and Administrative Expenses s 497,050 $ Total 497,050 Print Done More Info - . Raw Materials Inventory subsidiary ledger: Paper, $4,900; indirect materials, $700 Work-in-Process Inventory subsidiary ledger: Job 120, $40,750; Job 121, $0 Finished Goods Inventory subsidiary ledger: Large Stars, $9,300; Small Stars, $11,400 Print Done VS More Info X a. Collections on account, $140,000. b. Selling and administrative expenses incurred and paid, $20,000 c. Payments on account, $41,000. d. Materials purchased on account: Paper, $23,300; indirect materials, $3,800. e. Materials requisitioned and used in production: Job 120: Paper, $ 850 Job 121: Paper $ 7.750 Indirect materials $ 1,800 f. Wages incurred during June, $34,000. Labor time records for the month: Job 120, $3,500; Job 121, $16,600; indirect labor, $13,900. g. Wages paid in June include the balance in the Wages Payable at May 31 plus $32,700 of wages incurred during June h. Depreciation on plant and equipment, $3,100. 1. Manufacturing overhead allocated at the predetermined overhead allocation rate of 50% of direct labor costs. J. Jobs completed during the month: Job 120 with 100,000 Large Stars at a total cost of $46,850. k. Sales on account: all of Job 120 for $110,000. 1. Adjusted for overallocated or underallocated manufacturing overhead. Print Done