Stella Stars produces stars for elementary teachers to June transactions are summarized as follows: reward their students. Stella Stars' trial balance on June (Click the icon to view the transactions.) 1 follows: (Click the icon to view the trial balance.) Read the requirements. June 1 balances in the subsidiary ledgers were as follows: (Click the icon to view the balances.) Requirement 1. Journalize the iransactions for the company. (Record debits first, then credits. Exclude explanations from any journal entries.) a. Collections on account. $141.000 Data table Stella Stars Trial Balance June 1, 2016 Balance Account Tifife Debit Credit Cash $25,000 Accounts Receivable 185,000 Inventories: Raw Materials 6,000 Work-in-Process 40,750 Finished Goods 20,700 Plant Assets 220,000 Accumulated Depreciation Accounts Payable Wages Payable Common Stock \$ 69,000133,0003,300139,000 More info - Raw Materials Inventory subsidiary ledger: Paper, $4,300; indirect materials, $1,700 - Work-in-Process Inventory subsidiary ledger: Job 120, $40,750; Job 121, $0 - Finished Goods Inventory subsidiary ledger: Large Stars, $9,000; Small Stars, $11,700 a. Collections on account, $141,000. b. Selling and administrative expenses incurred and paid, $22,000. c. Payments on account, $37,000. d. Materials purchased on account: Paper, $24,500; indirect materials, $4,800. e. Materials requisitioned and used in production: f. Wages incurred during June, $42,000. Labor time records for the month: Job 120, $3,600; Job 121 , $19,000; indirect labor, $19,400. g. Wages paid in June include the balance in the Wages Payable at May 31 plus $40,700 of wages incurred during June. h. Depreciation on plant and equipment, $2,900. i. Manufacturing overhead allocated at the predetermined overhead allocation rate of 60% of direct labor cost. j. Jobs completed during the month: Job 120 with 100,000 Large Stars at a total cost of $46,960. k. Sales on account: all of Job 120 for $104,000. I. Adjusted for overallocated or underallocated manufacturing overhead. Requirements 1. Journalize 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 journal entries to the T-accounts using the transaction letters as a reference. 3. Prepare a trial balance at June 30, 2016. 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