Step 1 - Journalize the transactions & Update Job Cost Sheets Record the transactions for Wonderama Playgrounds, Inc. in the general journal. You must use journal forms to record the transactions. Update the Job Cost Sheets as necessary as you prepare the journal entries. The balances that are already in the Job Cost Sheets are the costs that have already been accumulated for that job (beginning work in process) and should be added to the costs you incur for January for the total cost of the job. Use only the accounts provided. Please refer to the chart of accounts in the Excel file provided for a list of accounts. Round all amounts to the nearest penny. Step 2 - Post the transactions to the T-accounts Post your journal entries to the T-Accounts in the Excel worksheet. The amounts already in the T- Accounts are the beginning balances and should be included in your balances. You do not need to use a posting reference. Do not add any new accounts, all the accounts you need have already been set up. The account balance will update with each posting. When posting the transactions to the T-accounts, start in the top cell of each T-account for both debits and credits and do not skip any lines. Step 3 - Prepare a Trial Balance Click on the Trial Balance tab and prepare the Trial Balance for January 31, 2020. You should use cell references and formulas whenever possible as that considerably decreases the chance of a data entry error. The total of the Trial Balance should be $1,105,645.54. If your balance does not agree, make any necessary corrections before you proceed. Wonderama Playgrounds, Inc. manufactures playground equipment for parks and schools. Their business year is the calendar year and they use a job-order cost system for inventory and sales. Wonderama Playgrounds, Inc, manufactures all products in a single production department. An individual job-order cost sheet is maintained for each job. The job-order cost sheet contains accumulated costs for cach job, including actual direct materials, actual direct labor, and applied factory overhead. Factory overhead is applied to each job based on 12% of direct labor costs for that job. Wonderama Playgrounds, Inc, marks up all work by 40% of the job cost (sales price total cost of job x 140%). Since Wonderama Playgrounds, Ine sells to builders. contractors, school districts and schools, all sales are exempt from state sales tax. All sales are on account and are subject to terms of 2/10, 130 days, FOB Shipping Point Accounts Payable is used solely for the purchase of direct materials, indirect materials, and factory supplies. All vendors expect full payment within 30 days. Operating expenses, with the exception of any accrued salaries, property taxes, and income taxes are paid when incurred all employees are paid at the end of the month. All cash is deposited in the bank when received and all payments are made by check. Following are the transactions for Wonderama Playgrounds, Inc. for January 2020 Jan 2 Paid Larchmont Advertising Agency 51,363 for designing advertisements to appear in local newspapers in January Jan. 2 Paid Princely Properties $4,250 for the January rent. Of this amount, 30% is for the office facilities and 70% is for the factory facilities. Received $30.200.00 on account from customers (10 discount allowed) Jan $ Sold Job 349, which was finished in December 2019 at a total cost of $39,800, to Happy Jacks Preschool Received a check from Lawson Corporation for the amount due. Payment was received within the discount period. (Balance due: 89,420.00, before discount) Jan 9 Paid Nogood Wood Products 88,562.40 in payment of their January 1 balance. Jan. 12 Collected the mount due from Happy Jacks Preschool for the sale on Jan. 5. Jan 13 Paid Sorenson Plastics Company S12.925.00 in payment on account Jan. 15 Applied 3,860,00 of direct materials to Job 4351 Jan. 15 Applied 510,380.00 of direct labor to Job 351 Jan. 15 Applied fly overhead to Job #351 Jan. 15 Transferred the completed job #351 to Finished Goods, Jan. 16 Received $35.250.00 on account from customers (no discount allowed) Jan. 20 Jan. 20 Sold and shipped Job #351 to the Smart Contractors. Wonderama Playgrounds, Inc. uses a perpetual inventory system Purchased 56,329.00 of indirect materials and factory supplies to be used in the manufacture of all jobs currently in process forms Net 30 days (Hint:charge directly to Factory Overhead) Accepted a job for the manufacture of a playground unit for Breakwater Unified School District. February 14 is the promised completion date. Began the job today by applying 55.723.00 of direct materials to Job 1354 Purchased from Casper Corporation $3.116.25 of indirect factory supplies, credit terms, net 15 days. (Hint: charge directly to Factory Overhead) Received a check for $9,890.00 from Sundial Corporation for the amount due, no discount allowed Applied S4,765.00 of direct materials toob 350 Received a check for $9,046,00 from Everest Company for the amount due after the discount period has expired. Applied 52,359.72 of direct materials to job #352. Jan. 21 Jan 23 Jan. 23 Jan. 26 Jan. 23 Jan. 23 Jan. 26 Jan. 26 Jan 26 Jan. 26 Jan 27 Jan 27 Applied S4,768.00 of direct materials to Job 4350 Received a check for 59,046.00 from Everest Company for the amount due after the discount period has expired. Applied 2,359.72 of direct materials to job 1352. Applied S1,566.00 of Direct Labor to lob 352. Applied factory overhead to Job W352. Transferred the completed job 352 to the Finished Goods account Applied 54,683.87 of direct materials to job 1353 Applied 3,120 of Direct Laborte Job 353, Applied factory overhead to Job #353. Transferred the completed job #353 to the Finished Goods account Received the amount due from Smart Contractors from the sale on Jan. 17. Sold and shipped Job #353 to the Grace Angelina Company Paid Casper Corporation the amount due from the January 20 purchase. Applied 55,980,00 of Direct Materials to job #350. Applied S11,242.00 of Direct Labor to Job 350. Applied factory overhead to Job 350 Jan. 27 Jan 27 Jan. 27 Jan. 30 Jan 30 Jan 30 Jan. 30 Jan. 30 Jan. 31 Jan. 31 Jan 31 Transferred the completed job 350 to the Finished Goods account Sold and shipped Job 350 to Lawson Corporation. Paid All Power and Light Company S9,160.00 for heat, power, and light. Allocate 25% for the office facilities and 75% for the factory facilities Applied S5.540.00 of Direct Materials to job#354 Applied 512,257,00 of direct labor to Job #354 Applied factory overhead to Job #354 Record the insurance expense for January. The prepaid insurance is for 8 months General The inventory of office supplies shows that S1,520.00 of supplies were on hand. Depreciation for the month is $1,120.00 for the Factory Equipment and $380.00 for the Office Equipment Amortization of the patents for the month is $390,00. (Debit Factory Overhead) Close the overapplied or underapplied factory overhead to Cost of Goods Sold. Jan. 31 Jan 31 Jan. 31 Jan. 31 Wonderama Playgrounds, Inc JOB COST RECORD Job #: 350 Customer Name: Lawson Corporation Job Description: Hadley Park Date Promised: Date Started: Date Completed: January 29, 2020 December 15, 2019 Direct Labor Date 12/15 12/31 Direct Materials 9,360.00 Factory Overhead JOB TOTAL 15.020.00 18. 775.00 Totals JOB COST RECORD Job #: 351 Date Promised: January 11, 2020 Customer Name: Supreme Contractors Date Started December 18, 2019 Job Description: Tyson School District Date Completed: Direct Materials 7,198.00 Direct Labor Factory Overhead Date 12/18 12/31 JOB TOTAL 8.395.00 10,493.75 Totals JOB COST RECORD Job # 352 Date Promised: February 5, 2020 Customer Name: Wyoat Builders Dute Started: December 19, 2019 Job Description: Gilroy School District Date Completed Direct Materials 13,990.00 Direct Labor Factory Overhead Date 12/19 12/31 JOB TOTAL 7,250.00 9,06250 Totals JOB COST RECORD Job: 353 Customer Name: Job Description: Grant Hughes Company Belmont Park Date Promised: Date Started: Date Completed: January 25, 2020 December 22, 2019 Direct Labor Direct Materials 6,750,00 Factory Overhead Date 12/22 12/31 JOB TOTAL 10,935.00 13,668.75 Totals JOB COST RECORD Job : 354 Date Promised: Customer Name: Breakwater Builders Date Started: Job Description: Ocean View School Date Completed: February 14, 2020 January 20, 2020 Date Direct Materials Direct Labor Factory Overhead JOB TOTAL Totals T-ACCES Trial Balance Chart of Acets Beg Trial Balance CARTOF MODENTS Chart of Acets Beg. Trial Balance T-Acets Trial Balance Wema Der 1.3019 CL PLE CE Chart of Acets Beg Trial Balance T-Acts Trial Balance For the ended mary 31,20 PPP 4545 Chart of Acets Beg Trial Balance T-Acets Trial Balance Trial Balance Step 1 - Journalize the transactions & Update Job Cost Sheets Record the transactions for Wonderama Playgrounds, Inc. in the general journal. You must use journal forms to record the transactions. Update the Job Cost Sheets as necessary as you prepare the journal entries. The balances that are already in the Job Cost Sheets are the costs that have already been accumulated for that job (beginning work in process) and should be added to the costs you incur for January for the total cost of the job. Use only the accounts provided. Please refer to the chart of accounts in the Excel file provided for a list of accounts. Round all amounts to the nearest penny. Step 2 - Post the transactions to the T-accounts Post your journal entries to the T-Accounts in the Excel worksheet. The amounts already in the T- Accounts are the beginning balances and should be included in your balances. You do not need to use a posting reference. Do not add any new accounts, all the accounts you need have already been set up. The account balance will update with each posting. When posting the transactions to the T-accounts, start in the top cell of each T-account for both debits and credits and do not skip any lines. Step 3 - Prepare a Trial Balance Click on the Trial Balance tab and prepare the Trial Balance for January 31, 2020. You should use cell references and formulas whenever possible as that considerably decreases the chance of a data entry error. The total of the Trial Balance should be $1,105,645.54. If your balance does not agree, make any necessary corrections before you proceed. Wonderama Playgrounds, Inc. manufactures playground equipment for parks and schools. Their business year is the calendar year and they use a job-order cost system for inventory and sales. Wonderama Playgrounds, Inc, manufactures all products in a single production department. An individual job-order cost sheet is maintained for each job. The job-order cost sheet contains accumulated costs for cach job, including actual direct materials, actual direct labor, and applied factory overhead. Factory overhead is applied to each job based on 12% of direct labor costs for that job. Wonderama Playgrounds, Inc, marks up all work by 40% of the job cost (sales price total cost of job x 140%). Since Wonderama Playgrounds, Ine sells to builders. contractors, school districts and schools, all sales are exempt from state sales tax. All sales are on account and are subject to terms of 2/10, 130 days, FOB Shipping Point Accounts Payable is used solely for the purchase of direct materials, indirect materials, and factory supplies. All vendors expect full payment within 30 days. Operating expenses, with the exception of any accrued salaries, property taxes, and income taxes are paid when incurred all employees are paid at the end of the month. All cash is deposited in the bank when received and all payments are made by check. Following are the transactions for Wonderama Playgrounds, Inc. for January 2020 Jan 2 Paid Larchmont Advertising Agency 51,363 for designing advertisements to appear in local newspapers in January Jan. 2 Paid Princely Properties $4,250 for the January rent. Of this amount, 30% is for the office facilities and 70% is for the factory facilities. Received $30.200.00 on account from customers (10 discount allowed) Jan $ Sold Job 349, which was finished in December 2019 at a total cost of $39,800, to Happy Jacks Preschool Received a check from Lawson Corporation for the amount due. Payment was received within the discount period. (Balance due: 89,420.00, before discount) Jan 9 Paid Nogood Wood Products 88,562.40 in payment of their January 1 balance. Jan. 12 Collected the mount due from Happy Jacks Preschool for the sale on Jan. 5. Jan 13 Paid Sorenson Plastics Company S12.925.00 in payment on account Jan. 15 Applied 3,860,00 of direct materials to Job 4351 Jan. 15 Applied 510,380.00 of direct labor to Job 351 Jan. 15 Applied fly overhead to Job #351 Jan. 15 Transferred the completed job #351 to Finished Goods, Jan. 16 Received $35.250.00 on account from customers (no discount allowed) Jan. 20 Jan. 20 Sold and shipped Job #351 to the Smart Contractors. Wonderama Playgrounds, Inc. uses a perpetual inventory system Purchased 56,329.00 of indirect materials and factory supplies to be used in the manufacture of all jobs currently in process forms Net 30 days (Hint:charge directly to Factory Overhead) Accepted a job for the manufacture of a playground unit for Breakwater Unified School District. February 14 is the promised completion date. Began the job today by applying 55.723.00 of direct materials to Job 1354 Purchased from Casper Corporation $3.116.25 of indirect factory supplies, credit terms, net 15 days. (Hint: charge directly to Factory Overhead) Received a check for $9,890.00 from Sundial Corporation for the amount due, no discount allowed Applied S4,765.00 of direct materials toob 350 Received a check for $9,046,00 from Everest Company for the amount due after the discount period has expired. Applied 52,359.72 of direct materials to job #352. Jan. 21 Jan 23 Jan. 23 Jan. 26 Jan. 23 Jan. 23 Jan. 26 Jan. 26 Jan 26 Jan. 26 Jan 27 Jan 27 Applied S4,768.00 of direct materials to Job 4350 Received a check for 59,046.00 from Everest Company for the amount due after the discount period has expired. Applied 2,359.72 of direct materials to job 1352. Applied S1,566.00 of Direct Labor to lob 352. Applied factory overhead to Job W352. Transferred the completed job 352 to the Finished Goods account Applied 54,683.87 of direct materials to job 1353 Applied 3,120 of Direct Laborte Job 353, Applied factory overhead to Job #353. Transferred the completed job #353 to the Finished Goods account Received the amount due from Smart Contractors from the sale on Jan. 17. Sold and shipped Job #353 to the Grace Angelina Company Paid Casper Corporation the amount due from the January 20 purchase. Applied 55,980,00 of Direct Materials to job #350. Applied S11,242.00 of Direct Labor to Job 350. Applied factory overhead to Job 350 Jan. 27 Jan 27 Jan. 27 Jan. 30 Jan 30 Jan 30 Jan. 30 Jan. 30 Jan. 31 Jan. 31 Jan 31 Transferred the completed job 350 to the Finished Goods account Sold and shipped Job 350 to Lawson Corporation. Paid All Power and Light Company S9,160.00 for heat, power, and light. Allocate 25% for the office facilities and 75% for the factory facilities Applied S5.540.00 of Direct Materials to job#354 Applied 512,257,00 of direct labor to Job #354 Applied factory overhead to Job #354 Record the insurance expense for January. The prepaid insurance is for 8 months General The inventory of office supplies shows that S1,520.00 of supplies were on hand. Depreciation for the month is $1,120.00 for the Factory Equipment and $380.00 for the Office Equipment Amortization of the patents for the month is $390,00. (Debit Factory Overhead) Close the overapplied or underapplied factory overhead to Cost of Goods Sold. Jan. 31 Jan 31 Jan. 31 Jan. 31 Wonderama Playgrounds, Inc JOB COST RECORD Job #: 350 Customer Name: Lawson Corporation Job Description: Hadley Park Date Promised: Date Started: Date Completed: January 29, 2020 December 15, 2019 Direct Labor Date 12/15 12/31 Direct Materials 9,360.00 Factory Overhead JOB TOTAL 15.020.00 18. 775.00 Totals JOB COST RECORD Job #: 351 Date Promised: January 11, 2020 Customer Name: Supreme Contractors Date Started December 18, 2019 Job Description: Tyson School District Date Completed: Direct Materials 7,198.00 Direct Labor Factory Overhead Date 12/18 12/31 JOB TOTAL 8.395.00 10,493.75 Totals JOB COST RECORD Job # 352 Date Promised: February 5, 2020 Customer Name: Wyoat Builders Dute Started: December 19, 2019 Job Description: Gilroy School District Date Completed Direct Materials 13,990.00 Direct Labor Factory Overhead Date 12/19 12/31 JOB TOTAL 7,250.00 9,06250 Totals JOB COST RECORD Job: 353 Customer Name: Job Description: Grant Hughes Company Belmont Park Date Promised: Date Started: Date Completed: January 25, 2020 December 22, 2019 Direct Labor Direct Materials 6,750,00 Factory Overhead Date 12/22 12/31 JOB TOTAL 10,935.00 13,668.75 Totals JOB COST RECORD Job : 354 Date Promised: Customer Name: Breakwater Builders Date Started: Job Description: Ocean View School Date Completed: February 14, 2020 January 20, 2020 Date Direct Materials Direct Labor Factory Overhead JOB TOTAL Totals T-ACCES Trial Balance Chart of Acets Beg Trial Balance CARTOF MODENTS Chart of Acets Beg. Trial Balance T-Acets Trial Balance Wema Der 1.3019 CL PLE CE Chart of Acets Beg Trial Balance T-Acts Trial Balance For the ended mary 31,20 PPP 4545 Chart of Acets Beg Trial Balance T-Acets Trial Balance Trial Balance