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The bottom of the Balance Sheet for 2024 is the image below the 'Requirements' info The bottom of the balance sheet, below: June transactions are

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image text in transcribed
The bottom of the Balance Sheet for 2024 is the image below the 'Requirements' info
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The bottom of the balance sheet, below:
image text in transcribed
June transactions are summarized as follows (Click the icon to view the transactions) Teacher Stars produces stars for elementary teachers to reward their students Teacher 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) 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, S150,000 Date Accounts Debit Credit Data Table More Info Teacher Star Trial Balance June 1, 2024 Raw Materials inventory subsidiary ledget Paper $4,000, indirect materials, $500 Work.. Process inventory Subsidiary Indger Job 120.541 300. Job 121.50 Finished Goods inventory subsidiary ledger Liege Stars 50.200: Small Stars $11.000 Balance Debit Credit 22,000 185.000 Account Title Cash Accounts Receivable Invent 5 More info - 5,400 41,300 21 000 230,000 Work in Process shed Goods Property Plan and Equipment Accumuto Depreciation Accounts Payable Wages Payoti Cocon Stock Hearts 10.000 135,000 1.700 140.000 a. Colections on account. $150.000 b. Selling and administrative expenses incurred and paid $20,000 c. Payments on account, 544000 d. Mans purchased on account Paper 526 600, in direct materials, 53,300 e. Materials requisitioned and used in production Job 120: Paper 000 Job 121: Paper $7.950 Indirect materials $ 1800 1. Wagos incurred during June $35,000 Labor time records for the month Job 120.53,750,00 121,517.250.indd labor, 514 000 Wages paid in June include the balance in the Wages Payable at May 31 plus $32.100 of wages incurred during June Depreciation on plant and equipment $2,800 Manufacturing overhod located at the predetermined overhead allocation rate of 50% of direct labor costs Jobs completed dunng the month Job 120 with 100.000 Large Stars at a total cost of 547 505 k Saison account all of Job 120 for $130,000 L. Adjusted for overallocated or underlocated manufacturing overhead Print Done emaining i 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, 2024. 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. Print Done GROOT Retained Earnings 158,000 Sales Revenue 0 Cost of Goods Sold 0 Manufacturing Overhead 0 Selling and Administrative Expenses 0 $ Total 504,700 $ 504,700 June transactions are summarized as flows (Click the icon to wow the transaction) Teacher Stars produces stars for elementary teachers to reward the students Teacher Stars trial balance on June 1 follows (Clathe icon to view the trial balance) e 1 balances in the subsidiary ledgers were as follows (Cock the icon to view the balances) Read the placuicements Requirement 1. Journal the transactions for the company. (Record debits first thon credits Exclude explanations from any journal entries Collection on account, $150.000 Date Accounts Debit Credit x 1 More Info for elementary teachers to reward their trial balance ) ary ledgers were as follows balances) . Raw Materials Inventory subsidiary ledger Paper $4.900, indirect materials, 5500 Work in Process Inventory subsidiary ledger Job 120, 541,300, Job 121, SO Finished Goods Inventory subsidiary ledger Large Stars, 59,200 Small Stars, $11 800 More Info Print Done a: Collections on account, $150,000 b. Selling and administrative expenses incurred and paid $28,000 c. Payments on account. $44,000. d. Materials purchased on account Paper, $26,600, indirect materials, $3,300 e. Materials requisitioned and used in production Job 120: Paper $ 600 Job 121: Paper, $7.950 Indirect materials, $ 1,800 1. Wages incurred during June, $35,000 Labor time records for the month Job 120, $3,750; Job 121, $17,250, indirect labor $14.000 g. Wages paid in June include the balance in the Wages Payable at May 31 plus $32,100 of wages incurred during June h. Depreciation on plant and equipment, $2,800. 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 $47525. k. Sales on account, all of Job 120 for $130,000 1. Adjusted for overallocated or underallocated manufacturing overhead SIMUS Cck the con to whatrasada Data Table Requirements Teacher Stars Trial Balance June 1, 2024 Balance Account Title Credit Debit 22.000 1. Journalize the transactions for the company 2. T-accounts for the general ledger the Raw Materials inventory subsidiary lodger the Work in Process Inventory subsidiary ledger, and the Finished Goods Inventory subsidiary lodger have been opened for you along with each account's balance as given Post the journal entries to the Taccounts using the transaction lotters as a reference 3. Prepare a tal balance at June 30, 2024 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 Casi S Accounts Receivable 185,000 Inventaries Raw Materials Work in Process 5,400 41,300 21,000 230.000 Print Done Finished Goods S 70,000 135 000 Property Plant and Equipment Accumulated Depreciation Accounts Payable Wages Payable Common Stock Retnined Earnings 1.700 140,000 158,000 Retained Earnings 158,000 Sales Revenue 0 Cost of Goods Sold 0 Manufacturing Overhead 0 0 Selling and Administrative Expenses $ 504,700 $ 504,700 Total

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