The following account appears in the ledger prior to recognizing the jobs completed in August:

	Work in Process
Balance, August 1	$ 59,000
Direct materials	304,750
Direct labor	478,950
Factory overhead	209,600

Jobs finished during August are summarized as follows:

Job 210	$188,750
Job 216	234,700
Job 224	168,400
Job 230	363,050

Required:

A.	Journalize the entry on Aug. 31 to record the jobs completed. Refer to the Chart of Accounts for exact wording of account titles.
B.	Determine the cost of the unfinished jobs at August 31.

Chart of Accounts

CHART OF ACCOUNTS

General Ledger

	ASSETS
110	Cash
121	Accounts Receivable
125	Notes Receivable
126	Interest Receivable
131	Materials
132	Work in Process
133	Factory Overhead
134	Finished Goods
141	Supplies
142	Prepaid Insurance
143	Prepaid Expenses
181	Land
191	Factory
192	Accumulated Depreciation-Factory

	LIABILITIES
210	Accounts Payable
221	Utilities Payable
231	Notes Payable
236	Interest Payable
241	Lease Payable
251	Wages Payable
252	Consultant Fees Payable

	EQUITY
311	Common Stock
340	Retained Earnings
351	Dividends
390	Income Summary

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Goods Sold
520	Wages Expense
531	Selling Expenses
532	Insurance Expense
533	Utilities Expense
534	Office Supplies Expense
540	Administrative Expenses
560	Depreciation Expense-Factory
590	Miscellaneous Expense
710	Interest Expense

Journal

A. Journalize the entry on Aug. 31 to record the jobs completed. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 10

JOURNAL

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
1
2

Final Question

B. Determine the cost of the unfinished jobs at August 31.