The Nevada Company uses both general ledger and factory ledger system for cost accounting, on December 31, 19A, the ledger trail balance showed the following balances: Cash $20,000 Accounts Payable $15,500 Accounts Receivable 25,000 Accrued payroll 2,250 Finished Goods 9,500 Common Stocks 60,000 Work in Process 4,500 Retained Earnings 21,250 Materials 10,000 Factory Ledger 24,000 Machinery 30,000 General Ledger 24,000 During January 19B, the following transactions occurred: a) Materials purchased on account, $92,000. b) Factory overhead incurred $18500. c) Labour was consumed as follows: The payroll consisted of office salaries of $5,000, sales salaries of $8,000, indirect labour of $12,500, and direct labour of $60,500. Credit Accrued payroll for gross wages. Employer payroll taxes are kept on the home office books. The state unemployment insurance tax rate is 1.6% the federal unemployment insurance tax rate is 0.7% and employer FICA tax is $5,590. d) Gross payroll totaling $75,750 were paid (10% of wages paid was withheld for income tax and $ 4,923 for FICA tax).Debit Accrued Payroll for total gross wages of $75,750. Credit Account Payable for employee earning after deductions; then record cash payment to employees. e) Material was consumed as follows: Direct materials of $82,500 and indirect materials of $8,300. A) Factory overhead is applied at a rate of 76% of direct labour cost. g) Work finished and placed in stock cost $188,000. h) All, but $12,000, of finished goods were sold. The mark up was 30% above production cost. i) A liability was recorded for various marketing and Admin expenses amounting $30,000. Of this amount 60% was marketing and 40% was administrative. Required: a) Journal entries on the books of the general office and the factory to record the above transactions. b) Prepare Trail Balance for general office and for the factory at the December 31, 19A. The Nevada Company uses both general ledger and factory ledger system for cost accounting, on December 31, 19A, the ledger trail balance showed the following balances: Cash $20,000 Accounts Payable $15,500 Accounts Receivable 25,000 Accrued payroll 2,250 Finished Goods 9,500 Common Stocks 60,000 Work in Process 4,500 Retained Earnings 21,250 Materials 10,000 Factory Ledger 24,000 Machinery 30,000 General Ledger 24,000 During January 19B, the following transactions occurred: a) Materials purchased on account, $92,000. b) Factory overhead incurred $18500. c) Labour was consumed as follows: The payroll consisted of office salaries of $5,000, sales salaries of $8,000, indirect labour of $12,500, and direct labour of $60,500. Credit Accrued payroll for gross wages. Employer payroll taxes are kept on the home office books. The state unemployment insurance tax rate is 1.6% the federal unemployment insurance tax rate is 0.7% and employer FICA tax is $5,590. d) Gross payroll totaling $75,750 were paid (10% of wages paid was withheld for income tax and $ 4,923 for FICA tax).Debit Accrued Payroll for total gross wages of $75,750. Credit Account Payable for employee earning after deductions; then record cash payment to employees. e) Material was consumed as follows: Direct materials of $82,500 and indirect materials of $8,300. A) Factory overhead is applied at a rate of 76% of direct labour cost. g) Work finished and placed in stock cost $188,000. h) All, but $12,000, of finished goods were sold. The mark up was 30% above production cost. i) A liability was recorded for various marketing and Admin expenses amounting $30,000. Of this amount 60% was marketing and 40% was administrative. Required: a) Journal entries on the books of the general office and the factory to record the above transactions. b) Prepare Trail Balance for general office and for the factory at the December 31, 19A