Velasco Co. uses a job order cost system. The following data summarize the operations related to production for July: July 1 Materials purchased on account, $203,940 2 Materials requisitioned, $191,480, of which $15,530 was for general factory use 31 Factory labor used, $598,400, of which $63,620 was indirect 31 Other costs incurred on account for factory overhead, $290,400; selling expenses, $158,300; and administrative expenses, $110,900 31 Prepaid expenses expired for factory overhead, $21,310; for selling expenses, $6,250; and for administrative expenses, $7,940 31 Depreciation of office building was $40,100; of office equipment, $13,500; and of factory equipment, $51,200 31 Factory overhead costs applied to jobs, $452,240 31 Jobs completed, $1,003,200 31 Cost of goods sold, $992,600 Required: Journalize the entries to record the summarized operations. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Journalize the entries to record the summarized operations. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. PAGE 10 JOURNAL Score: 292/346 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. 1 Materials DEBIT 203,940.00 CREDIT ASSETS LIABILITIESQUITY 2 Accounts Payable 203,940.00 3 Work in Process 175,950.00 4 5 Factory Overhead Materials 15,530.00 191,480.00 + 6 Work in Process 534,780.00 7 Factory Overhead 63,620.00 8 Wages Payable 598,400.00 9 Factory Overhead 290,400.00 10 Selling Expenses 158,300.00 11 Administrative Expenses 110,900.00 12 Accounts Payable 559,600.00 13 Factory Overhead 21,310.00 14 Selling Expenses 6,250.00 15 Administrative Expenses 7,940.00 16 Prepaid Expenses 35,500.00 17 Depreciation Expense-Office Building 40,100.00 18 Depreciation Expense-Office Equipment 13,500.00 19 Factory Overhead 51,200.00 20 Accumulated Depreciation-Office Equipment 104,800.00 21 Work in Process 452,240.00 22 Factory Overhead 452.240.00 23 Finished Goods 1,003,200,00 24 Work in Process 1,003,200.00 ! 25 Cost of Goods Sold 992,600.00 26 Finished Goods 992,600.00 27 28 Feedback Points: 54.86/65