Velasco Co. uses a job order cost system. The following data summarize the operations related to production for July: July 1 Materials purchased on acoount, $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; seling expenses, $158,300; and administrative expenses, $110,900 31 Prepaid expenses expired for tactory overhead, $21,310; for seling expenses, $6,250; and for administrabve expenses, $7,940 31 Depreciation of oftice building was $40,100; of office equipment, $13,500; and of lactory equipment, $51,200 31. Factory overhead costs applied to jobs, 5452,240 31 Jobs completed, $1,003,200 31 Cost of goods sold, $992,600 Joumalize the entries to record the summarized operations. Refer to the chart of accounts for the exact wording of the account thies. CNOW joumal's do not use lines for joumat explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will aufomatically indert a credit entry when a credit amount is entered. Chart of Accounts Velasco Co. General Ledger ASSETS 110 Cash 121 Accounts Recelvable 125 Notes Recelvable 126 Interest Receivable 131 Materials 132 Work in Process 133 Factory Overnead 134 Accumulated Dopreciation-Factory Equipment 135 Finished Goods 141 Supplies 142 Prepald insurance 143 Prepaid Expenses REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Wages Expense 531 Selling Expenses 532 insurance Expense 533 Utilites Expense 534 Oftice Supplies Expense 540 Administrative Expenses 561 Depreciation Expense-Oflice Buiding Instructions Chart of Accounts 125 Notes Recelvable 126 interest Receivable 131 Materials 132 Work in Process 133 Factory Overhead 134 Accumulated Depreciation-Factory Equipment 135 Finished Goods 141 Supplies 142 Prepald Insurance 143 Prepald Expenses 181 Office Bulding 182 Accumulated Depreciation-Office Bulding 191 Office Equipment 192. Accumtated Depreciation-Office Equipment EXPENSES 510 Cost of Goods Sold 520 Wages Expense 531 Selling Expenses 632 Insurance Expense 533 Utilities Expense 534 Office Supplies Expense 540 Administrative Expenses 561 Depreciation Expense-Office Bullding 562 Depreciation Expense-Orfice Equipment 590 Miscellaneous Expense 710 interest Expense LIABILITIES 210 Accounts Payable 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 Journal