Mighty Stars produces stars for elementary teachers to reward their students. Mighty Stars' trial balance on June 1 follows: June transactions are summarized as follows: A (Click the icon to view the transactions.) E (Click the icon to view the trial balance.) June 1 balances in the subsidiary ledgers were as follows: More Info A (Click the icon to view the balances.) Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Exclude explana a. Collections on account, $145,000. b. Selling and administrative expenses incurred and paid, $32,000. c. Payments on account, $39,000. d. Materials purchased on account: Paper, $24,000; indirect materials, $4,200. e. Materials requisitioned and used in production: a. Collections on account, $145,000 Date Accounts Debit Credit a. Job 120: Paper, 950 $ 7,900 $ 1,200 Job 121: Paper, Indirect materials, f. Wages incurred during June, $39,000. Labor time records for the month: Job 120, $3,600; Job 121, $17,000; indirect labor, $18,400. g. Wages paid in June include the balance in the Wages Payable at May 31 plus $36,100 of wages incurred during June. h. Depreciation on plant and equipment, $2,500. i. Manufacturing overhead allocated at the predetermined overhead allocation rate j. Jobs completed during the month: Job 120 with 700,000 Large Stars at a total cost of $47,430. k. Sales on account: all of Job 120 for $104,000. I. Adjusted for overallocated or underallocated manufacturing overhead. 80% of direct labor costs.
Mighty Stars produces stars for elementary teachers to reward their students. Mighty Stars' trial balance on June 1 follows: June transactions are summarized as follows: A (Click the icon to view the transactions.) E (Click the icon to view the trial balance.) June 1 balances in the subsidiary ledgers were as follows: More Info A (Click the icon to view the balances.) Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Exclude explana a. Collections on account, $145,000. b. Selling and administrative expenses incurred and paid, $32,000. c. Payments on account, $39,000. d. Materials purchased on account: Paper, $24,000; indirect materials, $4,200. e. Materials requisitioned and used in production: a. Collections on account, $145,000 Date Accounts Debit Credit a. Job 120: Paper, 950 $ 7,900 $ 1,200 Job 121: Paper, Indirect materials, f. Wages incurred during June, $39,000. Labor time records for the month: Job 120, $3,600; Job 121, $17,000; indirect labor, $18,400. g. Wages paid in June include the balance in the Wages Payable at May 31 plus $36,100 of wages incurred during June. h. Depreciation on plant and equipment, $2,500. i. Manufacturing overhead allocated at the predetermined overhead allocation rate j. Jobs completed during the month: Job 120 with 700,000 Large Stars at a total cost of $47,430. k. Sales on account: all of Job 120 for $104,000. I. Adjusted for overallocated or underallocated manufacturing overhead. 80% of direct labor costs.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter16: Financial Statements And Closing Entries For A Corporation
Section16.5: Preparing A Post-closing Trial Balance
Problem 1WT
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