Question

PLEASE HELP PREPARE JOURNAL STATEMENTS

Jan. 2 Paid Larchmont Advertising Agency $1,363 for designing advertisements to appear in local newspapers in January Jan. 2 Paid Princely Properties S4,250 for the January rent. Of this amount, 30% is for the office facilities and 70% is for the factory facilities. Jan. 4 Received $30,200.00 on account from customers (no discount allowed) Jan. 5 Sold Job #349, which was finished in December 2019 at a total cost of $39,800, to Happy Jacks Preschool Received a check from Lawson Corporation for the amount due. Payment was received within the discount period. (Balance due: $9,420.00) Jan. 9 Paid Nogood Wood Products $8,562.40 in payment of their January 1 balance. Collected the amount due from Happy Jacks Preschool for the sale on Jan. 5. Jan. 12 Jan. 13 Paid Sorenson Plastics Company $12,925.00 in payment on account. Applied $3,860.00 of direct materials to Job #351 Jan. 15 Jan. 15 Jan. 15 Applied $10,380.00 of direct labor to Job #351 Applied factory overhead to Job #351. Jan. 15 Transferred the completed job #351 to Finished Goods. Jan. 16 Received $35,250.00 on account from customers (no discount allowed).

Answer 1

Journal Entries:					NO INFORMATION :
Date	Acc/Title	Debit $	Credit $
2-Jan	Advertising expenses	1363
	Cash		1363
	(paid Larchmont Advertising for designing)
2-Jan	Factory rent	2975
	Office rent	1275
	Cash		4250
	(paid factory rent & office rent)
4-Jan	Cash	30200
	Accounts Receivable		30200
	(collection for debtors)
5-Jan	Accounts Receivable	39800
	Sales revenue		39800
	( sale of Job #349 to Happy Jacks preschool)
7-Jan	Cash	9420
	Trade discount	0			(no information)
	Accounts Receivable		9420
	(collection from debtors within discount period)
9-Jan	Accounts Payable	8562.4
	Cash		8562.4
	(paid to creditors)
12-Jan	Cash	39800
	Accounts Receivable		39800
	(collection of sale of Job#349)
13-Jan	Accounts Payable	12925
	Cash		12925
	(paid to creditors)
15-Jan	WIP Inventory	3860
	Materials		3860
	(materials applied to production of job#351)
15-Jan	WIP Inventory	10380
	Payroll		10380
	(labor applied to production of job#351)
15-Jan	WIP Inventory	XXXX			(no information of amount)
	Manuf. Overhead		XXXX
	(overhead applied to production of job#351)
15-Jan	Finished Jobs Inventory	XXXX			(no information of amount)
	WIP Inventory		XXXX
	(Finished Job # 351 transferred to Finished jobs inventory)
16-Jan	Cash	35250
	Accounts Receivable		35250
	(collection for debtors)