Question

June transactio (Click the ice Data Table School Stars produces stars for elementary teachers to reward their students. School Stars' trial balance on June 1 follows: (Click the icon to view the trial balance.) June 1 balances in the subsidiary ledgers were as follows: (Click the icon to view the balances.) Read the requir School Stars Trial Balance June 1, 2018 Balance Debit Credit 18,000 155,000 b. Selling and administrative expenses incurred and paid, $15,000 Date Accounts Selling and Administrative Expenses Cash Credit Debit 15,000 15,000 6,100 39,400 22,200 250,000 Account Title Cash Accounts Receivable Inventories: Raw Materials Work-in-Process Finished Goods Property, Plant, and Equipment Accumulated Depreciation Accounts Payable Wages Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Manufacturing Overhead Accounts Credit c. Payments on account, $44,000 Date c. Accounts Payable Cash Debit 44,000 70,000 126,000 1,800 143,000 149,900 44,000 d. Materials purchased on credit: Paper, $21,600; indirect materials, $5,000 (Prepare a single journal entry for Date Accounts Debit Credit d. Raw Materials Inventory 26,600 Accounts Payable 26,600 Print Done e. Materials requisitioned and used in production: Job 120: Paper, $900, Job 121: Paper, $8,050, Indirect materials, $2,000 (Prepare a single journal entry for this event.) Date Accounts Debit Credit Work-in-Process Inventory 8,950 Manufacturing Overhead 2,000 Raw Materials Inventory 10,950 f. Wages incurred during June, $35,000. Labor time records for the month: Job 120, $3,800; Job 121, $18,300; indirect labor, $12,900 (Prepare a single journal entry for this event.) Date Accounts Debit Credit f. Work-in-Process Inventory Manufacturing Overhead Raw Materials Inventory 35,000

Answer 1

The answer has been presented in the supporting sheet. All the parts has been solved with detailed explanation and calculation. For detailed answer refer to the supporting sheet.

Answer 3 Requirement b,c,d,e has already solved in the question and are absolutely correct. 5 Requirement fis unsolved and has been solved below Debit 7 Date f. Accounts Work in Process Inventory Manufacturing overheads Wages payable Credit 22100 12900 35000 13 Note 14 Indirect labour is part of manufacturing overheads and direct labour for jobs are part of work in process. 16 For any help please comment in the comment box 17 Thank You 18