Question

journalize ONLY 17-30

Wonderama Playgrounds, Inc. manufactures playground equipment for parks and schools. Their business year is the calendar year and they use a job-order cost system for inventory and sales. Wonderama Playgrounds, Inc. manufactures all products in a single production department. An individual job-order cost sheet is maintained for each job. The job-order cost sheet contains accumulated costs for each job, including actual direct materials, actual direct labor, and applied factory overhead. Factory overhead is applied to each job based on 125% of direct labor costs for that job. Wonderama Playgrounds, Inc, marks up all work by 40% of the job cost sales price = total cost of job x 140%). Since Wonderama Playgrounds, Inc. sells to builders, contractors, school districts and schools, all sales are exempt from state sales tax. All sales are on account and are subject to terms of 2/10, net30 days, FOB Shipping Point. Accounts Payable is used solely for the purchase of direct materials, indirect materials, and factory supplies. All vendors expect full payment within 30 days. Operating expenses, with the exception of any accrued salaries, property taxes, and income taxes, are paid when incurred; all employees are paid at the end of the month. All cash is deposited in the bank when received and all payments are made by check. Following are the transactions for Wonderama Playgrounds, Inc. for January 2020: Jan. 2 Paid Larchmont Advertising Agency $1,363 for designing advertisements to appear in local newspapers in January Jan. 2 Paid Princely Properties 54.250 for the January rent. Of this amount, 30% is for the office facilities and 70% is for the factory facilities. Jan.14 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. Jan. 7 Received a check from Lawson Corporation for the amount due. Payment was received within the discount period. (Balance due: $9.420.00, before discount) Jan. 9 Jan. 12 Jan. 13 Paid Nogood Wood Products S8,562.40 in payment of their January 1 balance. Collected the amount due from Happy Jacks Preschool for the sale on Jan. 5. Paid Sorenson Plastics Company S12,925.00 in payment on account. Applied $3,860.00 of direct materials to Job #351 Applied $10,380.00 of direct labor to Job #351 Applied factory overhead to Job #351. Jan. 15 Jan. 15 Jan. 15 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

Jan 2 Designing expenses $1368 1126 1995 42915 Jan 2 offferent factong rent Bank 4302.00 Jany -Accrant Receivalda Sales 420200 429 600 Tans Happy Jacks preacheol sales 43960o +9420 $9420 46562-4 Jan 7 Bank Lawson corporation Jana Nogood wood products Bank Jan 12 Bank Happy Jacks preschool $6562-4 $39 600 124800 $12925 Jan 13 Sorenson plastics company Account payalue $12925 27215 Jan 15 Work in progress inventory Raw material Direct labour cost $3&60 $10380 $12915 factory overheads 424215 421215 Janis Elnished goods inventory Work in progress inventory Janit Account Recuvalues sales 35250 $35290 $3&10) Janit Smart con fractory sales $38101 2/2 C =

Work in progress inventory $5123 $5123 factory overheads $3116.25 $ +9890 +9010 work in progren Inventory Jan 31 Anished goods senttry lanis dfieet matinal factory overheads lanzo wltik in progress inventory Direet maunal Direct la bocu laat Jan 2010 direct factory stepphies -Factory oreheads Jana Bank Sundial corporation Janis work in progress inventory Direet material Jan23 Bank Everest company Janze Work in progress inventory Direct material Direet tales cat factory overheads Tanz Feniushed groda loven tury Jan 27 wat in progress lewentory Dfreel material Diree la lew. Los Fachry overheads $4766 $4765 $9096 $9041 $5928.22 $2259.13 $LSCE $1462.5 $5926.22 $502.6. 41170387 Hept83.7 $3120 $3900 111103.67 F11701-31 Ja027 Bank Smart contractory 43810 $36101 3/3 =

$14365.42 $14385.42 Janza Grace Angelina company sales Jan 20 Casper Corporation Bank $3116.25 $3116.25 $5980 $11242- $14052-5 $23.10 $3160 san to work in progress inventory 431274.5 Direct materials Direct labour wat Pactory overheado Jan 30 finished goods inventory $31274.5 Workin progress inventory $31274.5 Jan 31 Lawson corporation 143184.3 sales $43784-3 Tanzi office heat, poner & light $790 Factory heat, power & light Bank al power & light company 7a031 All powere light company 43160 Bank $3110 Jansi Work in progren inventory 33118.25 Direct matmals $5540 Direct la vow eest $12257 factory overheads $1532125 Tanai Depreciation et $1500 factory equipment $112.0 office equipment $360 overhead $390 Patent $390. Tansi factory 4/4 =