Question

journalize

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 $4,250 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). 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: 59,420.00, before discount) Jan. 9 Paid Nogood Wood Products 88,562.40 in payment of their January 1 balance. Jan. 12 Collected the amount due from Happy Jacks Preschool for the sale on Jan. 5. Jan. 13 Paid Sorenson Plastics Company $12,925.00 in payment on account. Applied $3,860.00 of direct materials to Job #351 Jan 5 Jan. 15 Jan. 15 Applied $10,380.00 of direct labor to Job #351 Jan. 15 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

Solution :- P.Nol Journal entries Date Account Title & Explanation Debit 와 ($) Credit ($) 4,765 Jan-W3 14,765 Inventory work in proces Raw materials inventory to record the application of saw materials to job) 9,046 Jan-23 9,046 9359.72 Jan-26) Carh Accounts Receivable To recold the receipt of Check from Everest Company) | Inventory work in process Pnventory Raw matorials Go record the application of raw materials to Job] Inventory work in process Direct laball wages/ salary payable To record application of direct 3,359.72 1586 Jan 26 1,586

P. 2 1982,5 9G -UNS 11,982.5 5928.22 Jan-26) 5928.22 Inventory work in process manufactured overhead Go record applicationed of factory overhead) Pnventory finished goods Inventory work in process Go record the transfer to finished goods inventory) Inventory work in procey Inventory Raw materials Ero record the application of raw materials to job) | 4683.87 Jan-97) 4,683.87 3,168 Jan-a7 3,168 Amentory work in process Disiect labail wages | Salary payable To record the application of direct label)

P.3 3,960 3,960 Jan. 27 Inventmy work in proces manufactured Overhead Go recold applicationed of factory overhead) 11811.87 Jan-27 11811.87 Inventory finished goods Inventory work in proces To record the transfer to finished goods inventory) Jan-as, Cash accounts Receivable To record the receipt of check from Everest Company) Accounts Receivable sales To record the sales to Grace Angelina Company] 16536.62 16536.62

P.4 1,811.87 Cost of goods sold 1,811.87 Inventory finished goods Go record the transfer into Cost of goods sold) Jan-30/ Accounts payable Carh Go recald the payment to Cosper Carporation As por HomeworkLib policy we e Sopposed to answer the maximum of 10 journal entry in comprehensive questions please give a postive live. !