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Can someone help complete the journal entry? Instructions Old School Publishing Inc. began printing

Can someone help complete the journal entry? Instructions Old School Publishing Inc. began printing operations on January 1, Jobs 301 and 302 were completed during the mo

CHART OF ACCOUNTS Old School Publishing Inc. General Ledger REVENUE ASSETS 410 Sales 110 Cash 610 Interest Revenue 121 Accoun

LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Pay

Instructions Old School Publishing Inc. began printing operations on January 1, Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets, Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $7,900 of indirect materials and $13,200 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month are as follows, in summary form: Journal Shad Job 301 Job 302 Direct materials $10,900 Direct materials $18,300 How does grading work? Direct labor 8.900 Direct labor 17,700 PAGE 10 Factory overhead 5,785 Factory overhead 11,505 JOURNAL Score: 105/125 Total $25,585 $47.505 Total DATE DESCRIPTION POST REF DEBIT CREDIT Jan. 31 Work in Process 71.200.00 Job 303 Job 304 Factory Overhead 7,600,00 7 Direct materials $26,000 Direct materials $13,700 Materials 78,800.00 Jan. 31 Work in Process 53,400.00 Direct labor Direct labor 12,300 16,000 Factory Overhead 12.100.00 Factory overhead Factory overhead Wages Payable 6,500.00 Work in Process Jan. 31 43,407.00 Factory Overhead 43,407.00 Finished Goods 74,207.00 Jan. 31 Work in Process 10 74,207.00 CHART OF ACCOUNTS Old School Publishing Inc. General Ledger REVENUE ASSETS 410 Sales 110 Cash 610 Interest Revenue 121 Accounts Receivable 125 Notes Receivable EXPENSES 126 Interest Receivable 510 Cost of Goods Sold 131 Materials 520 Wages Expense 132 Work in Process 531 Selling Expenses 133 Factory Overhead 532 Insurance Expense 134 Finished Goods 533 Utilities Expense 141 Supplies 534 Office Supplies Expense 142 Prepaid Insurance 540 Administrative Expenses 143 Prepaid Expenses 560 Depreciation Expense-Factory 181 Land 590 Miscellaneous Expense 191 Factory 710 Interest Expense 192 Accumulated Depreciation-Factory LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable Consultant Fees Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary

Apr 04 2020 View more View Less

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