Score: 0 of 4 pts 4 of 4 (2 complete) HW Score: 20%, P17-32A (similar to) Questi

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Score: 0 of 4 pts 4 of 4 (2 complete) HW Score: 20%, P17-32A (similar to) Question h Teacher Stars produces stars for elementary teachers to reward their students. Teacher Stars' trial balance on June 1 follows EEB (Click the icon to view the trial balance.) une 1 balances in the subsidiary ledgers were as follows: June transactions are summarized as follows: (Click the icon to view the transactions.) Read the requirements (Click the icon to view the balances.) Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Exclude explanations from any journal entries.) a. Collections on account, $151,000 Accounts Debit Credit

Explanation / Answer

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Requirement 1 Journal entries Date Account Title Debit Credit a Cash 151000 Accounts Receivable 151000 (Collection on account) b Selling and admn. Expenses 31000 Cash 31000 (Selling and admn.expenses paid) c Accounts Payable 43000 Cash 43000 (Payments on account ) d Raw material - Paper 23300 Raw material - indirect material 3300 Accounts Payable 26600 (Material purchased on account) e Work-in-process - Job.120 800 Work-in-process - Job.121 7550 Manufacturing overhead 1000 Raw material - Paper 8350 Raw material - indirect material 1000 (Material issued for production) f Work-in-process - Job.120 3700 Work-in-process - Job.121 19000 Manufacturing overhead 11300 Wages Payable 34000 (Wages incured for June) g Wages Payable 32800 Cash 32800 (Wages paid during June) h Manufacturing overhead 3200 Accumulated Depreciation 3200 (Depreciation on equipment) i Work-in-process Job.120 2220 Work-in-process Job.121 11400 Manufacturing overhead 13620 (Manufacturing overhead allocated at 60% of direct labor) j Finished goods - Big Stars 47470 Work-in-process Job.120 47470 (Job.120 completed for 200,000 big stars) k Accounts Receivable 100000 Sales Revenue 100000 (Sale of Job.120 on account) k.1 Cost of goods sold 47470 Finished goods - Big Stars 47470 (Cost of Job.120 sold) l Cost of goods sold 1880 Manufacturing overhead 1880 (Underapplied overhead adjusted to cost of goods sold)

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