80.2K

Verified Solution

Link Copied!

2 of 2 (0 complete) - x students. Ave i Data Table lows: ns.) Avery Stars Trial Balance word debits first June 1, 2024 Account Title Balance Debit Credit 15,000 190,000 $ 000 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 5,700 41,000 20,700 280,000 $ 78,000 128,000 1.800 143,000 201,600 0 Cost of Goods Sold 0 Print Done elds and then contin ents. Avery Stars' trial balance on June 1 follows: June transactions are summarized as follows: i (Click the icon to view the transactions.) Read the requirements, debits first, then credits. Exclude explanations from any journal entries.) 1 dit X i More Info Raw Materials Inventory subsidiary ledger: Paper, $4,300; indirect materials, $1,400 Work-in-Process Inventory subsidiary ledger: Job 120, $41,000; Job 121, $0 Finished Goods Inventory subsidiary ledger: Large Stars, $9,400; Small Stars, $11,300 Print Done Debit Credit ds and then continue to the next question. d their students. Avery Stars' trial balance on June 1 follows: June transactions are summarized as follows: (Click the icon to view the transactions.) O More Info a. Collections on account, $144,000. b. Selling and administrative expenses incurred and paid, $31,000. c. Payments on account, $37,000. d. Materials purchased on account: Paper, $22,900; indirect materials, $5,100. e. Materials requisitioned and used in production: aid Job 120: Paper, $ 650 Job 121: Paper, $ 7,950 Indirect materials, $ 1,400 f. Wages incurred during June, $41,000. Labor time records for the month: Job 120, $3,250; Job 121, $18,500; indirect labor, $19,250 g. Wages paid in June include the balance in the Wages Payable at May 31 plus $37,900 of wages incurred during June h. Depreciation on plant and equipment, $3,400. i. Manufacturing overhead allocated at the predetermined overhead allocation rate of 90% of direct labor costs. 1. Jobs completed during the month: Job 120 with 100,000 Large Stars at a total cost of $47,825. k. Sales on account: all of Job 120 for $110,000 1. Adjusted for overallocated or underallocated manufacturing overhead. Print Done unts e Input fields and then continue to the next question. (Click the icon to view the transactions.) Read the requirements. debits first, then credits. Exclude explanations from any journal entries.) X i Requirements 1. Journalize the transactions for the company. 2. T-accounts for the general ledger, the Raw Materials Inventory subsidiary ledger, the Work-in-Process Inventory subsidiary ledger, and the Finished Goods Inventory subsidiary ledger have been opened for you along with each account's balance as given. Post the journal entries to the T-accounts using the transaction letters as a reference. 3. Prepare a trial balance at June 30, 2024. 4. Use the Work-in-Process Inventory T-account to prepare a schedule of cost of goods manufactured for the month of June. 5. Prepare an income statement for the month of June. 0 Print Done Debit Credit elds and then continue to the next question. saston opis 2 of 2 (0 complata) Avery Stars produces stars for elementary teachers to reward their students. Avery Stars' trial balance on June 1 follows: June transactions are summarized as follows: (Click the icon to view the trial balance.) (Click the loon to view the transactions.) June 1 balances in the subsidiary ledgers were as follows: Read the requirements (Click the icon to view the balances.) Requirement 1. Joumalize the transactions for the company. (Record debits first, then credits. Exclude explanations from any journal entries.) a. Colections on account, $144,000 Date Accounts Debit Credit b. Selling and administrative expenses incurred and paid $31.000 Accounts Debit Date Credit c. Payments on sound $37.000 Date Debit Credit Accounts Choose from a list or enter any number in the input fields and then continue to the next question MacBook Air RUMAA (Click the icon to view the transactions.) Read the requirement Juno 1 balances in the subsidiary ledgers were as follows: (Click the icon to view the balances) d. Materiale purchased on credit: Paper, $22,900; indirect materials, $5,100 (Prepare a singlojoumal entry for this event) Date Accounts Debit Credit d. Materlotn requisitioned and whed in production: Job 120: Paper, $650, Job 121: Paper, 87,060, Indirect materialu, 51,400 (Prepare a single journal entry for this event) Date Accounts Debit Credit 0. Wages incurred during June, 841,000. Labor time records for the month: Job 120,$3,250; Job 121, 518,500; Indirect labor, $19.250 (Prepare a single jumal entry for this event.) Dato Accounts Debit Credit t. Choose from any list or enter any number in the input fields and then continue to the next question Avery Stars produces stars for elementary teachers to roward their students. Avery Stars' trial balanon on June 1 follows: June transactions are summarized as follow: (Click the icon to view the trial balance.) (Click the icon to view the transactions.) June 1 balances in the subsidiary ledgers were as follows: (Click the icon to view the balances.) Read the requirements g. Wagen paid in June include the balance in the Wages Payablo account at May 31 plus $37,900 of wages incurred in June. Data Accounts Debit Credit h. Depreciation on plant and equipment $3,400 Accounts Debit Date Credit h. I. Manufacturing overhead was allocated at the predetermined overhead allocation rate of 90% of direct labor costs. Dato Accounts Debit Credit I. Choose from any list or enter any number in the input fields and then continue to the next question. MacBook Air Avery Stars produces stars for elementary teachers to reward their students. Avery Star' 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.) TJobs completed during the month Job 120, 100,000 Large Stars at total cost of 547,825 Dato Accounts Debit Credit 1 June transactions are summarized as follows: (Click the icon to view the transactions) Read the requirement, k. Sales on account: all of Job 120 for $110,000 Begin by recording the revenue from the sales on account. Do not record the expense related to the sale in this journal entry. We will do that in the next step Date Accounts Debit Credit k. Now record the cost of goods sold related to the sale of all of Job 120. Date Accounts Debit Credit k. Choose from any list or enter any number in the input fields and then continue to the next question MacBook Air Avery Store products for elementary teachers to reward the students. Avery Stars' trial balance on June 1 blow June remains are urmarized as follows Click the loon to view the tribance) Click the loon to view the transaction) June 1 balance in the subsidiary ledgers were as follows. Read the requires Click the loon to view the bloom L. Adjusted for over located or under located manufacturing overhead Date Accounts Debit Credit Heulement 2. Taccounts for the general ledge, aw Materials intory diary ledger, the Work in Process inventory try on the inted Goods my wdary lead for you wow hobe given. Por the maleries to the the trainers are llegin with posting the tractions to the general ledger wees. Kayah transaction by varion, and we ending bace of each chwyty wing order contacte the www.action. For accounts with rrobant, entra " Og with "Bal" reference on the commal side of the account) Rathoumalis you prepared in grement Accounts Receivable Raw Material ventory Dal $5,000 Sul 190,000 Bal. 5.700 JODI Choose from a lot or enter any number in the input fields and then continue to the next question Avery Stan producen stand for elementary teachers to reward the students. Avery Stantri benen on June 1 bollow !!! (Click the loon to view the trial balance) June 1 balance in the subsidiary ledgers were no follows: (Click the icon to view the balances) June tror actors are urmarired as follows: Click the icon to view the transactions) Read the romant Work in Process Inventory Bal 41,000 Finished Goods Inventory Bal 20,700 Property Plant, and Equipment Bal 280.000 Accumulated Depreciation 78.000 Bal Accounts Payable 128,000 Bal Wages Payable 1,000 Bal LIE Sales Revenue Common Stock 143 000 Bal Retained Earning 201 000 Bal Choose from any list or enter any number in the input fields and then continue to the next question. Avery tus prodeon er for elementy chers to reward their dota Avery Star' on new mick the loon to view the balance) June 1 balance in the subsidiary ledgers were as follows Click the icon to the balances) June rene summaried abows Click the tanto vow ther) Read the women Cost of Goods Bold Manufacturing Overhead Selling and Admin, para Po the transion to the Raw Materiale inventory diary ledger court, key och trition by transaction letter and leading level of each continente Paper Indirect Materiale Bal 4.300 1400 Post the transaction to the Work in Process Inventory subsidiary ledger accounts kay eachtraction by action include the ending behatochowa Oference on the normal deel the T-account) Job 120 Job 121 41.000 Choose from any intor enter any number in the input fields and then continue to the next question Avery Sur produces w for elementary eachers to reward students. Avery Barbeance on June 1 June reactions we unated as blows Cck the toon to view the trial balans Click on to whernion) June was in the weldary ledars were as follow Cack the foon to view the honom) fond there Promotionnection to the Work in Proom werkwy wody low counts. Kayechdion by traction wher, and contenuto tounding balance of awch monteracture was "Owl" reference on the normal side of the count) Job 120 Job 121 41.000 Pool the transaction to the Finished Goods Inventory Subsidiary ledger account. Ky each section by traction letter, was the ending balance of Large stars Smallstars DADO Requirement. Prepare a Vibone at June 30, 2014 Les both the Debiad Credit Bank with 10) Review the general ledger words you prepared in Reglement Avery Star Choose from any list or enter any number in the rout fields and then continue to the next very Star produces stars for elementary teachers to reward their students. Avery Stars' wol balance on June 1 follow (Click the icon to view the trial balance.) June transactions are summarized as follow une 1 balances in the subsidiary ledgers were as follows: (Click the icon to view the transactions.) Click the icon to view the balances) Read the requirements Requirement 3. Prepare a trial balance at June 30, 2024. Con both the Debit and Creditou cells blank for with a roba June 30) Review the general ledger counts you prepared in Requirement 2. Avery Star Trial Balance June 30, 2024 Balance Account Title Debit Credit Cash Accounts Receivable Irwantores Raw Materials Work Proces Finished Goods Property, plant and Equipment Accumulated Depreciation Accounts Payable Wages Payable Common Stock Choose from any list or enter any number in the input fields and then continue to the next question Avery Stars produces stars for elementary teachers to reward their students. Avery Stars' trial balance on June 1 follows: June transactions are summarized as follows. (Click the loon to view the trial balance.) (Click the icon to view the transactions) June 1 balances in the subsidiary ledgers were as follows: Read the requirements (Click the icon to view the balances.) Inventarios: Raw Materials Workin-Process Finished Goods Property. Plent and Equipment Accumulated Depreciation Accounts Payable Wapes Payable Common Stock Retained Earringe Sales Revenue Cost of Goods Sold Manufacturing Overhead Selling and Administrative Expenses Total Requirement 4. Use the Work-in-Process Inventory T-account to propare a schedule of cost of goods manufactured for the month of June. Review the Work-in-Process Inventory general ledger account you prepared in Requirement 2 Aimee Choose from any list or enter any number in the input fields and then continue to the next question Avery Stars produces stars for elementary teachers to roward their students. Avery Stars' trial balance on June 1 follows: June transactions are summarized as follows: (Click the icon to view the trial balance.) (Click the icon to view the transactions.) June 1 balances in the subsidiary ledgers were as follows: Click the icon to view the balances.) Read the requirements Requirement 4. Use the Work-in-Process Inventory T-account to prepare a schedule of cost of goods manufactured for the month of June. Review the Work-In-Process Inventory general ledger account you prepared in Requirement 2. Avery Stars Schedule of Cost of Goods Manufactured Month Ended June 30, 2024 Cost of Goods Manufactured Requirement 5. Prepare an income statement for the month of June Review the trial balance you prepared in Requirement 3. Review the journal entry for underallocated manufacturing overhead you prepared in Requirement 1. Avery Stars Choose from any list or enter any number in the input fields and then continue to the next question MacBook Air (Click the icon to view the transaction Read the requirements 8!! (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.) Requirement 5. Prepare an income statement for the month of June. Review the trial balance you prepared in Requirement 3. Review the journal entry for underallocated manufacturing overhead you prepared in Requirement 1. Avery Stars Income Statement Month Ended June 30, 2024 Cost of Goods Sold Gross Profit Net Income (Loss) Choose from any list or enter any number the input fields and then continue to the next question MacBook Air

Answer & Explanation Solved by verified expert

See Answer