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The following account appears in the ledger prior to recognizing the jobs completed in August:

	Work in Process
Balance, August 1	$ 59,000
Direct materials	304,750
Direct labor	478,950
Factory overhead	209,600

Jobs finished during August are summarized as follows:

Job 210	$188,750
Job 216	234,700
Job 224	168,400
Job 230	363,050

Required:

A.	Journalize the entry on Aug. 31 to record the jobs completed. Refer to the Chart of Accounts for exact wording of account titles.
B.	Determine the cost of the unfinished jobs at August 31.

Chart of Accounts

CHART OF ACCOUNTS
General Ledger
ASSETS 110 Cash 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 131 Materials 132 Work in Process 133 Factory Overhead 134 Finished Goods 141 Supplies 142 Prepaid Insurance 143 Prepaid Expenses 181 Land 191 Factory 192 Accumulated Depreciation-Factory LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary	REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Wages Expense 531 Selling Expenses 532 Insurance Expense 533 Utilities Expense 534 Office Supplies Expense 540 Administrative Expenses 560 Depreciation Expense-Factory 590 Miscellaneous Expense 710 Interest Expense

Journal

A. Journalize the entry on Aug. 31 to record the jobs completed. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 10

JOURNAL

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
1
2

Final Question

B. Determine the cost of the unfinished jobs at August 31.

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