Velasco Co uses a job order cost system. The following data summarize the operations related to production for July:
July
Materials purchased on account, $
Materials requisitioned, $ of which $ was for general factory use
Factory labor used, $ of which $ was indirect
Other costs incurred on account for factory overhead, $; selling expenses, $; and administrative expenses, $
Prepaid expenses expired for factory overhead, $; for selling expenses, $; and for administrative expenses, $
Depreciation of office building was $; of office equipment, $; and of factory equipment, $
Factory overhead costs applied to jobs, $
Jobs completed, $
Cost of goods sold, $
Required:
Journalize the entries to record the summarized operations. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
