Wednesday 27 November 2019

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

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

Work in Process
Balance, August 1 $ 59,050
Direct materials 335,000
Direct labor 494,700
Factory overhead 226,200
Jobs finished during August are summarized as follows:
Job 210 $178,300
Job 216 232,250
Job 224 149,500
Job 230 328,250
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

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

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