50.1K

Verified Solution

Link Copied!

(28 journal entries)

make legible please

Instructions Velasco Co. uses a job order cost system. The following data summarize the operations related to production for July: July 1 2 31 31 31 Materials purchased on account, $663,320 Materials requisitioned, $618,780, of which $71,310 was for general factory use Factory labor used, $640,350, of which $88,200 was indirect Other costs incurred on account for factory overhead, S140,430; selling expenses, $245,050; and administrative expenses, $145,440 Prepaid expenses expired for factory overhead, $30,100; for selling expenses, $27,880; and for administrative expenses, $18,590 Depreciation of office building was $86,490; of office equipment, $45,350; and of factory equipment $30,880 Factory overhead costs applied to jobs, $365,760 Jobs completed, $1,017,410 Cost of goods sold, 5911,220 31 31 31 31 Journal Journalze the entries to record the summarized operations. Refer to the chart of accounts for the exact wording of the account bres. CNOW jumals do not use Ines 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 PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REX DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 1 4 15 7

Answer & Explanation Solved by verified expert

See Answer