Journal Entries

Jan. 30 Transferred the completed job #350 to the Finished Goods account Jan. 31 Jan. 31 Jan. 31 Sold and shipped Job #350 to Lawson Corporation. Paid All Power and Light Company $3,160.00 for heat, power, and light. Allocate 25% for the office facilities and 75% for the factory facilities. Applied $5,540.00 of Direct Materials to job #354 Applied $12,257.00 of direct labor to Job #354. Applied factory overhead to Job #354 Record the insurance expense for January. The prepaid insurance is for 10 months Factory 75% General 25% Jan. 31 Jan. 31 Jan. 31 Jan. 31 Jan 31 The inventory of office supplies shows that $1,670.00 of supplies were on hand. Depreciation for the month is $1,120.00 for the Factory Equipment and $380.00 for the Office Equipment Amortization of the patents for the month is $390.00 (Debit Factory Overhead) Close the overapplied or underapplied factory overhead to Cost of Goods Sold Jan. 31 Jan 31 Jan. 31 Sold and shipped Job #350 to Lawson Corporation Jan. 31 Paid All Power and Light Company $3,160.00 for heat, power, and light. Allocate 25% for the office facilities and 75% for the factory facilities. Jan. 31 Applied $5,540.00 of Direct Materials to job #354 Jan. 31 Applied $12,257.00 of direct labor to Job #354. Jan. 31 Applied factory overhead to Job #354. Jan. 31 Record the insurance expense for January. The prepaid insurance is for 10 months: Factory 75% General 25% Jan. 31 Jan. 31 The inventory of office supplies shows that $1,670.00 of supplies were on hand. Depreciation for the month is $1,120.00 for the Factory Equipment and $380.00 for the Office Equipment Amortization of the patents for the month is $390.00. (Debit Factory Gverhead) Close the overapplied or underapplied factory overhead to Cost of Goods Sold. Jan. 31 Jan. 31 Cash Accounts Receivable Allowance for Doubtful Accounts Prepaid Insurance Office Supplies Inventory: Raw Materials Inventory: Work in Process Inventory: Finished Goods Inventory: Factory Overhead Office Equipment Accumulated Depreciation Office Equip Factory Equipment Accumulated Depreciation-Factory Equip Patents Accounts Payable Income Tax Payable Salaries Payable Common Stock PIC in Excess of Par - Common Stock Retained Earnings Sales Factory Equipment Accumulated Depreciation-Factory Equip Patents Accounts Payable Income Tax Payable Salaries Payable Common Stock PIC in Excess of Par - Common Stock Retained Earnings Sales Sales Discounts Cost of Goods Sold Advertising Expense Depreciation Expense-Office Equip Utility Expense Insurance Expense Office Supplies Expense Rent Expense ACCT 102 Group Project Transactions & Instructions business year is the calendar year and they use a job-order cost system for inventory and sales Wonderama Playgrounds, Inc. manufactures playground equipment for partes and schools. Their Wonderama Playgrounds, Ine, manufactures all products in a single production department. An individual job-order cost sheet is maintained for each job. The job-order cost sheet contains accumulated costs for each job, including actual direct materials, actual direct labor, and applied factory overhead. Factory overhead is applied to each job based on 125% of direct labor costs for that job Wonderama Playgrounds, Inc, marks up all work by 40% of the job cost (sales price total cost of job 140%). Since Wonderama Playgrounds, Inc, sells to builders, contractors, school districts and schools, all sales are exempt from state sales tax. All sales are on account and are subject to terms of 2/10, ncido days, FOB Shipping Point. Accounts Payable is used solely for the purchase of direct materials, indirect materials, and factory supplies. All vendors expect full payment within 30 days. Operating expenses, with the exception of any accrued salaries, property taxes, and income taxes, are paid when incurred; all employees are paid at the end of the month. All cash is deposited in the bank when received and all payments are made by check. Following are the transactions for Wonderama Playgrounds, Inc. for January 2020: Jan 2 Paid Larchmont Advertising Agency $1,363 for designing advertisements to appear in local newspapers in January Jan. 2 Paid Princely Properties $4,250 for the January tent or this amount, 30% is for the office facilities and 70% is for the factory facilities Jan 4 Received 530.200.00 on account from customers (no discount allowed) Jan. 5 Sold Job 1349, which was finished in December 2019 at a total cost of $39.800, to Happy Jacks Preschool Jan 7 Received a check from Lawson Corporation for the amount due. Payment was received within the discount period. (Balance due: $9.420.00, before discount) Paid Nogood Wood Products $8,562.40 in payment of their January 1 balance. Collected the amount due from Happy Jacks Preschool for the sale on Jan. 5. Jan. 9 Jan. 12 Jan. 13 Paid Sorenson Plastics Company S12.925.00 in payment on account Jan. 15 Applied $3,860.00 of direct materials to Job #351 Jan. 15 Applied S10,380.00 of direct labor to Job #351 Jan. 15 Applied factory overhead to Job #351. Jan. 15 Transferred the completed job #351 to Finished Goods. Jan. 16 Received S35,250.00 on account from customers (no discount allowed) Jan 17 Jan. 18 Jan. 20 Sold and shipped Job #351 to the Smart Contractor Wonderama Playground, Ine uses a perpetual inventory system Purchased $6.329.00 of indirect materials and factory supplies to be used in the manufacture of all jobs currently in process, terms Net 30 days (Hint: charge directly to Factory Overhead) Accepted a job for the manufacture of a playground unit for Breakwater Unified School District. February 14 is the promised completion date. Began the job today by applying $5.986.00 of direct materials to Job W354 Purchased from Casper Corporation $3,658.72 of indirect factory supplies, credit terms, net 15 days. (Hint: charge directly to Factory Overhead) Received a check for $9,890.00 from Sundial Corporation for the amount due, no discount allowed Jan. 20 Jan. 21 Jan. 23 Jan. 23 Jan. 26 Jan. 26 Jan. 26 Applied $4,765.00 of direct materials to Job #350. Received a check for $9.046.00 from Everest Company for the amount due after the discount period has expired. Applied $2,359.72 of direct materials to job #352. Applied $1,586.00 of Direct Labor to Job #352. Applied factory overhead to Job 352 Transferred the completed job 352 to the Finished Goods account. Applied S4,683.87 of direct materials to job #353. Applied $3,168.00 of Direct Labor to Job #353 Applied factory overhead to Job #353. Transferred the completed job #353 to the Finished Goods account. Jan. 26 Jan. 27 Jan. 27 Jan. 27 Jan. 27 Jan. 27 Received the amount due from Smart Contractors from the sale on Jan. 17. Jan. 29 Sold and shipped Job #353 to the Grace Angelina Company Jan. 30 Jan. 30 Paid Casper Corporation the amount due from the January 20 purchase. Applied S5,980.00 of Direct Materials to job#350. Applied S11,242.00 of Direct Labor to Job #350. Jan. 30 Jan. 30 Applied factory overhead to Job #350. Jan. 30 Jan. 31 Jan. 31 Transferred the completed job #350 to the Finished Goods account Sold and shipped Job #350 to Lawson Corporation Jan. 31 Paid All Power and Light Company S3,160.00 for heat, power, and light. Allocate 25% for the office facilities and 75% for the factory facilities. Applied S5,540.00 of Direct Materials to job #354 Applied S12,257.00 of direct labor to Job #354. Jan. 31 Jan. 31 Applied factory overhead to Job #354. Jan. 31 Jan. 31 Record the insurance expense for January. The prepaid insurance is for 8 months: Factory 75% General 25% The inventory of office supplies shows that S1,670.00 of supplies were on hand. Depreciation for the month is $1,120.00 for the Factory Equipment and $380.00 for the Office Equipment. Jan. 31 Jan. 31 Amortization of the patents for the month is $390.00. (Debit Factory Overhead) Jan. 31 Close the overapplied or underapplied factory overhead to Cost of Goods Sold