Journal entry worksheet 123 Note: Enter debits before credits. Required: 1. Prepare journal entries to record the transactions for the year. 2. Prepare T-accounts for each inventory account, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journal entries to these T-accounts (don't forget to enter the beginning balances in your inventory accounts) 3A. is Manufacturing Overhead underapplied or overapplied? 3B. Prepare a journal entry to close Manufacturing Overhead to Cost of Goods Sold. 4. Prepare an income statement. All of the information needed for the income statement is avallable in the journal entries and T. accounts you have prepared. Journal entry worksheet Sales for the year (all paid in cash) totaled $501,000. Note: Enter debits before credits. Record the manufacturing overhead cost applied to jobs Note: Enter debits before credits. Journal entry worksheet Cost for employee services incurred as follows: Direct labor $159,000 Indirect labor $219,300 Sales commissions $30,000 Administrative salaries $44,000 Notei Enter debits before credits. Gold Nest Company of Guandong. China, makes birdcages for the South China market. The company sells its birdcages through an extensive network of street vendors who recelve commissions on their sales. The company uses a job-order costing system that applies overhead to jobs based on direct labor cost. its predetermined overhead rate is based on a cost formula that estimated $85,500 of manufacturing overhead for an estimated activity level of $45,000 direct labor dollars. The beginning inventory balances were as follows: Goods that had cost $230,000 to manufacture according to their job cost sheets were completed. Note: Enter debits before credits. During the year, the following transactions were completed: a. Raw materials purchased on account, $166,000. b. Raw materials used in production, $150,000 (materials costing $126,000 were charged directly to jobs; the remaining materials were indirect). c. Cash paid to employees: d. Rent for the year was $18,700 (\$13,100 related to factory operations, and the remainder related to seling and administrative activities) e. Utility costs incurred in the factory, $14,000 1. Advertising costs incurred, $15,000 9. Depreciation on equipment, $24,000 ( $18,000 related to equipment used in factory operations, the remaining $6,000 related to equipment used in selling and administrative activities) h. Manufacturing overhead cost applied to jobs, 1. Completed goods cost $230,000 to manufacture: 1. Sales for the year (all paid in cash) totaled $501,000. The manufacturing cost of these goods was $218,000 Journal entry worksheet Rent for during the year was $18,700 ( $13,100 of this amount related to factory operations, and the remainder related to selling and administrative activities). Note: Enter debits before credits. Raw materials purchased on account, $166,000. Note: Enter debits before credits. The total cost to manufacture these goods according to their job cost sheets was $218,000. Note: Enter debits before credits. Journal entry worksheet Raw materials used in production, $150,000 (materials costing $126,000 were charged directly to jobs; the remaining materials were indirect). Note; Enter debits before credits. Journal entry worksheet Depreciation recorded on equipment, $24,000. ( $18,000 of this amount related to equipment used in factory operations; the remaining $6,000 related to equipment used in selling and administrative activities.) Note: Enter debits before credits