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Need journal entries Beginning balances Cash: 400,000...

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Accounting

Need journal entries
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Beginning balances Cash: 400,000 Finished goods, 10,000 units $200 each: 2,000,000 Equipment: 800,000 Accumulated depreciation: 200,000 Account payable: 50,000 Note payable: 600,000 Common stock: 200,000 Retained earnings:? Assumptions Ink: 1 @ $20 Paper 1 @ 10 Labor rate: $15 per hour Labor product: 5 per hour Manufacturing overhead: 500,000 Product quantity: 100,000 Selling price multiple: 2 Journal entries 1. 2. Invested 200,000 into business Paid 50,000 on note payable plus interest of 5,000 Purchase 110,000 ink at $20 each Purchase 120,000 paper at $10 each Transfer enough raw materials to complete 100,000 units Actual labor hours 21,000 Applied manufacturing overhead 80,000 units completed with 80% raw materials and 100% labor and manufacturing overhead 3. 4. 5. 6. 7. 8

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