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Prepare summary journal entries to record the following transactions for a company in its first...

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Accounting

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Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $80,000 b. Direct materials used in production, $37,000, Indirect materials used in production, $12,000 c. Paid cash for factory payroll, $35,000. Of this total, $25,000 is for direct labor and $10,000 is for indirect labor. d. Paid cash for other actual overhead costs, $7,000 e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $50,470. g. Sold jobs on account for $72,300 9(2). The jobs had a cost of $50,470 9(1) View transaction let Journal entry worksheet 1 2 5 6 7 8 9 Record raw materials purchased on account Entrets before credits Transaction General Journal Debit Credit

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