HW Score 40 4 of 10 pts Score 0 of 4 pts X P1732A similar to

HW Score: 40%, 4 of 10 pts Score: 0 of 4 pts X P17-32A (similar to) Teacher Stars produces stars for elementary teachers to reward their students. June transactions are summarized as follows 4 of 4 (4 complete) Question Help Teacher Stars trial balance on June 1 follows: ?(Click the icon to view the trial balance.) June 1 balances in the subsidiary ledgers were as follows: 0 (Click the icon to view the balances.) (Click the icon to view the transactions.) Read the requirements.

Solution

Q 1)

Q2)

	Teacher Stars
	General Journal
	For the month of June
Date	Particulars	Reference	Debit Amount $	Credit Amount $
	Cash	a.	1,51,000
	Accounts Receivable			1,51,000
	(Being the amount of collections on account)
	Selling and Administrative	b.	31,000
	Cash			31,000
	(Being the entry to record the payment of selling and admin expenses)
	Accounts Payable	c.	43,000
	Cash			43,000
	(Being the entry to record payments on account)
	Raw Materials Inventory	d.	26,600
	Accounts Payable			26,600
	(Being the entry to record purchase of Paper($ 23,300) and Indirect materials ($ 3,300) on account)
	Work-in-Process Inventory (Job 120:$800; Job 121:$7550)	e.	8,350
	Manufacturing Overhead		1,000
	Raw Materials Inventory			9,350
	(Being the entry to record requition and use of materials)
	Work-in-Process Inventory(Job120:$3700;Job 121:19000)	f.	22,700
	Manufacturing Overhead		11,300
	Wages Payable			34,000
	(Being the entry to record accrual of wages for June)
	Wages Payable	g.	32,800
	Cash			32,800
	(Being the entry to record payment of Wages for May (balance of $ 1,700 and June - $ 31,100)
	Manufacturing Overhead	h.	3,200
	Accumulated Depreciation - Plant & Equipment			3,200
	(Being the entry to record Depreciation for June)
	Work-in-Process Inventory	i	13,620
	Manufacturing overhead (60% * $22,700)			13,620
	(Being the entry to record the allocation of manufacturing overhead)
	Finished Goods Inventory	j	47,470
	Work-in-Process Inventory			47,470
	(Being the entry to record completion of Job 120 for June)
	Accounts Receivable	k	1,00,000
	Sales Revenue			1,00,000
	(Being the entry to record sales revenue from Job 120)
	Cost of Goods Sold	j1.	47,470
	Finished Goods Inventory			47,470
	(Being the balance in Finished Goods Inventory transferred)
	Cost of Goods Sold	l	1,880
	Manufacturing overhead			1,880
	(Being the balance in manufacturing overhead transferred)