Set up the general ledger accounts, accounts receivable, and accounts

//check the attachment for complete details

 

Set up the General Ledger accounts, Accounts Receivable, and Accounts Payable accounts. Use the following blank forms (make as many copies as necessary). Insert the beginning balances from the Trial Balance and Schedules of Accounts Receivable and Payable
DATE- ITEM-POST REF-DEBIT-CREDIT-BALANCE-DEBIT-CREDIT Journalize the following entries for the month of January in the General Journal. Use the following blank forms (make as many copies as necessary). When using the Work in Process account, be sure to post
to the appropriate Job Cost Record DATE -ACCOUNTS-POSTREF.-Dr- Cr Narrative of Transactions January 2—Paid Mass Media $4,200.00 for prepaid advertising in local newspapers for the next 12 months. January 2—Paid Pierce Properties $2,750.00 for January rent.
Of this amount, 25% is for office facilities and 75% is for factory facilities. January 2—Paid Owen’s Insurance $6,000.00 for prepaid insurance for the first quarter of the year. January 3—Received a check from Horsfield Happy Ice Cream as partial payment
on account in the amount of $5,000.00. January 3—Paid Rockaway Metal the balance of $2,873.00 on account. Narrative of Transactions January 2—Paid Mass Media $4,200.00 for prepaid advertising in local newspapers for the next 12 months. January 2—Paid Pierce
Properties $2,750.00 for January rent. Of this amount, 25% is for office facilities and 75% is for factory facilities. January 2—Paid Owen’s Insurance $6,000.00 for prepaid insurance for the first quarter of the year. January 3—Received a check from Horsfield
Happy Ice Cream as partial payment on account in the amount of $5,000.00. January 3—Paid Rockaway Metal the balance of $2,873.00 on account. January 10—Receive a check from Horsfield Happy Ice Cream as partial payment on account in the amount of $5,000.00.
January 10—Receive a phone bill in the amount of $1,402.22 from Unique Telephone Systems on account. January 15—Paid Liberty Bank $2,535.79 for December payroll taxes payable for the amounts of FWT Payable, $1,613.11; FICA Tax Payable, $822.68. January 15—Assign
Job 76 to Cold Refrigeration for the purchase of a refrigeration system. The start date will be January 16th. The completion date will be no later than February 28th. The estimated direct material is $9,175.00. The estimated indirect material is $1,860.00.
The estimated direct labor is $15,600.00. The contract amount is $45,800.00.A deposit of $10,000.00 was provided by Cold Refrigeration in signing the contract. The deposit is unearned revenue. Half of the contract will be billed upon 50% completion with the
deposit applied against that billing with the remaining amount due immediately. A quarter of the contract will be billed upon 75% completion of the contract with the amount due immediately. The remaining amount of the contract is to be billed when the job
is 100% complete and is payable within 30 days of the billing. January 16—Purchased $4,441.00 of factory supplies from Johnston Equipment paid in cash. January 16—Purchased $2,965.00 of direct materials from Smith Synthetics on account. January 16—Purchased
$427.50 of office supplies from OfficeMax on account. January 16—Purchased $427.50 of office supplies from OfficeMax on account. January 19—Apply from direct materials requisition $2,800.00 of direct materials. Apply from indirect materials requisition $325.00
of indirect materials. Apply from time cards s $7,950.00 of direct labor to Job 74 completing the job.Applied factory overhead is based on 25% of direct labor cost. Transfer the completed job to the COGS account from Direct Material and Indirect Material and
Factory Overhead accounts. When making the journal entry for applying direct labor debit COGS for the gross pay and credit FWT Payable and FICA Tax Payable for the appropriate amounts with the net pay going to Salaries Payable. January 20. —Paid the electric
bill from Susquehanna Electric in the amount of $2,356.21 for the month of December. Allocate 30% to Factory Overhead January 20—Paid the FUTA Tax Payable for the previous year. January 20—Paid the SUTA Tax Payable for the previous year. January 23—Ashman
Alcove Designs paid the balance on account. January 27—Paid O-Ring Enterprises the balance owed on account. January 27—Paid post office $300.00 cash for postage added to postage meter January 28—Apply from direct materials requisition $4,600.00 of direct materials.
Apply from indirect materials requisition $950.00 of indirect materials. Apply $8,000.00 (from time cards) of direct labor and factory overhead to Job 76 direct materials Apply $8,000.00 (from time cards) of direct labor and factory overhead to Job 76, completing
50% of the job. Factory overhead is based on 25% of direct labor cost. Transfer the partially completed job from Direct Material and Indirect Material to WIP.

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