**Barnes Co. Chart of Accounts - General Ledger**This document outlines the various accounts used by Barnes Co. in their accounting system. The chart of accounts includes categories for Assets, Liabilities, Equity, Revenue, and Expenses, each with specific account numbers for easy reference.**ASSETS**- **110 Cash**- **121 Accounts Receivable**- **125 Notes Receivable**- **126 Interest Receivable**- **131 Materials**- **132 Work in Process**- **133 Factory Overhead**- **134 Finished Goods**- **141 Supplies**- **142 Prepaid Insurance**- **143 Prepaid Expenses**- **181 Office Building**- **191 Office Equipment**- **192 Accumulated Depreciation-Buildings and Equipment****LIABILITIES**- **210 Accounts Payable**- **221 Utilities Payable**- **231 Notes Payable**- **236 Interest Payable**- **241 Lease Payable**- **251 Wages Payable**- **252 Consultant Fees Payable****EQUITY**- **311 Common Stock**- **340 Retained Earnings**- **351 Dividends**- **390 Income Summary****REVENUE**- **410 Sales**- **610 Interest Revenue****EXPENSES**- **510 Cost of Goods Sold**- **520 Wages Expense**- **531 Selling Expenses**- **532 Insurance Expense**- **533 Utilities Expense**- **534 Office Supplies Expense**- **540 Administrative Expenses**- **561 Depreciation Expense-Office Building**- **562 Depreciation Expense-Office Equipment**- **590 Miscellaneous Expense**- **710 Interest Expense**This chart serves as a structural framework for Barnes Co.'s accounting by organizing transactions, financial statements, and reports systematically. ### Barnes Company Job Order Cost System - October OperationsBarnes Company employs a job order cost system. The following data summarize the production operations for October:#### October Transactions:1. **October 1** - Materials purchased on account: **$630,520**2. **October 2** - Materials requisitioned: **$669,000**, of which **$76,690** was for general factory use.3. **October 31** - Factory labor used: **$644,620**, with **$91,400** as indirect labor.4. **October 31** - Other costs incurred on account: - Factory overhead: **$147,440** - Selling expenses: **$238,240** - Administrative expenses: **$150,800**5. **October 31** - Prepaid expenses expired: - Factory overhead: **$30,340** - Selling expenses: **$25,550** - Administrative expenses: **$18,210**6. **October 31** - Depreciation: - Office building: **$85,350** - Office equipment: **$45,280** - Factory equipment: **$32,530**7. **October 31** - Factory overhead costs applied to jobs: **$374,600**8. **October 31** - Jobs completed: **$996,810**9. **October 31** - Cost of goods sold: **$892,790**#### Required Task:Journalize these entries to record the summarized operations. Refer to the chart of accounts for the exact wording of the account titles. Note:- CNOW journals do not use lines for spaces or journal explanations.- Each line on a journal page is for debit or credit entries.- Do not add explanations or skip lines between journal entries.- CNOW journals will automatically indent a credit entry when a credit amount is entered.

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Description: **Barnes Co. Chart of Accounts - General Ledger**This document outlines the various accounts used by Barnes Co. in their accounting system. The chart of accounts includes categories for Assets, Liabilities, Equity, Revenue, and Expenses, each with s

The journal entries are prepared to record the business transactions on daily basis.

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Barnes Company uses a job order cost system. The following data summarize the operations related to production for October: October Materials purchased on account, $630,520. Materials requisitioned, $669,000, of which $76,690 was for general factory use. 31 Factory labor used, $644,620, of which $91,400 was indirect. 31 Other costs incurred on account for factory overhead, $147,440; selling expenses, $238,240; and administrative expenses, $150,800. 31 Prepaid expenses expired for factory overhead were $30,340; for selling expenses, $25,550; and for administrative expenses, $18,210. 31 Depreciation of office building was $85,350; of office equipment, $45,280; and of factory equipment, $32,530. 31 Factory overhead costs applied to jobs, $374,600. 31 Jobs completed, $996,810. 31 Cost of goods sold, $892,790. Required:

Barnes Company uses a job order cost system. The following data summarize the operations related to production for October: October Materials purchased on account, $630,520. Materials requisitioned, $669,000, of which $76,690 was for general factory use. 31 Factory labor used, $644,620, of which $91,400 was indirect. 31 Other costs incurred on account for factory overhead, $147,440; selling expenses, $238,240; and administrative expenses, $150,800. 31 Prepaid expenses expired for factory overhead were $30,340; for selling expenses, $25,550; and for administrative expenses, $18,210. 31 Depreciation of office building was $85,350; of office equipment, $45,280; and of factory equipment, $32,530. 31 Factory overhead costs applied to jobs, $374,600. 31 Jobs completed, $996,810. 31 Cost of goods sold, $892,790. Required:

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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Kaymer Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations: a. Materials purchased on account, $28,790. b. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $2,880 $2,910 302 3,690 3,860 303 2,300 1,780 304 7,820 6,990 305 5,310 5,050 306 3,700 3,280 For general factory use 1,070 4,180 c. Factory overhead costs incurred on account, $5,600. d. Depreciation of factory machinery and equipment, $1,970. e. The factory overhead rate is $53 per machine hour. Machine hours used: Job Machine Hours 301 25 302 34 303 30 304 71 305 42 306 26 Total 228 f. Jobs completed: 301, 302, 303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $8,270; Job 302, $11,720; Job 303, $15,730. Required: 1. Journalize the entries to…
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