This is a new manufacturing corporation that issued $50000 common stock for cash on the first day. All overhead expenses are paid immediately by cash. To make it easy, there are no other operating expenses and no income tax. No Dividend is declared for the year.8. What is the Total Equity Balance at the end of the period in the Balance sheet?9. What is the Total Liability balance at the end of the period in the Balance sheet? 10. The amount of Raw Material that transfers to the Factory Overhead is called Direct Material.a) True b) False GENERAL JOURNALDate8-4-X58-8-X58-9-X58-10-X5Raw Materials InventoryAccounts PayableTo record purchase of raw materialsAccountsWork in ProcessRaw Materials InventorySalaries PayableFactory OverheadTo transfer raw materials to production, recorddirect labor costs on job, and apply overhead at thepredetermined rateFinished Goods InventoryWork in Process8-10-X5 CashSalesTo transfer completed units to finished goodsinventoryTo record sale of finished awning for $4,000Cost of Goods SoldFinished Goods InventoryTo transfer finished goods to cost of goods soldDebit4,0006,6004,4004,0002,200Page 1Credit4,0002,4003,0001,2004,4004,0002,200 Cool Sun produces awnings and screens. Prepare journal entries to reflect the following transactions. After you completethe entries, determine the amount to include in raw materials, work in process, and finished goods.Aug. 4, 20X5Aug. 8, 20X5Aug. 8, 20X5Aug. 9, 20X5Aug. 10, 20X5Purchased fabric and aluminum to be used in the manufacturing process. The purchase pricewas $4,000, on account.Transferred 60% of the raw materials purchased on August 4 into production.Incurred direct labor costs of $3,000. Factory overhead is applied at 40% of the direct laborcost.Transferred completed awnings with total assigned costs of $4,400 to finished goods.Sold and delivered half of the finished goods (from August 9) to a customer for $4,000 cash.

Name: This is a new manufacturing corporation that issued $50000 common stoc
Uploaded: 2024-03-20T06:32:49.000Z
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Description: This is a new manufacturing corporation that issued $50000 common stock for cash on the first day. All overhead expenses are paid immediately by cash. To make it easy, there are no other operating expenses and no income tax. No Dividend is declared f