← D School Stars produces stars for elementary teachers to reward their students School 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: (Click the icon to view the balances.) Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Exclude explanations from any joumal entries) a. Collections on account, 5155,000 Dute Data table Requirements 1. Journalize the transactions for the company. 2. T-accounts for the general ledger, the Raw Materials Inventory subsidiary ledger, the Work-in-Process Inventory subsidiary ledger, and the Finished Goods Inventory subsidiary ladgar have been opened for you along with each account's balance as given. Past the journal entries to the T accounts using the transaction letters as a reference. 3. Prepare a trial balance at June 30, 2024. 4. Use the Work in Process Inventory T-account to prepare a schedule of cost of goods manufactured for the month of June 5. Prepare an income statement for the month of June. Get more help. Accounts Print Done X School Stars Trial Balance June 1, 2024 Account Title Cash Accounts Receivable Inventories Raw Materiais Work-in-Process Finished Goods Property, Plant, and Equipment Accumulated Depreciation Accounts Payable Wages Payable Common Stock Retained Famings Sales Revenue Cost of Goods Sold Manufacturing Overhead Selling and Administrative Expenses $ Balance Debit 19,000 155,000 5,500 43,000 20,000 200,000 0 $ 442,900 $ June transactions are summarized as follows: (Click the icon to view the transactions) More info Rea Credit 77,000 130,000 1,600 140,000 94.300 0 442,900 a. Collections on account $155.000. b. Selling and administrative expenses incurred and paid, $15,000. c. Payments on account, $36,000. d. Materials purchased on account Paper, $22,500; indirect materials, 54,100 e. Materials requisitioned and used in production: Job 120: Paper, $ 600 Job 121: Paper, $ 7,650 Indirect materials, $ 1,700 f. Wages incurred during Juna, $35,000. Labor time records for the month: Job 120, $4,750; Job 121, $17.250: indirect labor, $13,000. g. Wages paid in June include the balance in the Wages Payable at May 31 plus 532,100 of wages incurred durin Juna h. Depreciation on plant and equipment, $3,100. i. Manufacturing overhead allocated at the predetermined overhead allocation rate of 60% of direct labor costs. i. Jobs completed during the month Job 120 with 500,000 Large Stars at a total cost of $51,200. k. Sales on account all of Job 120 for $115,000. 1. Adjusted for overallocated or underallocated manufacturing overhead More info Print Done Raw Materials Inventory subsidiary ledger: Paper 94,100: Indirect materials, $1,000 • Work in Process inventory subsidiary ledger: Job 120, $43,000; Job 121, 50 • Finished Goods Inventory subsidiary ledger: Large Stars, 50,500; Small Stars, $10,500 Print Done