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GenX Furnishings manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June 1 from the materials ledger are as follows: S 65,800 Fabric Polyester filling 20,920 Lumber 152,000 Glue 6,250 The materials purchased during June are summarized from the receiving reports as follows: Fabric $338,880 Polyester filling 474,200 Lumber 908,030 Glue 34,620 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $129,730 $164,460 $404,530 $ 698,720 Job 602 99,370 141,320 377,410 618,100 Job 603 90,950 118,090 209,210 418,250 Factory overhead-indirect materials $33,410 33,410 Total $320,050 $423,870 $991,150 $33,410 $1,768,480 The glue is not a significant cost, so it is treated as indirect materials (factory overhead). Required: A. Joumalize the June 1 entry to record the purchase of materials in June.* B. Journalize the June 3 entry to record the requisition of materials in June.* C. Determine the June 30 balances that would be shown in the materials ledger accounts.

GenX Furnishings manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June 1 from the materials ledger are as follows: S 65,800 Fabric Polyester filling 20,920 Lumber 152,000 Glue 6,250 The materials purchased during June are summarized from the receiving reports as follows: Fabric $338,880 Polyester filling 474,200 Lumber 908,030 Glue 34,620 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $129,730 $164,460 $404,530 $ 698,720 Job 602 99,370 141,320 377,410 618,100 Job 603 90,950 118,090 209,210 418,250 Factory overhead-indirect materials $33,410 33,410 Total $320,050 $423,870 $991,150 $33,410 $1,768,480 The glue is not a significant cost, so it is treated as indirect materials (factory overhead). Required: A. Joumalize the June 1 entry to record the purchase of materials in June.* B. Journalize the June 3 entry to record the requisition of materials in June.* C. Determine the June 30 balances that would be shown in the materials ledger accounts.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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### Journal and Ledger Accounts #### Journal The journal entries table is essential for recording financial transactions in chronological order. This ensures that all business dealings are documented systematically. The table includes the following columns: 1. **DATE**: The chronological date when the transaction occurred. 2. **DESCRIPTION**: Details about the transaction. 3. **POST. REF.**: The posting reference or page number where the transaction is recorded elsewhere. 4. **DEBIT**: The amount to be debited for this transaction. 5. **CREDIT**: The amount to be credited for this transaction. 6. **ASSETS, LIABILITIES, EQUITY**: Sections for categorizing the transaction into the accounting equation components. Here is a blank template for entries: ``` | DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |------------|---------------------------|------------|--------|--------|--------|-------------|--------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ``` #### Materials Ledger Accounts To determine the balances in the materials ledger accounts as of June 30, input the remaining balances for each material category. The table includes: 1. **Fabric** 2. **Polyester Filling** 3. **Lumber** 4. **Glue** Balances for each category are to be recorded in the provided spaces. **Example Layout:** ``` | | Fabric | Polyester Filling | Lumber | Glue | |-----------------------------|----------------|--------------------|-------------------|-------------------| | Balance, June 30 | $ | $ | $ | $ | ``` Use this format to fill in the respective balances as per the data available from financial records as of June 30. --- This transcription provides a detailed explanation of how to fill and utilize journal entries and materials ledger accounts, contributing to clear and efficient documentation of accounting transactions.
Transcribed Image Text:### Journal and Ledger Accounts #### Journal The journal entries table is essential for recording financial transactions in chronological order. This ensures that all business dealings are documented systematically. The table includes the following columns: 1. **DATE**: The chronological date when the transaction occurred. 2. **DESCRIPTION**: Details about the transaction. 3. **POST. REF.**: The posting reference or page number where the transaction is recorded elsewhere. 4. **DEBIT**: The amount to be debited for this transaction. 5. **CREDIT**: The amount to be credited for this transaction. 6. **ASSETS, LIABILITIES, EQUITY**: Sections for categorizing the transaction into the accounting equation components. Here is a blank template for entries: ``` | DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |------------|---------------------------|------------|--------|--------|--------|-------------|--------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ``` #### Materials Ledger Accounts To determine the balances in the materials ledger accounts as of June 30, input the remaining balances for each material category. The table includes: 1. **Fabric** 2. **Polyester Filling** 3. **Lumber** 4. **Glue** Balances for each category are to be recorded in the provided spaces. **Example Layout:** ``` | | Fabric | Polyester Filling | Lumber | Glue | |-----------------------------|----------------|--------------------|-------------------|-------------------| | Balance, June 30 | $ | $ | $ | $ | ``` Use this format to fill in the respective balances as per the data available from financial records as of June 30. --- This transcription provides a detailed explanation of how to fill and utilize journal entries and materials ledger accounts, contributing to clear and efficient documentation of accounting transactions.
### Manufacturing and Materials Management - Case Study: GenX Furnishings #### Instructions GenX Furnishings manufactures designer furniture and uses a job order cost system. Below are the balances from the materials ledger as of June 1: - **Fabric**: $65,800 - **Polyester Filling**: $20,920 - **Lumber**: $152,000 - **Glue**: $6,250 #### June Materials Purchase Summary Materials purchased during June are summarized from the receiving reports as follows: - **Fabric**: $338,880 - **Polyester Filling**: $474,200 - **Lumber**: $908,030 - **Glue**: $34,620 #### Materials Requisition Summary for Individual Jobs Materials were requisitioned to individual jobs as follows: | Job | Fabric | Polyester Filling | Lumber | Glue | Total | | --- | ------ | ----------------- | ------ | ---- | ----- | | **Job 601** | $129,730 | $164,460 | $404,530 | $698,720 | | **Job 602** | 99,370 | 141,320 | 377,410 | 618,100 | | **Job 603** | 90,950 | 118,090 | 209,210 | 418,250 | | **Factory Overhead—Indirect Materials** | - | - | - | $33,410 | $33,410 | | **Total** | $320,050 | $423,870 | $991,150 | $33,410 | $1,768,480 | **Note**: The glue is not a significant cost and is treated as indirect materials (factory overhead). #### Required Actions 1. **Journalize the June 1 entry to record the purchase of materials in June.** 2. **Journalize the June 30 entry to record the requisition of materials in June.** 3. **Determine the June 30 balances that would be shown in the materials ledger accounts.** *Refer to the Chart of Accounts for the exact wording of account titles.* ### Visualization To support the above information, there is a tabular data representation summarizing the material requisitions for each job. For example, Job 601 shows $129,730 worth of Fabric requisitioned, $164,460 of Polyester Filling, $404,530 of Lumber,
Transcribed Image Text:### Manufacturing and Materials Management - Case Study: GenX Furnishings #### Instructions GenX Furnishings manufactures designer furniture and uses a job order cost system. Below are the balances from the materials ledger as of June 1: - **Fabric**: $65,800 - **Polyester Filling**: $20,920 - **Lumber**: $152,000 - **Glue**: $6,250 #### June Materials Purchase Summary Materials purchased during June are summarized from the receiving reports as follows: - **Fabric**: $338,880 - **Polyester Filling**: $474,200 - **Lumber**: $908,030 - **Glue**: $34,620 #### Materials Requisition Summary for Individual Jobs Materials were requisitioned to individual jobs as follows: | Job | Fabric | Polyester Filling | Lumber | Glue | Total | | --- | ------ | ----------------- | ------ | ---- | ----- | | **Job 601** | $129,730 | $164,460 | $404,530 | $698,720 | | **Job 602** | 99,370 | 141,320 | 377,410 | 618,100 | | **Job 603** | 90,950 | 118,090 | 209,210 | 418,250 | | **Factory Overhead—Indirect Materials** | - | - | - | $33,410 | $33,410 | | **Total** | $320,050 | $423,870 | $991,150 | $33,410 | $1,768,480 | **Note**: The glue is not a significant cost and is treated as indirect materials (factory overhead). #### Required Actions 1. **Journalize the June 1 entry to record the purchase of materials in June.** 2. **Journalize the June 30 entry to record the requisition of materials in June.** 3. **Determine the June 30 balances that would be shown in the materials ledger accounts.** *Refer to the Chart of Accounts for the exact wording of account titles.* ### Visualization To support the above information, there is a tabular data representation summarizing the material requisitions for each job. For example, Job 601 shows $129,730 worth of Fabric requisitioned, $164,460 of Polyester Filling, $404,530 of Lumber,
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