Snhu acc 202 Entries for factory costs and jobs completed ### Journalizing January 31 Summary EntriesThe following instructions outline the process for journalizing the January 31 summary entries to record each of the listed operations. Please refer to the Chart of Accounts for the exact wording of account titles.#### Operations to Record:1. **Direct and Indirect Materials Used** - Record the use of all direct and indirect materials over the month.2. **Direct and Indirect Labor Used** - Account for all direct and indirect labor utilized during January.3. **Factory Overhead Applied** - Apply factory overhead to all four jobs, using the predetermined rate based on direct labor cost.4. **Completion of Jobs 301 and 302** - Finalize the documentation for the completion of Jobs 301 and 302.#### Journal Layout and Details:- **Date**: Enter the date of the transaction.- **Description**: Provide a narrative of the transaction.- **Journal Reference**: Include any necessary references to other documents or journals.- **Post Reference (Post Ref)**: Leave a space for post-reference numbers.- **Debit and Credit Columns**: Record the debit and credit amounts for each transaction respectively.#### Diagram Explanation:The image includes a journal entry table with the following columns: Date, Description, Journal, Post Reference (Post Ref), Debit, and Credit. There are multiple rows available to document several transactions. The page number is listed as "Page 10" at the bottom of the table.Ensure all entries follow accounting principles for accurate financial reporting. **Old School Publishing Inc. Financial Overview****Assets:**- 110 Cash- 121 Accounts Receivable- 125 Notes Receivable- 126 Interest Receivable- 131 Materials- 132 Work in Process- 133 Finished Goods- 141 Prepaid Insurance- 142 Prepaid Expenses- 150 Factory Overhead**Liabilities:**- 210 Accounts Payable- 221 Utilities Payable- 231 Notes Payable- 232 Interest Payable- 241 Lease Payable- 251 Wages Payable- 252 Consultant Fees Payable**Equity:**- 311 Common Stock- 320 Retained Earnings- 330 Dividends- 390 Income Summary**Revenue:**- 410 Sales- 610 Interest Revenue**Expenses:**- 510 Cost of Goods Sold- 520 Wages Expense- 531 Utilities Expense- 532 Office Supplies Expense- 533 Interest Expense- 534 Lease Expense- 590 Miscellaneous Expense- 710 Depreciation Expense-Factory**Job Cost Summary:**Old School Publishing Inc. began its printing operations on January 1. Jobs 301 and 302 were completed during the month, and all applicable costs have been recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month.- **Job 301:** - Direct materials: $9,000 - Direct labor: $7,709 - Factory overhead: $4,467 - Total: $21,167- **Job 302:** - Direct materials: $21,100 - Direct labor: $16,800 - Factory overhead: $11,928 - Total: $49,828In addition to the materials and labor charged directly to the jobs, $7,400 of indirect materials and $12,000 of indirect labor were incurred entering production during the month.

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Description: Snhu acc 202 Entries for factory costs and jobs completed ### Journalizing January 31 Summary EntriesThe following instructions outline the process for journalizing the January 31 summary entries to record each of the listed operations. Please refer

Working Note:- 1. Work in process for material used :- Adding all direct and indirect material costs…

Business

Accounting

Journalize the Jan. 31 summary entries to record each of the following operations for January

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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Snhu acc 202 Entries for factory costs and jobs completed

### Journalizing January 31 Summary Entries

The following instructions outline the process for journalizing the January 31 summary entries to record each of the listed operations. Please refer to the Chart of Accounts for the exact wording of account titles.

#### Operations to Record:
1. **Direct and Indirect Materials Used**
- Record the use of all direct and indirect materials over the month.

2. **Direct and Indirect Labor Used**
- Account for all direct and indirect labor utilized during January.

3. **Factory Overhead Applied**
- Apply factory overhead to all four jobs, using the predetermined rate based on direct labor cost.

4. **Completion of Jobs 301 and 302**
- Finalize the documentation for the completion of Jobs 301 and 302.

#### Journal Layout and Details:
- **Date**: Enter the date of the transaction.
- **Description**: Provide a narrative of the transaction.
- **Journal Reference**: Include any necessary references to other documents or journals.
- **Post Reference (Post Ref)**: Leave a space for post-reference numbers.
- **Debit and Credit Columns**: Record the debit and credit amounts for each transaction respectively.

#### Diagram Explanation:
The image includes a journal entry table with the following columns: Date, Description, Journal, Post Reference (Post Ref), Debit, and Credit. There are multiple rows available to document several transactions. The page number is listed as "Page 10" at the bottom of the table.

Ensure all entries follow accounting principles for accurate financial reporting.

**Old School Publishing Inc. Financial Overview**

**Assets:**
- 110 Cash
- 121 Accounts Receivable
- 125 Notes Receivable
- 126 Interest Receivable
- 131 Materials
- 132 Work in Process
- 133 Finished Goods
- 141 Prepaid Insurance
- 142 Prepaid Expenses
- 150 Factory Overhead

**Liabilities:**
- 210 Accounts Payable
- 221 Utilities Payable
- 231 Notes Payable
- 232 Interest Payable
- 241 Lease Payable
- 251 Wages Payable
- 252 Consultant Fees Payable

**Equity:**
- 311 Common Stock
- 320 Retained Earnings
- 330 Dividends
- 390 Income Summary

**Revenue:**
- 410 Sales
- 610 Interest Revenue

**Expenses:**
- 510 Cost of Goods Sold
- 520 Wages Expense
- 531 Utilities Expense
- 532 Office Supplies Expense
- 533 Interest Expense
- 534 Lease Expense
- 590 Miscellaneous Expense
- 710 Depreciation Expense-Factory

**Job Cost Summary:**
Old School Publishing Inc. began its printing operations on January 1. Jobs 301 and 302 were completed during the month, and all applicable costs have been recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month.

- **Job 301:**
- Direct materials: $9,000
- Direct labor: $7,709
- Factory overhead: $4,467
- Total: $21,167

- **Job 302:**
- Direct materials: $21,100
- Direct labor: $16,800
- Factory overhead: $11,928
- Total: $49,828

In addition to the materials and labor charged directly to the jobs, $7,400 of indirect materials and $12,000 of indirect labor were incurred entering production during the month.

Definition Definition Total cost of procuring or producing a product or the cost that an individual or business owner undertakes for the manufacturing of goods.

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