GenX Furnisngs Company manufactures designer furniture. GenX Furnisngs uses a job order cost system. Balances on June 1 from the materials ledger are as follows: Fabric $ 67,910 Polyester filling 19,920

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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 560 Depreciation Expense-Factory 590 Miscellaneous Expense 710 Interest Expense

GenX Furnisngs Company manufactures designer furniture. GenX Furnisngs uses a job order cost system. Balances on June 1 from the materials ledger are as follows: Fabric $ 67,910 Polyester filling 19,920 Lumber 151,860 Glue 6,750 The materials purchased during June are summarized from the receiving reports as follows: Fabric $338,580 Polyester filling 470,870 Lumber 901,370 Glue 31,670 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $126,370 $161,120 $397,120 $ 684,610 Job 602 98,480 146,210 370,720 615,410 Job 603 93,880 115,240 205,800 414,920 Factory overhead-indirect materials $35,520 35,520 Total $318,730 $422,570 $973,640 $35,520 $1,750,460 The glue is not a significant cost, so it is treated as indirect materials (factory overhead). Required: a. Journalize 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. *Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS GenX Furnisngs Company General Ledger 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 Land 191 Factory 192 Accumulated Depreciation-Factory 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 560 Depreciation Expense-Factory 590 Miscellaneous Expense 710 Interest Expense

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