I need help with these entries Wonderama Playgrounds, Inc. manufactures playgrou
ID: 2335314 • Letter: I
Question
I need help with these entries Wonderama Playgrounds, Inc. manufactures playground equipment for parks and schools. Their business year is the calendar year and they use a job-order cost system for inventory and sales. Wonderama Playgrounds, Inc. manufactures all products in a single production department. An individual job-order cost sheet is maintained for each job. The job-order cost sheet contains accumulated costs for each job, including actual direct materials, actual direct labor, and applied factory overhead. Factory overhead is applied to each job based on 125% of direct labor costs for that job. Wonderama Playgrounds, Inc. marks up all work by 40% of the job cost (sales price-total cost ofjobs 140%). Since Wonderama Playgrounds, Inc. sells to builders, contractors, school districts and schools, all sales are exempt from state sales tax. All sales are on account and are subject to terms of 2/10, net30 days, FOB Shipping Point. Accounts Payable is used solely for the purchase of direct materials, indirect materials, and factory supplies. All vendors expect full payment within 30 days. Operating expenses, with the exception of any accrued salaries, property taxes, and income taxes, are paid when incurred; all employees are paid at the end of the month. All cash is deposited in the bank when received and all payments are made by check. Following are the transactions for Wonderama Playgrounds, Inc. for January 2020Explanation / Answer
Date Account Title & Explanation Debit Credit Amount in $ Amount in $ Jan-23 Inventory Work in process 4765 Raw Materials Inventory 4765 To record the application of raw materials to job Jan-23 Cash 9046 Accounts Receivable 9046 To record the Receipt of check from Everest Company Jan-26 Inventory Work in process 2359.72 Inventory Raw Materials 2359.72 To record the application of raw materials to job Jan-26 Inventory Work in process 1586 Direct labor/Wages/Salary Payable 1586 To record the application of direct labor Jan-26 Inventory Work in process 1982.5 Manufactured Overhead 1982.5 To record the applicationed of factory overhead Jan-26 Inventory Finished goods 5928.22 Inventory Work in process 5928.22 To record the transfer to finished goods Inventory Jan-27 Inventory Work in process 4683.87 Inventory Raw Materials 4683.87 To record the application of raw materials to job Jan-27 Inventory Work in process 3168 Direct labor/Wages/Salary Payable 3168 To record the application of direct labor Jan-27 Inventory Work in process 3960 Manufactured Overhead 3960 To record the applicationed of factory overhead Jan-27 Inventory Finished goods 11811.87 Inventory Work in process 11811.87 To record the transfer to finished goods Inventory Jan-28 Cash Accounts Receivable To record the Receipt of check from Everest Company Jan-29 Accounts Receivable 16536.62 Sales 16536.62 To record the sales to Grace Angelina Company Jan-29 Cost of goods sold 11811.87 Inventory Finished goods 11811.87 To record the transfer into cost of goods sold Jan-30 Accounts Payable Cash To record the payment to Casper Corporation As per Chegg policy we are supposed to answer the maximum of 10 Journal entry in comprehensive questions. Thank You