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Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw mView transaction list Journal entry worksheet 1 5 6 7 8 9 Record other actual overhead costs, paid in cash. Note: Enter debitView transaction list Journal entry worksheet < @ @ @ 4 5 6 8 9 Record the entry to apply overhead at a rate of 120% of direcView transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 9 Record costs of jobs completed. Note: Enter debits before cView transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 9 Record the cost of the jobs sold. Note: Enter debits beforeView transaction list Journal entry worksheet Record sales on account. Note: Enter debits before credits. General Journal Deb

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Sr.N Explanation Debit Credit

a

Raw materials inventory $        80,000
        Accounts payable $        80,000
b1 Work in process inventory $        37,000
      Raw materials inventory $        37,000
b2 Factory overhead $        12,000
       Raw materials inventory $        12,000
c Work in process inventory $        25,000
Factory overhead $        10,000
       Cash $        35,000
d Factory overhead $          7,000
       Cash $          7,000
e Work in process inventory $        30,000 25000*120%
      Factory overhead $        30,000
f Finished goods inventory $        50,470
       Work in process inventory $        50,470
g1 Cost of goods sold $        50,470
       Finished goods inventory $        50,470
g2 Accounts receivable $        72,100
        Sales $        72,100
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