Here is a list of accounts:Accounts PayableAccounts ReceivableAccumulated…

Here is a list of accounts:Accounts PayableAccounts ReceivableAccumulated Depreciation-BuildingsAccumulated Depreciation-EquipmentCashCost of Completed Service ContractsCost of Goods SoldDepreciation ExpenseEmployer Fringe Benefits PayableEmployer Payroll Taxes PayableFactory LaborFactory Wages PayableFinished Goods InventoryManufacturing OverheadOperating OverheadPrepaid InsurancePrepaid Property TaxesProperty Taxes PayableRaw Materials InventorySalaries and Wages PayableSales RevenueService Contracts in ProcessSuppliesUtilities PayableWork in Process Inventory

Stine Company uses a job order
cost accounting system. On May 1, the company has a balance in Work in
Process Inventory of $2,720 and two jobs in process: Job No. 429
$1,910, and Job No. 430 $810. During May, a summary of source documents
reveals the following.

Job Number

Materials
Requisition Slips

Labor
Time Tickets

429

$2,280

$2,160

430

3,530

2,990

431

4,350

$10,160

7,700

$12,850

General
use

670

1,470

$10,830

$14,320

Stine Company applies manufacturing overhead to jobs at an overhead rate
of 90% of direct labor cost. Job No. 429 is completed during the
month.

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Prepare
summary journal entries on May 31 to record: (i) the requisition slips,
(ii) the time tickets, (iii) the assignment of manufacturing overhead to
jobs, and (iv) the completion of Job No. 429. (Credit account titles are automatically indented when
amount is entered. Do not indent manually.)

No.

Date

Account Titles and Explanation

Debit

Credit

(i)

May 31

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(ii)

May 31

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(iii)

May 31

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(iv)

May 31

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