HelloPlease provide the journal enty for H. ### Kim’s Asphalt Job Costing Summary**Company Overview:**Kim's Asphalt specializes in driveway and parking lot resurfacing for both large commercial clients and small residential customers. They maintain an inventory of materials and equipment to ensure projects can start promptly, ordering specialized equipment as needed.**Inventory Accounts as of May 1:**- Materials and Equipment Inventory: $44,000- Work-in-Process Inventory: Records ongoing jobs**Active Jobs on May 1:**Details of costs for two jobs are below:| | **Job 27** (Highlands Mall) | **Job 33** (Pine Ridge Estates) ||--------------------|----------------------------|---------------------------------|| Materials & Equipment | $16,575 | $35,380 || Direct Labor | $14,380 | $26,658 || Overhead (Applied) | $4,290 | $7,995 |*Note: Overhead is applied at 30% of direct labor costs.***New Jobs During May:**Additional work took place on Jobs 27 and 33, with the following expenses, and Job 34 also billed:| **Job** | **27** | **33** | **34** | **35** ||----------------|---------|---------|---------|---------|| Materials & Equipment | $3,800 | $5,680 | $5,400 | $3,700 || Direct Labor (Wages Payable) | $5,300 | $7,550 | $6,700 | $2,400 |**Other May Events:**1. Received payment of $13,300 for Job 24, delivered in April.2. Purchased materials and equipment for $10,200 on account.3. Billed Pine Ridge Estates $138,000; received $115,000 of this amount.4. Payroll for indirect labor personnel totaled $730.5. Issued supplies and incidentals for current jobs costing $235.6. Recorded overhead and advertising costs: | **Expense** | **Amount** | |------------------------------------|------------| | Property Taxes | $630 | | Storage Area Rental | $755 | | Truck and Delivery Cost | $400 | | Advertising and Promotion Campaign | $558 Sure! Below is the transcription and explanation for what would appear on an educational website:---## Journal Entry Worksheet Exercise### Required Tasks:1. **Prepare journal entries** to record the flow of costs for operations during May.2. **Calculate the amount** of over- or underapplied overhead for the month.3. **Determine inventory balances** for Materials and Equipment Inventory and Work-in-process Inventory.### Instructions:Complete this exercise by entering your answers in the tabs provided below.**Tabs**:- Required A- Required B- Required C#### Required AEnter journal entries to record the flow of costs for operations during May. If no entry is needed for a transaction/event, select "No journal entry required" in the first account field.[View transaction list]### Journal Entry Worksheet- **Navigation Tabs**: A, B, C, D, E, F, G, H, I (move through the entries using these tabs)- **Task**: Record charges to work in process.**Note**: Enter debits before credits.#### Template Format:```| Transaction | General Journal | Debit | Credit ||-------------|-----------------|-------|--------|| 07 | | | || | | | || | | | |```---This exercise involves recording financial transactions in the ledger during May, calculating overhead discrepancies, and assessing inventory values.

Journal entry is the process of documenting commercial transactions for the first time in the books of accounts. Journal entries form the basis for other accounting tasks such as ledger account preparation, trial balances, financial statements, and so on. The initial recording of all monetary business transactions in a systematic way is known as journal entries. They are listed in chronological sequence according to when the incident occurred. Adjusting entries, closing entries, and normal entries are all examples of diary entries.Journal Entries: Transactions General Journal Debit Credit 1 Cash $13,300 Accounts receivable $13,300 2 Material and equipment inventory $10,200 Accounts payable $10,200 3 Accounts receivable $138,000 Sales revenue $138,000 4 Cash $115,000 Accounts receivable $115,000 5 Manufacturing overhead $730 Wages payable $730 6 Manufacturing overhead $235 Material and equipment inventory $235 7 Manufacturing overhead ($630 + $755 + $400 + $280+ $405 + $530) $3,000 Selling and administrative cost-(Advertising) $680 Cash ($3,000+680-530) $3,150 Accumulated depreciation $530

Business

Accounting

Kim's Asphalt does driveway and parking lot resurfacing work for large commercial clients as well as small residential clients. An inventory of materials and equipment is on hand at all times so that work can start as quickly as possible. Special equipment iso required. On May 1, the Materials and Equipment Inventory account had a balance of $44,000. The Work-in-Process Inventon account is maintained to record costs of work not yet complete. There were two such jobs on May 1 with the following costs. Job 27 Highlands Mal1 $16,575 14,3e0 4,290 Job 33 Haterials and equipment Direct labor Overhead (applied) Pine Ridge Estates $ 53,300 26,650 7,995 Overhead has been applied at 30 percent of the costs of direct labor. During May, Kim's Asphalt started two new jobs. Additional work was carried out on Jobs 27 and 33. with the latter completed a