Required information [The following information applies to the questions displayed below.] Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $102,000 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 $ 50,200 Job 202 25,600 Total direct materials 75,800 Indirect materials 10,620 Total materials used $ 86,420 c. Time tickets show the following labor used for the month. Job 201 $ 41,200 Job 202 14,600 Total direct labor Indirect labor Total labor used 55,800 26,200 $ 82,000 d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate of 80% of direct materials cost. e. Transferred Job 201 to Finished Goods Inventory. f. Sold Job 201 for $169,760 on credit. g. Incurred the following actual other overhead costs for the month. $ 34,000 700 1,000 5,000 $ 40,700 Depreciation of factory equipment Rent on factory building (payable) Factory utilities (payable) Expired factory insurance Total other factory overhead costs

Why are transactions recorded in the journal?   Group of answer choices To ensure that total debit equal total credits To help prepare the financial statements To ensure that all transactions are posted to the ledger To have a chronological record of all transactions

What is the process of recording a transaction in the journal called? Group of answer choices journalizing posting charting ledgering

Which of the following items is considered an original source document? Select one: a. accounts receivable b. company expense account c. purchase order d. general ledger

The Ledger Where are the opening balances located when posting the journal entries? When are they used? Explain and provide example please.

What is the purpose of a journal? What is the purpose of a general ledger?

List the general ledger accounts that are associated with Vendors.

What is the purpose of the adjusting journal entries?

Describe and name the four special journals and identify the types of transactions that are recorded in each of these journals.

What is the purpose of posting J.F numbers that are entered in the journal at the time entries are posted to the accounts.