Reference no: EM133163618
Question - Zara Symphony Co.'s specialty is arranging a violin for their customer. There were many transactions that happened in March 2022 as followed:
a. Zara purchased materials on account with amount $50,000 with 2/10 and n/30 from LoOp Co. as their supplier.
b. There is a material requisitions for $20,000 in total of 80% for direct material and 20% for indirect material.
c. The Payroll Department of the company totaling $25,000 with 30% for all departments in the office, 50% for labor, and 20% for indirect labors.
d. The total Depreciation in the company is $10,000 with 12% for all department in the office and the rest for factory.
e. Zara completed a job order from CLS Company with factory overhead is applied 75% from direct labor cost $2,400 and $1,500 for raw material.
f. There was $800 utilities as manufacturing overhead paid on cash.
g. The job for CLS Company completed and billed $7,500.
Required - Prepare journal entries and T account for the transactions and give your explanation!
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