Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. raw materials purchased on account, $90,000.b. direct materials used in production, $36,500. indirect materials used in production, $19,200.c. paid cash for factory payroll, $50,000. of this total, $38,000 is for direct labor and $12,000 is for indirect labor. d. paid cash for other actual overhead costs, $11,475.e. applied overhead at the rate of 125% of direct labor cost. f. transferred cost of jobs completed to finished goods, $56,800.g. sold jobs on account for $82,000. the jobs had a cost of $56,800.

Explanation:

The journal entries are shown below:

a. Raw materials inventory A/c Dr $90,000

         To Accounts payable A/c   $90,000

(Being raw material is purchased on credit)

b. Work in progress inventory A/c Dr $36,500

          To Raw materials inventory A/c $36,500

(Being used in production recorded)

Factory overhead A/c Dr $19,200

         To Raw materials inventory A/c $19,200

(Being indirect material used is recorded)

c. Work in progress inventory A/c Dr $38,000

   Factory overhead A/c Dr $12,000

                   To cash A/c $50,000

(Being factory payroll is paid in cash)

d. Factory overhead A/c Dr $11,475

                    To Cash A/c $11,475

(Being other actual overhead is paid for cash)

e. Work in progress inventory A/c Dr $47,500     ($38,000 × 125%)

             To Factory overhead A/c $47,500

(Being applied overhead is recorded)

f. Finished goods inventory A/c Dr $56,800

       To Work in progress inventory A/c  $56,800

(Being transferred goods are recorded)

g. Accounts receivable A/c Dr $82,000

             To Sales A/c $82,000

(Being jobs are sold on account)

Cost of goods sold A/c Dr $56,800

          To  Finished goods inventory A/c $56,800

(Being the job cost is recorded)

i believe the answer is: streets and roads

public property refers to the property that can be used by all legal citizens in a certain country. the public property was created and maintain using the government budget that allocated specifically for it. the budget itself come from the citizen's income tax payment.

commercial banking

provide online payment services

provide online banking

asset management firms

invest in people's funds in securities

accept tax return refunds