Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $7,500 cash and $32,250 of photography equipment in the company in exchange for common stock. 2 The company paid $2,500 cash for an insurance policy covering the next 24 months. 5 The company purchased supplies for $1,425 cash. 20 The company received $2,400 cash from taking photos for customers. 31 The company paid $882 cash for August utilities. Open a ledger account for Cash in balance column format. Post general journal entries that impact cash from above transactions to the ledger account for cash.

Harris fabrics computes its predetermined overhead rate annually on the basis of direct labor-hours. at the beginning of the year, it estimated that 34,000 direct labor-hours would be required for the period’s estimated level of production. the company also estimated $599,000 of fixed manufacturing overhead expenses for the coming period and variable manufacturing overhead of $3.00 per direct labor-hour. harris's actual manufacturing overhead for the year was $768,234 and its actual total direct labor was 34,500 hours. required: compute the company's predetermined overhead rate for the year. (round your answer to 2 decimal places.)