Lillian Choi, an able mechanical engineer, was informed that she would be promoted to assistant factory manager. Lillian was pleased but uncomfortable. In particular, she knew little about accounting. She had taken one course in financial accounting. Lillian planned to enroll in a management accounting course as soon as possible. Meanwhile, she asked Walt Greenspan, a cost accountant, to state three or four of the principal distinctions between financial and management accounting. Prepare Walt's written response to Lillian

Mesa company produces wooden rocking chairs. the company has two production departments, cutting and assembly. the wood is cut and sanded in cutting and then transferred to assembly to be assembled and painted. from assembly, the chairs are transferred to finished goods inventory and then are sold. mesa has compiled the following information for the month of february: cutting department assemblydepartmentdirect materials $ 73,000 $ 13,000direct labor 73,000 108,000applied manufacturing overhead 159,000 171,000cost of goods completed and transferred out 233,000 255,000required: 1, 2, 3, & 4. prepare journal entries for the transactions in the cutting and assembly departments of mesa company. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)