Question

Lamed Corporation recorded the following transactions for the just completed month. a. $80,000 in raw materials were purchased on account b. $71,000 in raw materials were used in production of this amount. $62.000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $112,000 were paid in cash. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor. d. Depreciation of $175,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 $80,000 in raw materials were purchased on account. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

Answer 1

Solton Gredit Transcation/ - Debit 80000 General Journal Raw material Inventory Accounts payable (to record purchase of raw materials ] 80000 work in process 62000 9000 71000 101000 11000 112000 Manufacturing overhead Raw Material Inventory [ to record Issue of materials work in process Manufacturing overhead wages payable [To record wages experse Marefacturing overhead Accumulated depreceation - equlpment [To record depreciation on factory equipment 175000 125000