Question

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Larned Corporation recorded the following transactions for the just completed month. a. $77,000 in raw materials were purchased on account. b. $75,000 in raw materials were requisitioned for use in production. Of this amount, $67,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $115,500 were incurred. Of this amount, $102,800 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $194,000 were incurred. 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 3 4 $77,000 in raw materials were purchased on account. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal 2.

Answer 1

Answer:

Transaction	Accounts titles and Explanation	Debit ($)	Credit ($)
a.	Raw materials	77,000
	Accounts Payable		77,000
	(To record purchase of Raw material on account)
b.	Work-in-process	67,000
	Manufacturing overhead	8,000
	Raw Materials		75,000
	(To record issue of Raw material to production )
c.	Work-in-process	1,02,800
	Manufacturing overhead	12,700
	Wages Payable		1,15,500
	(To record wages payment in cash)
d.	Manufacturing overhead	1,94,000
	Various accounts		1,94,000
	(To record Additional Manufacturing overhead )