Question

Larned Corporation recorded the following transactions for the just completed month.

Larned Corporation recorded the following transactions for the just completed month.


a. $ 88,000 in raw materials were purchased on account.

b. $ 86,000 in raw materials were used in production. Of this amount, $73,000 was for direct materials and the remainder was for indirect materials.

C. Total labor wages of $115,000 were paid in cash. Of this amount, $102,600 was for direct labor and the remainder was for indirect labor.

d. Depreciation of $193,000 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.)


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Answer #1

Journal entry

Transaction General Journal Debit Credit
1 Raw material 88000
Account payable 88000
2 Work in process 73000
Manufacturing overhead 13000
Raw material 86000
3 Work in process 102600
Manufacturing overhead 12400
Cash 115000
4 Manufacturing overhead 193000
Accumulated depreciation-factory equipment 193000
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