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

Question

Question

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.)

business accounting

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Answer 1

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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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Answer 2

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