Question

Thank you

Larned Corporation recorded the following transactions for the just completed month. a. $71,000 in raw materials were purchased on account. b. $69,000 in raw materials were used in production. Of this amount, $57,000 was for direct materials and the remainder was for indirect materials. c Total labor wages of $113,500 were paid in cash Of this amount, $100,100 was for direct labor and the remainder was for indirect d. Depreciation of $194,000 was incurred on factory equipment. labor 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 2 4 $71,000 in raw materials were purchased on account. Note: Enter debits before credite Transaction General Journal Debit Credit a View general journal Record entry Clear entry

Answer 1

Transaction	General Journal	Debit	Credit
a.	Raw materials	$71,000
	...Accounts payable		$71,000
	(To record the purchase of materials on account)
b.	Work in process	$57,000
	Manufacturing Overhead	$12,000
	...Raw Materials		$69,000
	(To record the raw materials used)
c.	Work in process	$100,100
	Manufacturing Overhead	$13,400
	...Cash		$113,500
	(To record the labor wages)
d.	Manufacturing Overhead	$194,000
	Accumulated Depreciation - Equipment		$194,000
	(To record the depreciation on equipment)