Larned Corporation recorded the following transactions for the just completed month. $78,000 in raw materials were...

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Larned Corporation recorded the following transactions for the just completed month. $78,000 in raw materials were...

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

$78,000 in raw materials were purchased on account.
$76,000 in raw materials were used in production. Of this amount, $61,000 was for direct materials and the remainder was for indirect materials.
Total labor wages of $116,500 were paid in cash. Of this amount, $102,900 was for direct labor and the remainder was for indirect labor.
Depreciation of $198,000 was incurred on factory equipment.

business accounting

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Answer 1

Answer #1

Journal entries

No	General Journal	Debit	Credit
a	Raw material	78000
	Account payable		78000

b	Work in process	61000
	Manufacturing overhead	15000
	Raw material		76000

c	Work in process	102900
	Manufacturing overhead	13600
	Cash		116500

d	Manufacturing overhead	198000
	Accumulated depreciation-equipment		198000

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Answer 2

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