Larned Corporation recorded the following transactions for the just completed mo

Question

Larned Corporation recorded the following transactions for the just completed month. a. $89,000 in raw materials were purchased on account b. $87000 in raw materials were used in production. Of this amount, $80.000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $126,000 were paid in cash. Of this amount, $101,500 was for direct labor and the remainder was for indirect labor d. Depreciation of $192,000 was incurred on factory equipment Required: Record the above transactions in journal entries. (f no entry is required for a transaction/event, select "No Journal entry required" In the first account field.

Explanation / Answer

Transaction General Journal Debit Credit a. Raw materials $89,000 Accounts payable $89,000 b. Work in process $80,000 Manufacturing overhead $7,000 Raw materials $87,000 c. Work in process $101,500 Manufacturing overhead $24,500 Wages payable $126,000 d. Manufacturing Overhead $192,000 Accumulated Depreciation Equipment $192,000

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