a. $76,000 in raw materials were purchased on account. b. $74,000 in raw materials were used in production. Of this amount, $60,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $114,500 were paid in cash. Of this amount, $102,000 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Help me with this question. How do I do the journal entries for that?
a. $76,000 in raw materials were purchased on account.
b. $74,000 in raw materials were used in production. Of this amount, $60,000 was for direct materials and the remainder was for
indirect materials.
c. Total labor wages of $114,500 were paid in cash. Of this amount, $102,000 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. (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
Total labor wages of $114,500 were paid in cash. Of this amount, $102,000
was for direct labor and the remainder was for indirect labor.
Transaction
3
Note: Enter debits before credits.
C.
General Journal
Wages payable
Manufacturing overhead
Cash
Debit
102,000
12,500
Credit
114,500
Transcribed Image Text:a. $76,000 in raw materials were purchased on account. b. $74,000 in raw materials were used in production. Of this amount, $60,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $114,500 were paid in cash. Of this amount, $102,000 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. (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 Total labor wages of $114,500 were paid in cash. Of this amount, $102,000 was for direct labor and the remainder was for indirect labor. Transaction 3 Note: Enter debits before credits. C. General Journal Wages payable Manufacturing overhead Cash Debit 102,000 12,500 Credit 114,500
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