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Larned Corporation recorded the following transactions for the just completed month. a. $72,000 in raw materials were purchased on account. b. $70,000 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 $116,500 were paid in cash. Of this amount, $104,400 was for direct labor and the remainder was for indirect labor. d. Depreciation of $194,000 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.)

Larned Corporation recorded the following transactions for the just completed month. a. $72,000 in raw materials were purchased on account. b. $70,000 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 $116,500 were paid in cash. Of this amount, $104,400 was for direct labor and the remainder was for indirect labor. d. Depreciation of $194,000 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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Larned Corporation recorded the following transactions for the just completed month. a. $72,000 in raw materials were purchased on account. b. $70,000 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 $116,500 were paid in cash. Of this amount, $104,400 was for direct labor and the remainder was for indirect labor. d. Depreciation of $194,000 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.)
Transcribed Image Text:Larned Corporation recorded the following transactions for the just completed month. a. $72,000 in raw materials were purchased on account. b. $70,000 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 $116,500 were paid in cash. Of this amount, $104,400 was for direct labor and the remainder was for indirect labor. d. Depreciation of $194,000 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.)
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