Larned Corporation recorded the following transactions for the just completed month. a. $78,000 in raw materials were purchased on account. b. $76,000 in raw materials were used in production. Of this amount, $62,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $112,500 were paid in cash. Of this amount, $100,700 was for direct labor and the remainder was for indirect labor. d. Depreciation of $195,000 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. $78,000 in raw materials were purchased on account. b. $76,000 in raw materials were used in production. Of this amount, $62,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $112,500 were paid in cash. Of this amount, $100,700 was for direct labor and the remainder was for indirect labor. d. Depreciation of $195,000 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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Larned Corporation recorded the following transactions for the just completed month.
a. $78,000 in raw materials were purchased on account.
b. $76,000 in raw materials were used in production. Of this amount, $62,000 was for direct materials and the remainder was for
indirect materials.
c. Total labor wages of $112,500 were paid in cash. Of this amount, $100,700 was for direct labor and the remainder was for indirect
labor.
d. Depreciation of $195,000 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
1
2
$78,000 in raw materials were purchased on account.
Transaction
a
Note: Enter debits before credits.
3 4
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
>
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