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Larned Corporation recorded the following transactions for the just completed month. a. $86,000 in raw materials were purchased on account. b. $84,000 in raw materials were used in production. Of this amount, $73,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $121,500 were paid in cash. Of this amount, $101,600 was for direct labor and the remainder was for indirect labor. d. Depreciation of $199,000 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. $86,000 in raw materials were purchased on account. b. $84,000 in raw materials were used in production. Of this amount, $73,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $121,500 were paid in cash. Of this amount, $101,600 was for direct labor and the remainder was for indirect labor. d. Depreciation of $199,000 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. $86,000 in raw materials were purchased on account. b. $84,000 in raw materials were used in production. Of this amount, $73,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $121,500 were paid in cash. Of this amount, $101,600 was for direct labor and the remainder was for indirect labor. d. Depreciation of $199,000 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.) ces View transaction list Journal entry worksheet 2 3 4 $86,000 in raw materials were purchased on account. Prey 1 of 7 Next > nere to search
Transcribed Image Text:Larned Corporation recorded the following transactions for the just completed month. a. $86,000 in raw materials were purchased on account. b. $84,000 in raw materials were used in production. Of this amount, $73,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $121,500 were paid in cash. Of this amount, $101,600 was for direct labor and the remainder was for indirect labor. d. Depreciation of $199,000 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.) ces View transaction list Journal entry worksheet 2 3 4 $86,000 in raw materials were purchased on account. Prey 1 of 7 Next > nere to search
1 3 4 $86,000 in raw materials were purchased on account. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Clear entry View general journal Record entry 1 of 7 Next > ... Prev
Transcribed Image Text:1 3 4 $86,000 in raw materials were purchased on account. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Clear entry View general journal Record entry 1 of 7 Next > ... Prev
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