Larned Corporation recorded the following transactions for the just completed month. a. $87,000 in raw materials were purchased on account. b. $85,000 in raw materials were used in production. Of this amount, $77,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $108,500 were paid in cash. Of this amount, $102,500 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. $87,000 in raw materials were purchased on account. b. $85,000 in raw materials were used in production. Of this amount, $77,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $108,500 were paid in cash. Of this amount, $102,500 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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A1
Transcribed Image Text:Larned Corporation recorded the following transactions for the just completed month.
a. $87,000 in raw materials were purchased on account.
b. $85,000 in raw materials were used in production. Of this amount, $77,000 was for direct materials and the remainder was for
indirect materials.
c. Total labor wages of $108,500 were paid in cash. Of this amount, $102,500 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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