Larned Corporation recorded the following transactions for the just completed month. a. Purchased $78,000 of raw materials on account. b. $76,000 in raw materials were used in production. Of this amount, $67,000 was direct materials and the remainder was indirect materials. c. Paid employees $124,500 cash. Of this amount, $104,400 was direct labor and the remainder was indirect labor. d. Depreciation of $190,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet i i No 1 N 2 i 3 4 Transaction a b. C. d Raw materials Work in process Work in process General Journal Accumulated depreciation Debit 78,000 190,000 Credit 78,000 190,000

Larned Corporation recorded the following transactions for the just completed month. a. Purchased $78,000 of raw materials on account. b. $76,000 in raw materials were used in production. Of this amount, $67,000 was direct materials and the remainder was indirect materials. c. Paid employees $124,500 cash. Of this amount, $104,400 was direct labor and the remainder was indirect labor. d. Depreciation of $190,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet i i No 1 N 2 i 3 4 Transaction a b. C. d Raw materials Work in process Work in process General Journal Accumulated depreciation Debit 78,000 190,000 Credit 78,000 190,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Question

Larned Corporation recorded the following transactions for the just completed month.
a. Purchased $78,000 of raw materials on account.
b. $76,000 in raw materials were used in production. Of this amount, $67,000 was direct materials and the remainder was indirect
materials.
c. Paid employees $124,500 cash. Of this amount, $104,400 was direct labor and the remainder was indirect labor.
d. Depreciation of $190,000 was incurred on factory equipment.
Required:
Record the above transactions in journal entries.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
View transaction list View journal entry worksheet
i
i
V
No
1
2
3
i 4
Transaction
a
b.
C.
d
Raw materials
Work in process
Work in process
General Journal
Accumulated depreciation
Debit
78,000
190,000
Credit
78,000
190,000

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