Larned Corporation recorded the following transactions for the just completed month. a. Purchased $74,000 of raw materials on account. b. $72,000 in raw materials were used in production. Of this amount, $65,000 was direct materials and the remainder was indirect materials. c. Paid employees $120,500 cash. Of this amount, $101,100 was direct labor and the remainder was indirect labor. d. Depreciation of $198,000 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 Journal entry worksheet < 1 2 3 4 $74,000 in raw materials were purchased on account. Note: Enter debits before credits. Transaction a. General Journal Debit Credit 7

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Larned Corporation recorded the following transactions for the just completed month.
a. Purchased $74,000 of raw materials on account.
b. $72,000 in raw materials were used in production. Of this amount, $65,000 was direct materials and the remainder was indirect
materials.
c. Paid employees $120,500 cash. Of this amount, $101,100 was direct labor and the remainder was indirect labor.
d. Depreciation of $198,000 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
Journal entry worksheet
<
1
2
3
4
$74,000 in raw materials were purchased on account.
Note: Enter debits before credits.
Transaction
a.
General Journal
Debit
Credit
7
Transcribed Image Text:Larned Corporation recorded the following transactions for the just completed month. a. Purchased $74,000 of raw materials on account. b. $72,000 in raw materials were used in production. Of this amount, $65,000 was direct materials and the remainder was indirect materials. c. Paid employees $120,500 cash. Of this amount, $101,100 was direct labor and the remainder was indirect labor. d. Depreciation of $198,000 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 Journal entry worksheet < 1 2 3 4 $74,000 in raw materials were purchased on account. Note: Enter debits before credits. Transaction a. General Journal Debit Credit 7
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