Homework Help is Here – Start Your Trial Now!
Business
Accounting
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

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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
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
Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS