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Larned Corporation recorded the following transactions for the just completed month. a. Purchased $80,000 of raw materials on account. b. $71,000 in raw materials were used in production. Of this amount, $62,000 was direct materials and the remainder was indirect materials. c. Paid employees $112,000 cash. Of this amount, $101,000 was direct labor and the remainder was indirect labor. d. Depreciation of $175,000 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 Transaction a. $80,000 in raw materials were purchased on account. Note: Enter debits before credits. 3 Record entry 4 General Journal Clear entry Debit Credit View general journal >

Larned Corporation recorded the following transactions for the just completed month. a. Purchased $80,000 of raw materials on account. b. $71,000 in raw materials were used in production. Of this amount, $62,000 was direct materials and the remainder was indirect materials. c. Paid employees $112,000 cash. Of this amount, $101,000 was direct labor and the remainder was indirect labor. d. Depreciation of $175,000 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 Transaction a. $80,000 in raw materials were purchased on account. Note: Enter debits before credits. 3 Record entry 4 General Journal Clear entry Debit Credit View general journal >

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. Purchased $80,000 of raw materials on account. b. $71,000 in raw materials were used in production. Of this amount, $62,000 was direct materials and the remainder was indirect materials. c. Paid employees $112,000 cash. Of this amount, $101,000 was direct labor and the remainder was indirect labor. d. Depreciation of $175,000 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 Transaction a. $80,000 in raw materials were purchased on account. Note: Enter debits before credits. 3 Record entry 4 General Journal Clear entry Debit Credit View general journal
Transcribed Image Text:Larned Corporation recorded the following transactions for the just completed month. a. Purchased $80,000 of raw materials on account. b. $71,000 in raw materials were used in production. Of this amount, $62,000 was direct materials and the remainder was indirect materials. c. Paid employees $112,000 cash. Of this amount, $101,000 was direct labor and the remainder was indirect labor. d. Depreciation of $175,000 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 Transaction a. $80,000 in raw materials were purchased on account. Note: Enter debits before credits. 3 Record entry 4 General Journal Clear entry Debit Credit View general journal
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