None Larned Corporation recorded the following transactions for the just completed month.á. Purchased $70,000 of raw materials on account.b. $68,000 in raw materials were used in production. Of this amount, $56,000 was direct materials and the remainder was indirectmaterials.c. Paid employees $109,000 cash. Of this amount, $102,700 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.

Journal Entries for Larned Corporation Transaction a: Purchased $70,000 of raw materials on…

Answered: Larned Corporation recorded the…

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 $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
Larned Corporation recorded the following transactions for the just completed month. a. Purchased $89,000 of raw materials on account. b. $87,000 in raw materials were used in production. Of this amount, $79,000 was direct materials and the remainder was indirect materials. c. Paid employees $118,000 cash. Of this amount, $103,200 was direct labor and the remainder was indirect labor. d. Depreciation of $194,000 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.
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Larned Corporation recorded the following transactions for the just completed month. $75,000 in raw materials were purchased on account. $73,000 in raw materials were used in production. Of this amount, $64,000 was for direct materials and the remainder was for indirect materials. Total labor wages of $125,000 were paid in cash. Of this amount, $104,600 was for direct labor and the remainder was for indirect labor. Depreciation of $197,000 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. Purchased $73, 000 of raw materials on account. $71,000 in raw materials were used in production. Of this amount, $58,000 was direct materials and the remainder was indirect materials. Paid employees $130,000 cash. Of this amount, $102, 400 was direct labor and the remainder was indirect labor. Depreciation of $191,000 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.
Larned Corporation recorded the following transactions for the just completed month. Purchased $89,000 of raw materials on account. $87,000 in raw materials were used in production. Of this amount, $74, 000 was direct materials and the remainder was indirect materials. Paid employees $127,500 cash. Of this amount, $104, 400 was direct labor and the remainder was indirect labor. Depreciation of $191,000 was incurred on factory equipment. Required: Record the above transactions in journal entries.
a. $82,000 in raw materials were purchased on account. b. $80,000 in raw materials were used in production. Of this amount, $73,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $119,000 were paid in cash. Of this amount, $102,700 was for direct labor and the remainder was for indirect labor. d. Depreciation of $190,000 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.) View transaction list Journal entry worksheet 1 2 3 4 $82,000 in raw materials were purchased on account. Note: Enter debits before credits Transaction General Journal Dobit Credit
Larned Corporation recorded the following transactions for the just completed month. a. $80,000 in raw materials were purchased on account. b. $71,000 in raw materials were used in production. Of this amount, $62,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $112,000 were paid in cash. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor. d. Depreciation of $175,000 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.) View transaction list Journal entry worksheet 1 2 3 4 $80,000 in raw materials were purchased on account. Note: Enter debits before credits. Transaction a. General Journal Debit Credit Record entry Clear entry View general journal
During the current accounting period, a manufacturing company purchased P70,000 of raw materials, of which P50,000 of direct materials and P5,000 of indirect materials were used in production. The company also incurred P45,000 of total labor cost and P20,000 of other factory overhead cost. An analysis of the work-in-process control account revealed P40,000 of direct labor cost. Based upon the above information, what is the total amount accumulated in the factory overhead control account? a. P25,000 c. P45,000 b. P30,000 d. P50,000
Jurvin Enterprises recorded the following transactions for the past month. The company had no beginning inventories. $114.000 In raw materials were purchased for cash. b. $102.000 In raw materlals were requisitioned for use in production. Of this amount, $88000 was for direct materlals, and the c. Total labour wages of $146.000 were Incurred and pald. Of this amount, S132,000 was for direct labour, and the remainder was for remalnder was for Indirect materlals. Indirect labour. d. Other manufacturing overhead costs of $18,000 were Incurred and paid. e. Manufacturing overhead costs of $112.000 were applied to jobs using the company's predetermined overhead rate. f.All of the jobs in progress at the end of the month were completed and shlpped to customers. g. The underapplied or overapplied overhead for the perlod was closed out to cost of goods sold. Required: 1. Post the preceding transactions to T-accounts. Cash Raw Materials End. bal. Work in Process Finished Goods Manufacturing…
Larned Corporation recorded the following transactions for the just completed month. a. $73,000 in raw materials were purchased on account. b. $71,000 in raw materials were used in production. Of this amount, $57,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $110,000 were paid in cash. Of this amount, $104,000 was for direct labor and the remainder was for indirect labor. d. Depreciation of $196,000 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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