MANAGERIAL ACCOUNTING TEXT ONLY CUSTOM
MANAGERIAL ACCOUNTING TEXT ONLY CUSTOM
17th Edition
ISBN: 2818440119866
Author: Garrison
Publisher: MCG
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Chapter 3, Problem 1E

EXERCISE 3-1 Prepare Journal Entries LO3-1

Lamed Corporation recorded the following transactions for the just completed month.

  1. $80;000 in raw materials were purchased on account.
  2. $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.
  3. Total labor wages of $ 12.000 were paid in cash. Of this amount. $101.000 was for direct labor and the remainder was for indirect labor.
  4. Depreciation of $ 75,000 was incurred on factor}' equipment.

Required:

Record the above transactions in journal entries.

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