EXERCISE 31 Prepare Journal Entries LO31 Larned Corporation recorded the following transactions for the just completed month.
Question:
EXERCISE 3–1 Prepare Journal Entries LO3–1 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.
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Related Book For
Introduction To Managerial Accounting
ISBN: 9781265672003
9th International Edition
Authors: Peter C. Brewer , Ray H. Garrison, Eric Noreen
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