Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1 Larned Corporation recorded the following transactions for the just completed month. a. $78,000 in raw materials were purchased on account. nts eBook Print
1 Larned Corporation recorded the following transactions for the just completed month. a. $78,000 in raw materials were purchased on account. nts eBook Print References b. $76,000 in raw materials were used in production. Of this amount, $65,000 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. $102.100 was for direct labor and the remainder was for indirect labor. d. Depreciation of $195,000 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 2 $78,000 in raw materials were purchased on account. Note: Enter debits before credits. Journal entry worksheet < 1 2 3. 4 $78,000 in raw materials were purchased on account. Note: Enter debits before credits. Transaction a General Journal Debit Credit View general journal Record entry Clear entry > Journal entry worksheet 1 2 J 3 4 $76,000 in raw materials were used in production. Of this amount, $65,000 was for direct materials and the remainder was for indirect materials. Note: Enter debits before credits. Transaction b General Journal Debit Credit View general journal Record entry Clear entry > Journal entry worksheet < 1 2 3 4 Total labor wages of $112,000 were paid in cash. Of this amount, $102,100 was for direct labor and the remainder was for indirect labor. Note: Enter debits before credits. Transaction C. General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < 1 2 3 Depreciation of $195,000 was incurred on factory equipment. Note: Enter debits before credits. Transaction d. General Journal Debit Credit Record entry Clear entry View general journal
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started