5 Journal Entries Porter Manufacturing Company uses the perpetual inventory system to account for its manufacturing inventories. The following are Porter's transactions during September 2016: Sept. Received material costing $3,000 from a supplier. The material was purchased on account. 9 Requisitioned $7,000 of material for use in the factory, consisting of $5,600 of direct material and $1,400 of indirect material. 11 Recorded the factory payroll: $14,000 of direct labor and $2,000 of indirect labor. 17 Incurred various overhead costs totaling $15,000. (Credit Accounts Payable.) 20 Applied $21,000 of manufacturing overhead to the products being manufactured. 23 Completed product costing $17,000 and moved it to the warehouse. 26 Sold goods with a product cost of $4,000 on account for $6,000. a. and b. Record the transactions listed above in general journal form, post relevant portions to the four T-accounts set-up below, and balance the four accounts. General Journal Description Date Debit Credit Sept. 5 0 0 0 0 Sept. 9 Work in process inventory 0 0 0 0 0 0 Sept. 11 Work in process inventory 0 0 0 0 0 0 Sept. 17 0 0 0 Sept. 20 0 0 0 0 Sept. 23 0 0 0 0 0 Sept. 26 0 0 0 To record cost of goods sold. Sept. 26 0 0 0 0 To record sale of product. For T-accounts, enter transactions in order of occurrence using the first available answer box in the appropriate debit or credit column. Materials Inventory Finished Goods Inventory Bal. 8,000 11,000 0 Bal. 0 0 0 0 0 Bal. 0 0 Bal. 0 0 Cost of Goods Sold Work in Process Inventory 26,000 0 Bal. Bal. 32,000 0 0 0 0 0 0 0 Bal. 0 O 0 0 Bal. 0 0