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Journal Entries Paulson Manufacturing Company uses the perpetual inventory system to account for its manufacturing inventories. The following are Paulson's transactions during July 2016 july Received material costing $3,600 from a supplier. The material was purchased on 5 account. Requisitioned $10,800 of material for use in the factory, consisting of $9.000 of direct 9 material and $1,800 of indirect material. 11 Recorded the factory payrol: $24,300 of direct labor and $2.700 of indirect la 17 Incurred various overhead costs totaling $25,200. (Credit Accounts Payable.) 20 Applied $36.000 of manufacturing overhead to the products being manufactured 23 Completed product costing $28,800 and moved it to the warehouse. 26 Sold goods with a product cost of $5.400 on account for $9.000 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 Debit Credit Date Description July 5 Materials inventory 0 Accounts payable 0 july 9 Work in process inventory 0 Manufacturing overhead Materials inventory 0 0 0 July 11 Work in process inventory 0 Manufacturing overhead 0 0 Materials inventory july 17 July 17 July 20 July 23 July 26 To record cost of goods sold. July 26 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 12,600 0 Bal. Bal. 0 Work in Process Inventory 45,000 0 Bal 0 0 0 Bal 0. Finished Goods Inventory 18,000 Bal 0 0 Bal. 0 Cost of Goods Sold 54,000 0 Bal. 0. 0 0 Bal. 0 july T 0 0 Accounts payable Accounts receivable Cost of goods sold 0 0 July 17 Finished goods inventory Manufacturing overhead Materials inventorny 0 July 20 Sales Wages payable 0 Work in process inventory