Exercise 2-4 Prepare Journal Entries [LO2-4]

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

a.	$71,000 in raw materials were purchased on account.
b.	$69,000 in raw materials were requisitioned for use in production. Of this amount, $56,000 was for direct materials and the remainder was for indirect materials.
c.	Total labor wages of $123,500 were incurred. Of this amount, $104,000 was for direct labor and the remainder was for indirect labor.
d.	Additional manufacturing overhead costs of $192,000 were incurred.

$71,000 in raw materials were purchased on account.

Transaction	General Journal	Debit	Credit
a.

Journal entry worksheet

$69,000 in raw materials were requisitioned for use in production. Of this amount, $56,000 was for direct materials and the remainder was for indirect materials.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
b.

Journal entry worksheet

Total labor wages of $123,500 were incurred. Of this amount, $104,000 was for direct labor and the remainder was for indirect labor.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
c.

Journal entry worksheet

Additional manufacturing overhead costs of $192,000 were incurred.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
d.