Exercise 3-1 (Algo) Prepare Journal Entries (LO3-1) Larned Corporation recorded the following transactions for the just completed month. a. 589,000 in raw materials were purchased on account b. $87,000 in raw materials were used in production. Of this amount, $74,000 was for direct materials and the remainder was for Indirect materials. c. Total labor wages of $119,000 were paid in cash. Of this amount. $103,700 was for direct labor and the remainder was for indirect 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" the first account field.) Required: Record the above transactions in journal entries. (If no entry is required for a transaction/event, s the first account field.) View transaction list Journal entry worksheet $89,000 in raw materials were purchased on account. Note: Enter debits before credits Transaction General Journal Debit Credit + Record entry Clear entry View general Journal Journal entry worksheet $87,000 in raw materials were used in production. Of this amount, $74,000 was for direct materials and the remainder was for indirect materials. Note: Enter debits before credits. General Journal Debit Credit Transaction b. Record entry Clear entry View general journal Journal entry worksheet 1 2 4 Total labor wages of $119,000 were paid in cash. Of this amount, $103,700 was for direct labor and the remainder was for indirect labor. Note: Enter debits before credits Transaction General Journal Debit Credit C. Record entry Clear entry View general journal Journal entry worksheet