Exercise 3-1 (Algo) Prepare Journal Entries [LO3-1] Larned Corporation recorded the following transactions for the just completed month. a. $88,000 in raw materials were purchased on account. b. $86,000 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 $109,500 were paid in cash. Of this amount, $101,900 was for direct labor and the remainder was for indirect labor. d. Depreciation of $198,000 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 < 1 2 3 4 $88,000 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